Graff Diamonds IPO

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.
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Just a few of the diamonds from Graff's $667 million jewel inventory
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<div style="text-align: left;"> Just a few of the diamonds from Graff's $667 million jewel inventory </div>

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 offered at a lower-than-previously intended valuation of 18 to 24 times this year’s earnings. Together with the company’s unique business model as an integrated producer and retailer of quality diamonds to the world’s ultra-rich, Graff...

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