Mon Dec 16 22:28:39 UTC 2024: ## International Gemmological Institute IPO Receives Tepid Response on Day Two

**MUMBAI, Dec 16, 2024** – The initial public offering (IPO) of the International Gemmological Institute (IGI) has seen a subdued response from investors on its second day of bidding. While the IPO, priced between ₹397 and ₹417 per share, was 17% subscribed on its first day, subscription levels remained sluggish on Monday.

As of 2:30 PM on Monday, the IPO was only 50% subscribed, with bids for 29,071,980 shares against the 58,560,902 shares on offer. While the retail investor portion was subscribed 1.89 times, and employee and non-institutional investor (NII) portions were 51% and 52% subscribed respectively, the Qualified Institutional Buyer (QIB) portion lagged significantly at a mere 1% subscription.

IGI, a global diamond and gemstone certification and grading organization, aims to raise ₹4,226 crore through the IPO, including a fresh issue of ₹1,475 crore and an offer-for-sale (OFS) of up to ₹2,750 crore by promoter BCP Asia II TopCo. The company reported a net profit of ₹326.06 crore and revenue of ₹619.49 crore for the six months ended September 30, 2024.

Despite the muted investor response, the IPO’s grey market premium has risen to ₹110-115, suggesting a potential listing gain of 27-28% for investors. The three-day bidding process concludes on Tuesday, December 17, with listing on the BSE and NSE scheduled for Friday, December 20. Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets are the lead managers for the IPO.

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