Mon Dec 16 08:48:35 UTC 2024: ## IGI India IPO Subscribed 36% on Day 2, QIB Participation Lags
**MUMBAI, INDIA – December 16, 2024** – The initial public offering (IPO) of Blackstone-backed International Gemmological Institute (India) Ltd. has seen a 36% subscription rate by midday on its second day of bidding. While the employee portion is oversubscribed at 4.57 times, and retail investors have shown 1.45 times subscription, Qualified Institutional Buyers (QIBs) have shown significantly less interest, with only a tiny fraction of the allotted shares subscribed.
The ₹4,225 crore IPO, priced between ₹397 and ₹417 per share, comprises a fresh issue of ₹1,475 crore and an Offer-for-Sale (OFS) of ₹2,750 crore by promoter BCP Asia II TopCo Pte Ltd. The company plans to use the fresh issue proceeds for acquiring IGI Belgium Group and IGI Netherlands Group, and for general corporate purposes.
At the upper price band, the company’s market capitalization is estimated to exceed ₹18,000 crore. IGI, the world’s second-largest independent certification and accreditation services provider for diamonds, based on 2023 revenue, holds approximately a 33% global market share. The IPO is scheduled to close on December 17th, with listing on the BSE and NSE expected on December 20th. The lackluster response from QIBs contrasts sharply with the stronger interest from retail and employee investors.
First Piper 