US fund Blackstone backed diamond certification company International Gemological Institute (IGI) has filed draft papers with the capital markets regulator SEBI to raise Rs 4,000 crore ($480 mn) through an initial public offering (IPO).
The offer comprises fresh issue of shares worth Rs 1,250 crore and offer-for-sale shares worth Rs 2,750 crore.
The proposed IPO is likely to value IGI at about $3.5 -4 billion.
Blackstone acquired IGI from Shanghai Yuyuan Tourist Mart (Group) – a subsidiary of Fosun, and Roland Lorie – who belongs to the founding family, for $570 million in May last year.
Founded in 1975 in Antwerp, IGI is a global leader in independent certification of diamonds, gemstones, and jewelry, with a global footprint of 29 laboratories and 18 schools of gemology across 10 countries.
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