Tue Dec 17 05:09:53 UTC 2024: **International Gemological Institute IPO Gains Momentum on Day Two**

MUMBAI, December 14, 2024 – The initial public offering (IPO) of the International Gemological Institute (IGI), a global diamond and gemstone grading and certification organization, saw a significant surge in subscription on its second day. After a weak opening on December 13th, with only 0.17 times subscription, the IPO reached a subscription rate of 0.46 times by the close of trading on December 14th. This increase was largely driven by strong retail investor participation.

The ₹4,225 crore IPO, which closes on December 17th, comprises a fresh issue of equity shares worth ₹1,475 crore and an offer-for-sale of ₹2,750 crore. The price band is set at ₹397 to ₹417 per share, with a minimum investment of ₹14,595 (35 shares).

While the Qualified Institutional Buyers (QIB) portion remained undersubscribed at 0.01 times, the Non-Institutional Investors (NII) segment saw a subscription rate of 0.48 times. Retail investors, however, showed strong enthusiasm, oversubscribing their allocated portion by 1.76 times. Employee bids were also overwhelmingly positive.

The company, founded in 1999, operates 31 laboratories and 18 gemology schools worldwide. IGI plans to utilize the net proceeds from the IPO to acquire IGI Belgium Group and IGI Netherlands Group, as well as for general corporate purposes. For the quarter ending September 30, 2024, IGI reported a net revenue of ₹619.49 crore and a net profit of ₹326.06 crore. The allotment is expected on December 18th, with listing on stock exchanges anticipated on December 20th.

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