Mon Dec 16 20:50:37 UTC 2024: ## IGI India IPO Opens to Slow Start
**MUMBAI, INDIA – December 13, 2024** – The initial public offering (IPO) of Blackstone-backed International Gemological Institute (India) Ltd (IGI), a leading global certifier of diamonds and gemstones, opened today to a muted response. By 11:18 AM, the first day of bidding, the book-build issue had been subscribed a mere 0.04 times.
IGI, established in 1975 and incorporated in India in 1999, boasts a significant global market share, holding 33% of the certification services market and a dominant 65% share in the laboratory-grown diamond segment. The company operates a network of 31 laboratories across 10 countries, including key markets such as India, the USA, Belgium, and China. Its services encompass the grading and certification of diamonds, colored stones, and studded jewelry, using internationally recognized standards.
As of September 30, 2024, IGI employed 843 people, including 316 gemologists and other professionals, across its 20 laboratories and 9 schools (pre-acquisition group). The company reported steady growth in revenue, profits, and net worth prior to the IPO. Despite its strong market position and global presence, the underwhelming initial subscription rate raises questions about investor sentiment towards the offering.
First Piper 