International Gemmological Institute shares list at 22% premium against issue price on BSE, NSE

International Gemmological Institute shares listed on the NSE with a 22.3% premium (Rs 93), at Rs 510, on Friday. The stock debuted with a 21.1% premium (Rs 88), at Rs 505, on the BSE.

The IPO of IGI, which was a combination of fresh equity sale worth Rs 1475 crore and an OFS of 6.59 crore shares, received a healthy response from investors with a subscription of 35 times at close.

Funds from the fresh issue will be used to acquire the IGI Belgium Group and IGI Netherlands Group, consolidating global operations under the IGI brand. Remaining proceeds will go towards general corporate purposes.

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The IPO was valued at a PE of 82.9x based on the FY25 annualized earnings, suggesting that the issue is fully priced.

Part of the globally recognized IGI Group, the company certifies natural diamonds, lab-grown diamonds, jewelry, and colored stones, while also offering gemology education. IGI India holds a 50% market share in India for certification volumes and operates 19 labs across India and one in Türkiye, making it the largest network among peers globally.

IGI is the world’s second largest independent certification and accreditation services provider based on revenue for CY23 among global peers for diamonds, studded jewellery and coloured stones certifications, with a global market share of 33%, based on the number of certifications of diamonds, studded jewellery and coloured stones performed.

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For the nine months ending September 2024, IGI India reported revenue of Rs 788.16 crore and a net profit of Rs 316.83 crore, slightly lower than the previous year.