Blackstone-owned International Gemmological Institute files for Rs 4,000-cr IPO

Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd, has filed preliminary papers with capital markets regulator Sebi to float Rs 4,000 crore through an initial public offering (IPO). The initial share sale is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP).

The company proposes to utilize the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter and general corporate purposes. International Gemological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones.

IGI is the world's second-largest independent certification and accreditation services provider based on revenue for CY2023 among global peers for diamonds, studded jewellery and coloured stones certifications, with a global market share of approximately 33 per cent, according to the Redseer Report. Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets are the book-running lead managers to the issue