International Gemmological Institute (India) Ltd. filed a draft red herring prospectus with the Securities and Exchange Board of India on Thursday for an initial public offering to raise up to Rs 4,000 crore. The IPO consists of a fresh issue of equity shares worth Rs 1,250 crore and an offer for sale worth Rs 2,750 crore, to be issued by the shareholders at a face value of Rs 2 apiece.
Axis Capital Ltd., Kotak Mahindra Capital Co., Morgan Stanley India Co. and SBI Capital Markets Ltd. are the book-running lead managers for the issue and KFin Technologies Ltd. is the registrar for the offer, according to the DRHP.
The company plans to use Rs 1,100 crore from the net proceeds to acquire 100% of the share capital of IGI Belgium Group and IGI Netherlands Group from their promoter—BCP Asia II TopCo Pte. After the completion of the proposed acquisitions, the company will become 100% shareholder of IGI Belgium and IGI Netherlands and also be responsible for the operations of the IGI business globally.
Post the acquisition, the rest of the proceedings will be utilised towards general corporate purposes as approved by the management. This includes working capital requirements, strengthening marketing capabilities and brand building exercise.
IGI India's business encompasses services for the certification and accreditation of natural diamonds, lab-grown diamonds, studded jewellery, and coloured stones, in addition to providing educational programmes.
IGI India is part of IGI, which is one of the reputed certifiers in the global market, according to a Redseer report.
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