11:27 AM EDT, 08/22/2024 (MT Newswires) -- Blackstone-owned (BX) International Gemmological Institute has filed for an initial public offering of up to 40 billion rupees, or $476.5 million, in India, according to news reports on Thursday.

Blackstone will sell up to 27.5 billion rupees worth of shares in IGI, which grades diamonds, gemstones and jewelry, Reuters reported, citing a regulatory filing.

IGI will offer new shares worth up to 12.5 billion rupees, the report said.

Blackstone will use the proceeds for payments related to acquisitions in IGI Belgium and IGI Netherlands, the report said.

Blackstone and IGI did not immediately reply to MT Newswires' request for comment.

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