The company filed for an preliminary public offering in India on Aug. 22, in search of to raise as a lot as 40 billion rupees ($477 million).
The stock could be listed on the Nationwide Stock Alternate of India and the Bombay Stock Alternate.
The proposed IPO values IGI at spherical $3.5 billion.
Spherical 75 % of the IPO will go to licensed institutional patrons whereas 15 % will go to non-institutional merchants. The remaining 10 % will seemingly be on the market to retail merchants.
The company acknowledged it plans to utilize the web proceeds for primary firm capabilities and to amass the remaining glorious shares of IGI Belgium Group and IGI Netherlands Group.
“The proposed acquisition is supposed to consolidate our worldwide enterprise under our agency whereas persevering with to leverage on our centralized administration and simplify our group building,” acknowledged the prospectus.
IGI highlighted its place as a result of the second-largest unbiased grading and accreditation suppliers provider on the earth, after the Gemological Institute of America, without cost stones and jewelry.
IGI’s share of the overall grading report market is spherical 33 %, in response to a report IGI commissioned from consultancy company Redseer.
In India, however, IGI is the largest provider of these suppliers, holding 50 % market share, acknowledged the report.
IGI moreover well-known in its prospectus the lab’s early entry into providing grading suppliers for the “fast-growing” lab-grown diamond commerce.
The report found IGI to be the worldwide chief in lab-grown diamond evaluations, holding 65 % market share.
IGI moreover shared particulars about its revenue for the first three months of the yr, totaling 2.15 billion rupees ($25.7 million), with virtually all revenue coming from its grading evaluations.
Of those evaluations, 60 % have been for lab-grown diamonds, adopted by jewelry and colored stones at 20 %, and pure diamonds at 19 %.
Decrease than 1 % of its revenue stems from its education suppliers.
Private equity giant Blackstone acquired IGI in Might 2023 from a subsidiary of Chinese language language conglomerate Fosun and former CEO Roland Lorie, paying virtually $570 million for the lab.
Primarily based by the Lorie family in Antwerp in 1975, IGI now operates 31 laboratories and 18 education providers in diamond and jewelry services world vast.