Graff Diamonds kicks off $1 billion IPO in lacklustre market

Graff Diamonds is looking to sell about 30% of its share capital at 18 to 24 times this year's earnings.

Graff Diamonds kicks off $1 billion IPO in lacklustre market
Just a few of the diamonds from Graff's $667 million jewel inventory

Despite challenging market conditions that have seen the Hang Seng Index lose 11% during the past two-and-a-half weeks, Graff Diamonds will start the institutional bookbuilding for its $1 billion Hong Kong initial public offering today.

According to sources, the company is looking to sell $850 million worth of new shares, while the wife of founder and chairman Laurence Graff is selling a further $150 million. In view of the tough market, the deal will be...

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