Tue Dec 17 06:28:54 UTC 2024: ## IGI IPO Subscription Closes Today; Undersubscribed Despite Strong Grey Market Premium

**Mumbai, December 17, 2024** – The Initial Public Offering (IPO) of International Gemological Institute (IGI) India, which opened on December 13, 2024, is set to close today. While the IPO has received a positive response in the grey market, overall subscription remains relatively low.

As of December 16, 2024, the IPO received bids for only 424,06,035 shares against the offered 585,60,902 shares, resulting in an overall subscription rate of 0.72 times. This indicates lukewarm investor interest so far. However, the final day of subscription might see a surge in participation.

While the overall subscription is below expectations, retail individual investors (RIIs) have shown significant interest, oversubscribing the IPO by 2.44 times. In contrast, Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) showed considerably less enthusiasm, subscribing 0.83 times and 0.09 times respectively. The employee quota received a strong response, with a subscription rate of 6.69 times.

The IGI IPO’s price band is set at ₹397-₹417 per share, with a lot size of 35 shares. Despite the lower overall subscription, a strong grey market premium (GMP) of ₹125 (30%) above the upper price band, at ₹542 per share, suggests potential for post-listing gains. Brokerage firms like AUM Capital and Swastika Investmart have given the IPO a “subscribe” rating.

Share allotment is expected on December 18, 2024, with shares credited to investor demat accounts by December 19, 2024. Listing on the BSE and NSE is anticipated on December 20, 2024. The IPO aims to fund the acquisition of IGI Belgium and IGI Netherlands, and for general corporate purposes. IGI provides certification services for diamonds, gemstones, and jewellery. The company operates 31 laboratories globally.

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