The International Gemmological Institute (IGI) is poised to enter a transformative phase with its ₹4,225 crore Initial Public Offering (IPO), set to open on December 13, 2024. The IPO, priced at ₹397–₹417 per equity share, includes a fresh issue of ₹1,475 crore and an Offer for Sale of ₹2,750 crore by BCP Asia II TopCo Pte. Ltd., a Blackstone entity. Proceeds from the fresh issue will be used to acquire IGI Belgium and IGI Netherlands for ₹1,300 crore and to support general corporate purposes, solidifying IGI’s position as a leader in global certification.
A Comprehensive Approach to Certification
At a recent industry event, Tehmasp Printer, Managing Director and CEO of IGI, outlined the company’s comprehensive offerings that differentiate it from competitors. “Unlike GIA, which is a non-profit organisation focused on North America and does not provide jewellery certification, IGI offers a full spectrum of services. Jewellery certification is critical for end consumers, and in India alone, we issue over six million jewellery certificates annually,” he said.
IGI’s offerings go beyond jewellery certification. The organisation provides graduate certification, natural diamond certification, appraisals, and specialized certifications. Its presence spans the entire value chain, serving growers, manufacturers, wholesalers, jewellery retailers, and end consumers. “We are embedded at every stage of the supply chain, ensuring that our services meet the needs of all stakeholders,” Printer added.
Strategic Backing from Blackstone
While Amit Dixit, Head of Private Equity Asia at Blackstone, was not present, he remarked in a statement: “This IPO marks the next chapter of growth for IGI. Since our investment, IGI has expanded its reach, strengthened its operations, and solidified its position as a one-stop provider of certification services under Tehmasp’s leadership. We remain heavily invested in IGI and confident in its market-leading position.”
Mukesh Mehta, Senior Managing Director at Blackstone, highlighted IGI’s rapid rise in lab-grown diamond certification and its growing competitiveness across other segments.
A Growing Market Opportunity
During the event, a question arose about IGI’s market share in jewellery certification and the growth potential in this space. Printer addressed this, noting that while certification is still gaining traction in India, IGI has captured a significant share of this evolving market. “Jewellery certification is no longer optional—it’s becoming an essential service. With consumer awareness on the rise, we expect our market share to grow steadily,” he said.
The Road Ahead
The upcoming IPO underscores IGI’s commitment to innovation, service excellence, and global expansion. By leveraging its strong foundation and strategic partnerships, IGI is well-positioned to set new benchmarks in the diamond and jewellery certification industry.
The IPO, open until December 17, 2024, with a minimum bid size of 35 shares, marks a milestone for IGI, solidifying its status as a global leader in certification and setting the stage for its next phase of growth.