IGI claims to be the world’s second-largest diamond grading laboratory. It filed for IPO in August and is hoping to raise close to $USD500 million (42.25 billion rupees).
Blackstone, a global investment firm that manages alternative assets, including private equity, real estate, and hedge funds, acquired IGI in April 2023 for close to $USD500 million.
The IGI network consists of 29 grading laboratories and 18 gemmology schools, employing approximately 1,000 people, and was previously 80 per cent owned by China’s Fosun Group.
At the time, Mukesh Mehta, senior managing director at Blackstone, said: "IGI has spearheaded the certification of natural diamonds, lab-created diamonds, and colour gemstones, becoming a global market leader.
"We are bringing the best of Blackstone to the business - our operational expertise, capabilities in technology, and global track record in building successful businesses to help the company expand its global footprint."
IGI was founded in Belgium in 1975; however, today, the majority of its revenue and profits urgently come from India, where it has most of its labs and offers diamond screening, sorting, and academic courses.
While still headquartered in Antwerp, Belgium, the company has offices in New York, Hong Kong, Bangkok, Tokyo, Dubai, Tel Aviv, Toronto, Los Angeles, Shanghai, and Italy, in addition to its Indian branches.
In an interview with CNBC, IGI CEO Tehmasp Printer was interviewed by CNBC and indicated that Blackstone would begin with holding a 100 per cent stake in the business to having a 76 per cent stake.
“We are very happy to have Blackstone support us,” he said. “I believe Blackstone is committed for the next 10 years, which could also possibly be extended.”
According to Reuters, Blackstone initially sought a valuation of $USD1.5 billion; however, it is believed that it was in talks to take the lab as high as $USD3.5 billion.
This proposed IPO values IGI at around $USD2.1 billion.
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