International Gemmological Institute (India) has been serving the diamond, gem, and jewelry industry with grading, education, and appraisals since 1975. IGI is recognized as the world’s second-largest independent certification and accreditation services provider for diamonds, studded jewelry, and colored stones. Based on revenue, IGI holds a global market share of approximately 33% for diamond, jewelry, and colored stone certifications in CY2023. The company has earned its reputation by maintaining the highest standards of quality and professionalism, becoming a leading authority in the industry.

The International Gemmological Institute (India) IPO is a Book Built Issue amounting to ₹4,225.00 Crores, consisting of a Fresh Issue of 353.71 Lakh shares worth ₹1,475.00 Crores and an Offer for Sale of 659.47 Lakh shares, totaling ₹2,750.00 Crores. The IPO subscription period began on December 13, 2024, and will close on December 17, 2024. The allotment is expected to be finalized by December 18, 2024, with a tentative listing date set for December 20, 2024, on the BSE and NSE.

The share price band for the International Gemmological Institute (India) IPO is ₹397 to ₹417 per equity share. At the upper price band of ₹417 per share, the market capitalization of IGI India will be approximately ₹18,020.85 Crores. The lot size for the IPO is 35 shares, and retail investors are required to invest a minimum of ₹14,595. For High-Net-Worth Individuals (HNIs), the minimum investment is 14 lots (490 shares), totaling ₹2,04,330. The book-running lead managers for the IPO are Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Private Limited, and SBI Capital Markets Limited, with KFin Technologies Limited acting as the registrar.

The Grey Market Premium (GMP) for the IGI India IPO stands at ₹85, indicating a potential listing gain of 20.28%. However, it is essential to note that trading in the grey market is unregulated, and it is not a reliable method to determine the true market value of the shares. The GMP serves as an informative metric for investors, but the actual price discovery will occur post-listing.

As of December 13, 2024, the expected listing price is ₹502, offering potential gains of 20.28% at the upper price band of ₹417 per share. The IPO is gaining attention due to IGI India's strong financials, established market presence, and significant industry share, making it an attractive opportunity for risk-tolerant investors.

International Gemmological Institute (India) IPO Review
IGI India’s leadership is headed by Tehmasp Nariman Printer, the Managing Director and CEO, who has been with the company for 25 years and has played a key role in its growth and expansion in India. The company has an experienced management team with deep expertise in the industry, allowing them to maintain a strong position in the global market.

The company’s revenues from operations for the period ending September 30, 2024 were ₹6,194.92 million, reflecting consistent growth over the years. The EBITDA for the same period stood at ₹4,523.17 million, showcasing the company’s operational efficiency. The profit after tax for the period ending September 30, 2024, was ₹3,260.60 million, underscoring the company’s strong profitability.

In terms of valuation, IGI India’s IPO is priced at a pre-issue P/E ratio of 50.98x and a post-issue P/E ratio of 58.20x. These metrics suggest that the IPO is fairly priced in comparison to industry standards. The company’s ROCE for 9MFY24 is 62.19%, and its RoE for 9MFY24 stands at 56.59%, indicating strong returns on capital and equity.

With solid financial growth, a dominant position in the global market, and attractive listing gains, the International Gemmological Institute (India) IPO presents a valuable investment opportunity for risk-tolerant investors.

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