Blackstone Group wants to take gem grading lab International Gemological Institute (IGI) public via an initial public offering in India, according to a story in Reuters.
The article, which quoted unnamed sources, said Blackstone aims to raise $300 million through the IPO, though the lab could be valued at anywhere from $1.5 billion to $3.5 billion.
If done now, the public listing would come less than a year after Blackstone purchased IGI for $569.65 million, through Singapore subsidiary BCP Asia II Topco. The relatively quick turnaround is seen as an attempt to capitalize on the hot market for Indian IPOs, as well as the current popularity of lab-grown diamonds, said the Reuters report.
Reuters said Blackstone’s IPO plan is in the early stages and could change. It added that Blackstone had hired Morgan Stanley and Indian investment bank Kotek to oversee the process.
IGI was founded in 1975. Blackstone purchased it last year from Chinese conglomerate Fosun—which bought 80% of the lab in 2018—and the founding Lorie family, which owned the other 20%.
IGI and Blackstone did not respond to requests for comment by press time.
(Photo courtesy of IGI)
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