Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-gemmological-institute-india-limited-igi" target="_blank" data-smartkarma-citation="entities:43879:1" rel="noopener">IGI (India) Limited (IGIL IN)</a> (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will talk about the lockup dynamics and possible placement.


IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Steep fall in diamond prices leading to slowdown in demand for certification services since its not viable as much for a consumer as it used to be.</li>
<li>A leading jeweller in India reiterated that certification demand for diamonds is slowing down due to changing consumer preferences.</li>
<li>The International Gemmological Institute, the leading certification agency, is now facing headwinds evident from earnings growth slowdown.</li>
</ul>


Steep fall in diamond prices leading to slowdown in demand for certification services since its not viable as much for a consumer as it used to be.
A leading jeweller in India reiterated that certification demand for diamonds is slowing down due to changing consumer preferences.
The International Gemmological Institute, the leading certification agency, is now facing headwinds evident from earnings growth slowdown.


IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Brookfield and GIC took a peek behind the curtains and firmed terms for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>. Clean deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.</li>
<li>Further inquiries suggest CDH likely controls ~18% of <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>. This should not be up for debate. </li>
</ul>


Brookfield and GIC took a peek behind the curtains and firmed terms for National Storage REIT (NSR AU). Clean deal.

Raksul Inc (4384 JP) will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.
Further inquiries suggest CDH likely controls ~18% of ANE Cayman Inc (9956 HK). This should not be up for debate. 


Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

Thematic (Sector/Industry)

<ul>
<li>With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.</li>
<li>This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.</li>
<li>Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.</li>
</ul>


With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.
This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.
Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.


How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

India

International Gemmological Institute (India) Limited (IGI) provides grading and accreditation services. The Company grades and appraises natural and lab grown diamonds, gem-stones, and jewelry products. IGI serves customers worldwide.

Price Gauge
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IGI (India) Limited (IGIL IN)

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Nimish Maheshwari

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

IGI Faces Headwinds: Growth Concerns, Market Risks & Uncertainties

​Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Nimish Maheshwari

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

​Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Diamond prices have dropped, leading to decreased demand for certification services as consumers find it less necessary, impacting leading...

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.