Tue Dec 17 10:32:43 UTC 2024: ## IGI IPO Closes Undersubscribed, but Grey Market Suggests Strong Listing

**Mumbai, December 17, 2024** – The initial public offering (IPO) of the International Gemological Institute (IGI) closed today, having received underwhelming overall subscription despite strong retail and employee interest. The IPO, which opened on December 13th, aimed to raise ₹4,225 crore through a combination of fresh shares and an offer for sale, at a price band of ₹397-₹417 per share. However, it was subscribed only 0.77 times overall by the closing date. While retail investors showed significant interest (2.58 times subscription) and employees subscribed 7.13 times, non-institutional investors (NIIs) only subscribed 0.88 times.

Despite the muted response, the grey market premium (GMP) suggests a positive outlook for the listing. Shares are reportedly trading at a 30% premium in the unofficial grey market, indicating a potential listing price around ₹542. Analysts remain divided on the valuation. Bajaj Broking highlighted a high price-to-earnings (P/E) ratio of 82.90 (FY25) and 110.90 (FY24), suggesting the IPO is fully priced. However, Choice Broking noted IGI’s strong market position within India’s dominant diamond polishing industry and recommended a “Subscribe for Long Term” rating.

Share allotment is expected on December 18th, with the listing on the NSE and BSE anticipated for December 20th. Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets acted as book-running lead managers, while Kfin Technologies served as the registrar.

**(Separate News Item): Ultraviolette Electric Motorcycle Startup Gears Up for Expansion**

**Bengaluru, December 17, 2024** – Bengaluru-based electric vehicle (EV) startup Ultraviolette is making waves in the electric two-wheeler segment. Following the success of its F99 prototype, which achieved record-breaking performance, the company announced plans for significant expansion. Ultraviolette intends to launch a new electric motorcycle in 2025, similar in style to its current F77 Mach 2, and introduce four distinct motorcycle segments over the next three years.

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