International Gemmological Institute (India) Ltd.’s initial public offering has been subscribed 0.27 times, or 27%, as of 10:36 a.m. on day two. It was subscribed 0.17 times or 17% on the first day of its subscription on Friday.
The Blackstone-owned company’s Rs 4,225-crore IPO is a combination of a fresh issue of Rs 1,475 crore and an offer for sale. The promoter, BCP Asia II Topco Pte., is divesting its stake worth Rs 2,750 crore through this IPO.
The grey market premium suggests a potential listing gain of 23.74% over the issue’s upper price band.
Ahead of the issue, the company raised Rs 1,900 crore from anchor investors on Thursday. It allotted 4.55 crore shares at Rs 417 apiece to 68 anchor investors. Nine domestic mutual funds have applied through a total of 33 schemes.
The three-day IPO will close for subscription on Dec. 17 and is expected to list on the mainboard exchanges on Dec. 20.
