Mon Dec 16 04:49:33 UTC 2024: ## International Gemmological Institute IPO Opens, Receives Tepid Initial Response
**MUMBAI, INDIA** – The International Gemmological Institute (IGI) India Limited’s initial public offering (IPO) opened today, December 13th, 2024, aiming to raise ₹4,225 crore. The IPO, priced between ₹397 and ₹417 per share, comprises both fresh issuance and an offer for sale (OFS). While anchor investors previously committed ₹1,900.35 crore, early trading showed a slow start, with subscription rates at 0.11 times overall by 2:30 PM on the first day. Retail investors showed slightly more interest, reaching 0.49 times subscription, while the Non-Institutional Investor (NII) segment lagged at 0.08 times.
Despite the muted initial response, the grey market is showing optimism, with IGI shares trading at a premium of ₹133. The IPO will remain open until December 17th, with allotment expected on December 18th and listing on December 20th. KFin Technologies is the registrar, and Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets are the lead managers.
Several analysts have given positive ratings to the IPO. Palak Devadiga of StoxBox highlighted IGI’s strong financial growth (32.3% revenue CAGR and 37.6% PAT CAGR from CY21 to CY23) and its dominant position in the Indian gem certification market. Arun Kejriwal of Kejriwal Research and Investment Services also recommended a subscription, citing IGI’s robust performance and limited competition. Swastika Investmart similarly issued a “buy” rating. However, investors are cautioned to conduct thorough due diligence before investing. The IPO’s success will depend on whether it can attract sufficient investor interest over the remaining subscription period.
First Piper 