Although planning to list IGI (the International Gemological Institute) in spring, the Blackstone Group changed the agenda. It submitted for an initial public offering (IPO) at the end of summer, seeking to raise INR 40 billion ($477 million).
The filing states that only 10% of the IPO will be available to retail investors, while roughly 75% will be designated for qualified institutional buyers (QIBs). Non-institutional investors will get the remaining 15%.
The leading gemological laboratory was acquired by Blackstone in 2023 from China’s Fosun International and former IGI CEO Roland Lorie. The deal cost approximately $570 million.
The offering rates IGI at nearly $3.5 billion. According to the filing, the Group aims to channel some of the IPO proceeds to buy outstanding shares in IGI Belgium and IGI Netherlands from existing shareholders.
However, the above-stated is one of many aims pursued. The prospectus submitted by the company on two Indian stock exchanges outlines other plans and goals. This strategic decision set out to benefit from the increasing demand for synthetics worldwide, with IGI being a leading diamond-grading laboratory that takes a significant place in the lab-grown diamond market.
