The company filed for an preliminary public offering in India on Aug. 22, in search of to extend as a lot as 40 billion rupees ($477 million).
The stock might 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 p.c of the IPO will go to licensed institutional patrons whereas 15 p.c will go to non-institutional merchants. The remaining 10 p.c will possible be obtainable to retail merchants.
The company acknowledged it plans to utilize the web proceeds for regular firm features and to build up the remaining wonderful shares of IGI Belgium Group and IGI Netherlands Group.
“The proposed acquisition is supposed to consolidate our worldwide enterprise beneath our agency whereas persevering with to leverage on our centralized administration and simplify our group development,” acknowledged the prospectus.
IGI highlighted its place as a result of the second-largest neutral grading and accreditation suppliers provider on the planet, after the Gemological Institute of America, free of charge stones and jewelry.
IGI’s share of the overall grading report market is spherical 33 p.c, in accordance with a report IGI commissioned from consultancy company Redseer.
In India, however, IGI is the largest provider of these suppliers, holding 50 p.c 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 enterprise.
The report found IGI to be the worldwide chief in lab-grown diamond research, holding 65 p.c market share.
IGI moreover shared particulars about its earnings for the first three months of the 12 months, totaling 2.15 billion rupees ($25.7 million), with virtually all earnings coming from its grading research.
Of those research, 60 p.c have been for lab-grown diamonds, adopted by jewelry and colored stones at 20 p.c, and pure diamonds at 19 p.c.
Decrease than 1 p.c of its earnings stems from its coaching suppliers.
Personal equity large Blackstone acquired IGI in May 2023 from a subsidiary of Chinese language language conglomerate Fosun and former CEO Roland Lorie, paying virtually $570 million for the lab.
Based mostly by the Lorie family in Antwerp in 1975, IGI now operates 31 laboratories and 18 coaching companies in diamond and jewelry services all around the world.