The International Gemological Institute (IGI), one of the largest diamond-grading laboratories in the world, has officially filed for an initial public offering (IPO), aiming to raise INR 40 billion (approximately $477 million). The company seeks to capitalize on the growing global demand for synthetic diamonds, according to the prospectus filed on August 22 with two Indian stock exchanges.
IGI plays a significant role in the lab-grown diamond industry, and its IPO reflects the increasing interest in synthetic gems. The offering will be structured with approximately 75% of the shares allocated to qualified institutional buyers (QIBs), 15% to non-institutional investors, and 10% reserved for retail investors, according to the filing.
The IPO values IGI at around $3.5 billion. A portion of the funds raised will be used to acquire outstanding shares in IGI’s operations in Belgium and the Netherlands from current shareholders, as outlined in the filing.
Blackstone, which owns IGI, initially considered taking the company public earlier this year. Blackstone acquired IGI from China’s Fosun International and former IGI CEO Roland Lorie for around $570 million in 2022.
This IPO move signals IGI’s strategic positioning to strengthen its role in the rapidly expanding synthetic diamond market.
