White & Case advises on IGI India IPO – a first in the gemological certification industry
2 min read
Global law firm White & Case LLP has advised the book running lead managers on the ₹42,250 million (US$509.64 million) Rule 144A/Regulation S initial public offering (IPO) of Blackstone-owned International Gemological Institute (India) Limited (IGI India) on the National Stock Exchange of India.
"White & Case advised on another first as IGI India became the first company in the gems and studded jewelry certification industry worldwide to be listed," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The transaction was structured to facilitate a consolidation of the International Gemological Institute global businesses, which were previously held by separate Blackstone-owned entities, under 'IGI India' post-listing."
The proceeds of the IPO were used by IGI India primarily to acquire the entities as part of the restructuring plan. Closing the acquisitions was conditional upon the successful closing of the IPO and was completed upon IGI India's listing on the India stock exchanges. The structure ensured IPO investors received shares which represented the consolidated global IGI business. Following the completion of these acquisitions, IGI India is now responsible for the IGI business globally.
The book running lead managers were Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited.
IGI India is a part of International Gemological Institute (IGI), which is the world's second largest independent certification and accreditation services provider by revenue for diamonds, studded jewelry and colored stones. IGI is also the global leader in the certification and accreditation of laboratory-grown diamonds, holding 65 percent of the market share based on number of certifications in 2023. Prior to the IPO, IGI India was responsible for the operation of the IGI business in India and Turkey and is the largest independent certification and accreditation services provider in India, with a 50 percent market share based on number of certifications in 2023.
In addition to advising on the IGI India IPO, White & Case also advised on two other significant India IPOs in December 2024: the Carraro India Limited IPO and the proposed IPO of Anthem Biosciences Limited, which filed its draft red herring prospectus with the Securities and Exchange Board of India.
The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partners Elodie Gal, Steven Gee (both New York), Cristina Brayton Lewis and David Lim (both Washington, DC), local partner James Hsiao (Hong Kong), counsel Peter Chessick (Washington, DC) and associates Stephanie Zhao, Ji Yang Lim (both Singapore), Hilda Leung, Yuning Zhou, Royston Tan (all Hong Kong), Deborah Victoria (Jakarta), Nir Fishbien (New York), Allison Kepkay and Joanna Anyanwu (both Washington, DC) and law clerk Arianna Talaie (Washington, DC).
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