IGI India files for Rs4,000-cr IPO

Hyderabad: Blackstone-owned diamond grading firm International Gemmological Institute India Ltd (IGI India), 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. IGI India 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.