Blackstone-owned, International Gemmological Institute (India) filed for an initial public offering worth up to 40 billion rupees (about $477 million), its draft papers showed on Thursday.
International Gemmological Institute (IGI), which grades diamonds, gemstones and jewellery, said it will issue new shares worth up to 12.5 billion rupees. Existing shareholders are set to sell shares worth up to 27.5 billion rupees.
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India and SBI Capital Markets are the bookrunning lead managers of the IPO.
Blackstone will use the proceeds for payments related to acquisitions in IGI Belgium and IGI Netherlands, according to the draft papers.