IGI Labs, under new ownership, is deliberating the possibility of going public through an IPO in India, as per recent reports.
Last May, the US-based Blackstone Group, via its Singapore subsidiary, acquired the extensive network comprising 29 labs and 18 gemology schools for $570 million. Presently, discussions are underway regarding raising approximately $300 million through an IPO, with an envisioned company valuation ranging from $1.5 billion to $3.5 billion.
Established in Antwerp in 1975 by Marcel Lorie, IGI predominantly conducts its operations in India. In 2018, Fosun International Ltd, based in China, obtained an 80% stake in the company.
Sources suggest that Blackstone has enlisted the services of Morgan Stanley and Mumbai-based Kotak Mahindra Bank to explore the potential of a public listing, coinciding with the current economic climate in India.
