Tue Dec 17 21:49:01 UTC 2024: **International Gemmological Institute IPO Oversubscribed 33 Times**

**MUMBAI, INDIA – December 18, 2024** – The International Gemmological Institute (IGI) India’s initial public offering (IPO) concluded with overwhelming investor interest, closing 33.78 times oversubscribed. The ₹4,225 crore IPO, which included a fresh issue of ₹1,475 crore and an offer-for-sale (OFS) of ₹2,750 crore by promoter Blackstone affiliate BCP Asia II TopCo Pte Ltd, saw particularly strong demand from Qualified Institutional Buyers (QIBs), with their portion oversubscribed 45.80 times. Non-institutional investors (NIIs) subscribed 24.84 times, while the retail investor portion was subscribed 11.21 times, and the employee portion 20.63 times.

The company, a leading diamond and gemstone certification and grading firm, had already secured ₹1,900 crore from anchor investors prior to the IPO opening. IGI plans to utilize the net proceeds from the IPO to acquire the IGI Belgium Group and IGI Netherlands Group from the promoter, along with general corporate purposes.

While the IPO was heavily oversubscribed, some analysts expressed concerns about the valuation, citing a high Price-to-Earnings (P/E) ratio. The grey market premium (GMP) also fluctuated throughout the IPO period, indicating high initial investor expectations. However, the company’s strong financial performance in recent years and its dominant position in the market fueled significant investor interest. The final allocation and listing of shares are expected shortly.

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