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The listing ceremony of International Gemological Institute took place on the National Stock Exchange.
Shares of International Gemological Institute, a company that certifies diamonds and jewellery, were listed on the National Stock Exchange (NSE) today (20 December) at Rs 510, 22.30% above the issue price. At the same time, the share was listed at Rs 504 on Bombay Stock Exchange (BSE), 21.07% above the issue price. The issue price of the IPO of International Gemological Institute was Rs 417 per share.
This IPO was open for bidding from December 13 to December 17, which was subscribed a total of 35.48 times. The IPO was subscribed 11.77 times in the retail category, 48.11 times in the Qualified Institutional Buyers (QIB) category and 26.09 times in the Non-Institutional Investors (NII) category.
International Gemological Institute’s IPO was worth ₹4,225 crore.
This issue total of International Gemological Institute was ₹ 4,225 crore. For this, the company issued 3,53,71,702 fresh shares worth ₹1,475 crore. Existing investors of the company sold 6,59,47,242 shares worth ₹ 2,750 crore through Offer for Sale i.e. OFS.
Retail investors could bid for maximum 455 shares
The International Gemological Institute had fixed the IPO price band at ₹397-₹417. Retail investors could bid for a minimum of one lot i.e. 35 shares. If you had applied for 1 lot as per the upper price band of IPO of ₹ 417, you would have had to invest ₹ 14,595.
At the same time, retail investors could apply for a maximum of 13 lots i.e. 455 shares. For this, investors would have to invest ₹ 189,735 as per the upper price band.
10% of the issue was reserved for retail investors
The company had reserved 75% of the issue for Qualified Institutional Buyers (QIB). Apart from this, 10% share was reserved for retail investors and the remaining 15% share was reserved for non-institutional investors (NII).
International Gemological Institute formed in February 2019
The International Gemological Institute, formed in February 2019, certifies and grades diamonds, gemstones and jewellery. Its report contains information about the color, cut, clarity and carat weight of the stone etc. Apart from this, it also provides courses related to gem and jewellery. The company has a research department.
The company has 31 labs across the world. Apart from this, there are 18 gemology schools which graduate thousands of students every year. It is the second largest independent entity in the world in terms of certification of diamonds and jewellery. This industry has a very high barrier, which means it is very difficult for any other company to enter it.
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.
