Blackstone-backed jewelry certification firm opening ₹4,225cr IPO next week
What's the story
The IPO of Blackstone-backed International Gemological Institute (IGI) will open on December 13. The issue seeks to raise ₹4,225 crore.
The offer's price band will be announced on December 9. It consists of a fresh issue of shares worth ₹1,475 crore and an offer-for-sale (OFS) component of ₹2,750 crore by promoter BCP Asia II TopCo Pte.
Listing details
IPO journey and market listing
IGI filed its draft papers on August 27 and received an observation letter from the Securities and Exchange Board of India (SEBI) on November 28.
Blackstone plans to list IGI shares on the BSE and NSE on December 20.
The anchor book will open for a day on December 12, while the issue will close for subscription on December 17.
Company profile
Global presence
IGI is a leading provider of certification and accreditation services for natural diamonds, laboratory-grown diamonds, studded jewelry, and colored stones. It also provides educational programs.
The company is the world's second-largest independent certification and accreditation services provider (based on revenue for CY2023) among global peers for diamonds, studded jewelry, and colored stones certifications with a global market share of ~33%.
Proceeds usage
IPO proceeds allocation and employee share reservation
The net proceeds from the IPO will be utilized for the acquisition of IGI Belgium Group and IGI Netherlands Group from the promoter, and general corporate purposes.
Of the fresh issue proceeds, ₹1,300 crore has been earmarked for this acquisition.
The company has also reserved shares worth ₹2 crore for its employees in this upcoming IPO.
Share distribution
Share distribution and lead managers
IGI has set aside up to 75% of the net offer size (excluding the employee portion) for qualified institutional investors, 15% for non-institutional investors, and the remaining 10% for retail investors.
Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited are the lead managers to this issue.