US fund Blackstone backed diamond certification company International Gemological Institute (IGI) has filed draft papers with the capital markets regulator SEBI to raise Rs 4,000 crore ($480 mn) through an initial public offering (IPO).

The offer comprises fresh issue of shares worth Rs 1,250 crore and offer-for-sale shares worth Rs 2,750 crore Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd, has filed preliminary papers with capital markets regulator SEBI to float Rs 4,000 crore through an initial public offering (IPO).

The initial share-sale is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II Top Co Pte Ltd, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP).

The company proposes to utilize the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter and general corporate purposes.