New owners of the IGI grading labs are considering an IPO (initial public offering) in India, according to a Reuters report. US-based Blackstone Group acquired the network of 29 labs and 18 gemology schools last May for $570m, through a subsidiary in Singapore.
It is now reported to be considering a move to raise $300m through an IPO, and to be seeking a company valuation of between $1.5bn and $3.5bn.
IGI was founded in Antwerp in 1975 by Marcel Lorie and does much of its business in India. In 2018, China-based Fosun International Ltd bought an 80 per cent stake in the company. Blackstone is reported to have engaged Morgan Stanley and the Mumbai-based Kotak Mahindra Bank to work on a possible public listing at a time when India.