International Gemmological Institute IPO listing today. GMP hints at solid gains
International Gemmological Institute will debut on the exchanges on Friday. Ahead of the listing, the company's shares were trading with a GMP of Rs 135 in the grey market.
Considering the upper price band of Rs 417, the stock is expected to see listing gains of 33% over the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO of IGI, which was a combination of fresh equity sale worth Rs 1475 crore and an OFS of 6.59 crore shares, received a healthy response from investors with a subscription of 35 times at close.
Funds from the fresh issue will be used to acquire the IGI Belgium Group and IGI Netherlands Group, consolidating global operations under the IGI brand. Remaining proceeds will go towards general corporate purposes.
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