Nothing. These are its only effects:
Doubles any effort values the Pokémon holding it gets, but halves its Speed in battle. Stacks with Pokérus. - Bulbapedia
There are items that do pass down IVs actually. These items are the Power items (or the 'EV items') like the Power Bracer and Power Anklet.
...a new mechanic was added to breeding, where if either or both parents holds an EV item, instead, the baby will receive the IV of the corresponding stat from one of those parents and the baby will then inherit two other different random IVs, each from a random parent. For example, if a parent is holding the Power Anklet, the baby will inherit a Speed IV from that parent, and it will also inherit two other different IVs from its parents, for example, Attack and Special Defense. - Bulbapedia