Shares of the International Gemmological Institute (IGI) jumped 10% on Thursday, reaching a new high of Rs 580.45 on the BSE. This followed their announcement of buying 100% of IGI Netherlands and International Gemmological Institute BV. The company shared in a statement that it purchased IGI Netherlands for USD 88,440,543 and International Gemmological Institute BV for USD 69,761,445.
Now, both companies are completely owned by IGI. They bought these companies to grow their business in an important market, and this was completed on December 20 for IGI Netherlands and December 19 for the International Gemmological Institute BV.
IGI Netherlands mainly certifies and checks the quality of diamonds, lab-grown diamonds, jewelry, and colored stones. They also offer educational programs. On the other hand, International Gemmological Institute BV focuses on checking if diamonds are genuine, sorting diamonds, and holding gemology courses.
Earlier last week, IGI shares were listed on the NSE with a 22.3% premium at Rs 510 and on the BSE with a 21.1% premium at Rs 505. Their IPO, which included selling new shares worth Rs 1475 crore along with selling existing shares, had a great response, getting 35 times more interest than shares available. The company plans to use the money from the IPO to buy more parts of the IGI Belgium Group and IGI Netherlands Group to combine their global operations under the IGI name.
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