International Gemmological Institute Launches Rs 4,225-Crore IPO

The International Gemmological Institute (IGI), backed by Blackstone, has raised Rs 1,900 crore from anchor investors ahead of its IPO. The IPO, valued at Rs 4,225 crore, combines a fresh issue and an Offer-for-Sale by its promoter. Proceeds will be utilized for acquisitions and general purposes.

Blackstone-backed diamond grading company, International Gemmological Institute (India) Ltd, successfully secured Rs 1,900 crore from anchor investors. This financial mobilization occurred a day before the company's initial public offering (IPO) became available for public subscription.

Prominent investors participating include the Government of Singapore, ICICI Prudential Mutual Fund, and Abu Dhabi Investment Authority. The firm allotted nearly 4.56 crore shares to 68 funds at Rs 417 each, the upper limit of the price band, totaling an investment of Rs 1,900.34 crore.

The Rs 4,225-crore IPO includes a fresh equity issue worth Rs 1,475 crore and an Offer-for-Sale valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd. IGI aims to use the proceeds for acquisitions and corporate objectives, reaching a market capitalisation of over Rs 18,000 crore at the price band's upper end.

(With inputs from agencies.)