New Delhi, Dec 20 (PTI) Shares of diamond grading firm International Gemmological Institute India Ltd on Friday listed with a premium of over 22 per cent against the issue price of Rs 417.

The stock listed at Rs 504.85, up 21 per cent from the issue price on the BSE. It further jumped 25.89 per cent to Rs 525.

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At the NSE, it began the trade at Rs 510, rallying 22.30 per cent.

The company's market valuation stood at Rs 20,523.26 crore.

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The initial public offer of International Gemmological Institute received 33.78 times subscription on the closing day of bidding on Tuesday.

The Rs 4,225-crore initial share sale had a price band of Rs 397-417 per share.

The IPO had a combination of a fresh issue of equity shares worth Rs 1,475 crore and an Offer For Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone.

The company proposes to utilise the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter, and general corporate purposes.

International Gemmological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)