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Blackstone mulls IGI listing; seeks valuation of up to $3.5 billion



Blackstone is considering listing the International Gemological Institute (IGI) on the stock exchange in India, seeking a valuation of up to $3.5 billion for the grading laboratory, Reuters reported.


The US investment group aims to raise $300 million from the initial public offering (IPO), according to the report, which cited three unnamed sources.


Blackstone bought IGI for just under $570 million in May last year. China’s Fosun International previously owned 80%, while IGI CEO Roland Lorie’s holding company, Lorie Holding, held 20%. Both parties sold their entire stakes to Blackstone.The possible IPO less than a year after the investment is an attempt to capitalize on India’s booming stock market, Reuters said, referencing two of the sources.

Source:REUTERS




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