The International Gemological Institute (IGI) is aiming to capitalize on the growing market for lab-grown diamonds with an initial public offering (IPO) that could raise $477 million.
Since being acquired last May by a subsidiary of Blackstone Group for $570 million, IGI has seen a significant rise in revenue. The company reported earnings of $75.1 million in 2023, up from $57.8 million the previous year. This increase follows the expansion of IGI’s network to 31 labs and 18 schools.
In documents filed with the Bombay Stock Exchange (BSE) on August 22, IGI revealed that it holds a 33% share of the global diamond grading market, second only to the Gemological Institute of America (GIA). The company also dominates the lab-grown diamond sector with a 65% market share.
Founded in Antwerp in 1975 by Marcel Lorie, IGI now conducts most of its business in India. In 2018, Fosun International Ltd, based in China, acquired an 80% stake in the company, leaving the Lorie family with a 20% share.
The potential IPO, first reported in April, values IGI at approximately $3.5 billion. This comes at a time when IPOs are attracting significant investor interest and demand.
