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International Gemmological Institute - A Hype & Hope IPO in Bull Market
The IPO with OFS of 1300-1400 crore is being disguised as the fresh issue. Why?
All the fresh proceeds of INR 1300 crore going to acquire two promoter-owned companies
These companies together generated a loss of -10 crores in 9MCY24 and listed company IGI is paying 1300 crores.
Also, the Promoter is doing OFS of 2750 crores
#redflag #corproategovernance
The biz is certification of diamonds (50% market share in India - biz might look juicy and attractive but only in bull market)
The IPO with OFS of 1300-1400 crore is being disguised as the fresh issue. Why?
All the fresh proceeds of INR 1300 crore going to acquire two promoter-owned companies
These companies together generated a loss of -10 crores in 9MCY24 and listed company IGI is paying 1300 crores.
Also, the Promoter is doing OFS of 2750 crores
#redflag #corproategovernance
The biz is certification of diamonds (50% market share in India - biz might look juicy and attractive but only in bull market)