The International Gemmological Institute (IGI) IPO is set to open for subscription on December 13, 2024, and will close on December 17, 2024. This book-built issue is valued at ₹4,225 crore, comprising a fresh issue of ₹1,475 crore and an offer for sale (OFS) of ₹2,750 crore. The price band for the issue is fixed between ₹397 and ₹417 per share.

Investors can apply for the IPO in minimum lots of 35 shares, requiring a minimum investment of ₹14,595. High Net Worth Individuals (HNIs) have tiered minimum requirements, with sNII starting at ₹204,330 for 490 shares (14 lots) and bNII at ₹1,007,055 for 2,415 shares (69 lots).

The IPO is being managed by Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, and SBI Capital Markets Limited, with Kfin Technologies Limited as the registrar. Shares are expected to list on the BSE and NSE on December 20, 2024.

About International Gemmological Institute

Founded in February 1999, IGI is a leading global player in diamond, gemstone, and jewellery certification. The organization operates 31 laboratories worldwide and 18 gemology schools, providing services that encompass certification, education, and research.

Key offerings include:

• Diamond grading: Independent assessments of diamonds (natural and lab-grown) based on the 4Cs: cut, colour, clarity, and carat weight.
• Coloured gemstone grading: Certification for rubies, sapphires, emeralds, and other stones, analyzing authenticity and quality.
• Finished jewellery evaluation: Assessing diamond and coloured stone quality, craftsmanship, and value.
• Education programs: Specialized courses in gemology, diamond grading, and jewellery design for professionals in the jewellery trade.

With a presence in 10 countries—including major markets like Surat, Mumbai, Antwerp, New York, Dubai, and Hong Kong—IGI is a trusted name in the certification industry.

Competitive Strengths

1. Global Leadership in Certification: IGI is the second-largest independent certifier of diamonds and jewellery globally, operating in a high-barrier industry.
2. Focus on Lab-Grown Diamonds: The company caters to the growing demand for lab-grown diamonds, a segment with immense growth potential.
3. Diverse Customer Base: It serves a wide range of customers across the value chain, enhancing its market stability.
4. Educational Initiatives: By offering training programs, IGI builds partnerships and strengthens its brand among industry professionals.

Financial Metrics and Industry Outlook

IGI’s strong network of 20 laboratories and 9 schools under the Pre-Acquisition Group is supported by 843 employees, including 316 gemologists. This extensive reach positions IGI as a key player in the ₹32,000 crore diamond and gemstone certification industry.

The IPO comes at a time when the global jewellery certification market is witnessing rapid growth, driven by increasing consumer demand for certified jewellery and the rising prominence of lab-grown diamonds. IGI’s established presence in this space gives it a competitive edge, making this IPO a promising investment opportunity.

Key Dates and Investor Considerations

• IPO Opens: December 13, 2024
• IPO Closes: December 17, 2024
• Allotment Finalization: December 18, 2024
• Listing Date: December 20, 2024

Investors should note the attractive price band of ₹397-₹417, with significant scope for growth given IGI’s industry leadership and global footprint. However, potential risks include competition and market dynamics in the diamond and gemstone industry.

By participating in the IPO, investors can tap into a high-barrier, rapidly growing sector, making this an IPO worth watching.

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