INTERNATIONAL GEMMOLOGICAL INSTITUTE (INDIA) LIMITED Rs. 4,225 CRORE INITIAL PUBLIC OFFERING TO OPEN ON FRIDAY, DECEMBER 13, 2024
· Price Band fixed at Rs. 397 to Rs 417 per equity share of face value of Rs. 2 each (“Equity Shares”)
· Bid /Issue Opening Date – Friday, December 13, 2024 and Bid/Issue Closing Date – Tuesday, December 17, 2024
· Bids can be made for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter.
· A discount of Rs. 39.7 – Rs. 41.7 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
National, December 12, 2024: International Gemmological Institute (India) Limited (“IGI” or “The Company”), shall open its Bid/Offer in relation to its initial public offer of Equity Shares on Friday, December 13, 2024.
The total offer size of equity shares (face value of Rs. 2 each) aggregating up to Rs. 42,250 million [Rs. 4,225 crore] comprises a Fresh Issue of aggregating up to Rs. 14,750 million [Rs. 1,475 crore] and Offer for Sale of equity shares aggregating up to Rs. 27,500 million [Rs. 2,750 crore]. (“Total Offer Size”).
Price Band of the issue is fixed at Rs. 397 to Rs 417 per equity share. (“The Price Band”).
The price band includes a discount of Rs. 39.7 – Rs. 41.7 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Reservation Portion Discount”). Bids can be made for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter. (“Bid Lot”).
The Company proposes to utilize the Net Proceeds towards funding the following objects – Payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from Promoter estimated to Rs. 13,000 million [Rs. 1,300 crore]; and the balance amount towards General corporate purpose. (“Object of the Offer”)
The offer for sale comprises of equity shares aggregating up to Rs. 27,500 million [Rs. 2,750 crore] by BCP Asia II TopCo Pte. Ltd. (“Promoter Selling Shareholder”)
The Equity Shares are being offered through the Red Herring Prospectus of the Company dated December 06, 2024; filed with the Registrar of Companies Maharashtra, Mumbai. (“ROC”)
Amit Dixit, Head of Private Equity Asia, Blackstone, said: “We are incredibly proud to support IGI on this next chapter of growth. This marks a continuation of our business builder efforts to strengthen IGI's presence and operations by helping the company expand its reach and offerings and become a one-stop provider of certification. When we first invested in the company two years ago, we knew it had tremendous potential under Tehmasp’s stewardship with the right resources and access. We will continue to partner with the management team and remain heavily invested in IGI, cementing its market leading position.”
Tehmasp Printer, Managing Director and Chief Executive Officer, IGI said: “This is a tremendous milestone for IGI. From Inception, our vision is to grow this business into global leadership. We have been the first movers in India. We have demonstrated strong expertise & innovation in an industry with enormous potential for growth. We are here with the backing of Blackstone and excited to take the 50 year old global company public in India”
