IGI Files for $477M Initial Public Offering

The International Gemological Institute (IGI) has filed for an initial public offering (IPO), with the intent of raising INR 40 billion ($477 million). 

Among other things, the move seeks to capitalize on the growing global demand for synthetics, according to the August 22 prospectus, which the company filed on two Indian stock exchanges. IGI is one of the largest diamond-grading labs and is a major player in the lab-grown market.  

Approximately 75% of the IPO will be allocated to qualified institutional buyers (QIBs), and about 15% to non-institutional investors. The remaining 10% will be open to retail investors, the filing explained.  

The offering values IGI at around $3.5 billion. The company will use some of the money from the IPO to acquire outstanding stock in IGI Belgium and IGI Netherlands from shareholders, the filing added.  

IGI owner Blackstone first considered listing the laboratory in April. Blackstone purchased IGI from China’s Fosun International and former IGI CEO Roland Lorie for approximately $570 million last year.

Image: A loupe and colored stones. (International Gemological Institute)