IGI Launches $500m IPO
December 08, 24
(IDEX Online) - IGI aims to raise $499m (Rs 4,225 crore) from an IPO initial public offering that opens later this week (13 to 17 December).
US-based Blackstone Group acquired IGI (International Gemological Institute) last May for $570m, from China's Fosun International and IGI's former CEO Roland Lorie.
The IPO value IGI at around $3.5bn.
Blackstone plans to list IGI shares on India's BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) on December 20. The price band for the offer will be announced on December 9.
IGI, the world's second biggest diamond grading company with network of 29 labs and 18 gemology schools, reported profits of $38.32m in 2023 and $28.52m in 2022.
Its share of the overall diamond grading market is around a third. Over half its revenue is from lab growns.
Blackstone, the world's largest alternative asset manager, is seeking to capitalize on India's "hot" IPO market.
IGI was founded in Antwerp in 1975 by Marcel Lorie and does much of its business in India. In 2018, Fosun bought an 80 per cent stake in the company.