Intl Gemmological Debuts With 22%Surge

New Delhi: Shares of diamond grading firm International Gemmological Institute India Ltd on Friday listed with a premium of over 22 per cent against the issue price of Rs 417.The stock listed at Rs 504.85, up 21 per cent from the issue price on the BSE. It further jumped 25.89 per cent to Rs 525. At the NSE, it began the trade at Rs 510, rallying 22.30 per cent.

The company’s market valuation stood at Rs 20,523.26 crore. The initial public offer of International Gemmolog-ical Institute received 33.78 times subscription on the closing day of bidding on Tuesday. The Rs 4,225-crore initial share sale had a price band of Rs 397-417 per share.

The IPO had a combina-tion of a fresh issue of equity shares worth Rs 1,475 crore and an Offer For Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone. The company proposes to utilise the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter, and general corporate purposes.