Blackstone portfolio company INTERNATIONAL GEMMOLOGICAL INSTITUTE (INDIA) LIMITED files DRHP for Rs 4,000 crore IPO

INTERNATIONAL GEMMOLOGICAL INSTITUTE (INDIA) LIMITED a Blackstone portfolio company, which provides services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones as well as the offering of educational programs filed its DRHP with SEBI for its IPO.

The promoter of the company is BCP Asia II TopCo Pte. Ltd., (an affiliate of funds managed and/or advised by affiliates of Blackstone).

The public offer comprises of a Fresh issue of up to Rs. 1,250 crores and an Offer for sale of Rs. 2,750 crores of equity shares of face value of Rs. 2 each. The OFS comprises of equity share sell by the promoter selling shareholder BCP Asia II TopCo Pte Ltd. Of up to Rs. 2,750 crores.

The offer includes a reservation portion of equity shares of face value of Rs.2 for eligible employee.

The company proposes to utilize the Net Proceeds towards funding of (a) Payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from Promoter; and (b)General corporate purposes.

IGI India, is part of IGI, which is one of the established reputed certifiers in the global market, according to the Redseer Report.

IGI is the world’s second largest independent certification and accreditation services provider based on revenue for CY2023 among global peers for diamonds, studded jewellery and coloured stones certifications, with a global market share of approximately 33%, based on the number of certifications of diamonds, studded jewellery and coloured stones performed in CY2023, according to the Redseer Report.

According to the Redseer Report, in India, which is the world’s largest centre for cutting and polishing diamonds accounting for approximately 95% of the world’s total polished diamonds in volume terms in CY2023, IGI is the largest independent certification and accreditation services provider in India, holding approximately 50% market share in terms of number of certifications of diamonds, studded jewellery and coloured stones for CY2023. For the certification and accreditation of laboratory-grown diamonds, which according to the Redseer Report is the fastest growing sub-segment within the overall jewellery market with a CAGR of approximately 19% from CY2019 to CY2023, IGI is the global leader with approximately 65% of the market share based on the number of certifications for CY2023. According to the Redseer Report, IGI also has a global market share of approximately 42% in terms of the number of certifications of studded jewellery in CY2023.

Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India company private and SBI Capital Markets Limited are the book running lead managers to the issue.

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