Blackstone ends bumper year with IGI public offer

With more than $3 billion garnered through exits in 2024, Blackstone Inc. is looking at one of its most profitable years out of India, according to a Mint analysis.

- Ranjani Raghavan & Sneha Shah

Importantly, the PE giant would be sitting on much more in potential future gains, as it holds big chunks in almost all the companies it is selling stakes in.

The latest public offering from the US-based private equity firm, the listing of diamond and jewellery certification firm International Gemmological Institute (IGI), will be its seventh profit booking milestone this year.

The selloffs assume significance as Blackstone is in the process of raising its third Asia fund targeting at least $10 billion, according to news reports. Typically, investors want to see previous fund exits at the time of new fundraising.

IGI will launch its initial public offering (IPO) today to raise ₹4,225 crore. Of this, Blackstone will pocket ₹4,050 crore ($477 million at the upper end of the issue price) from selling 23.5% stake through a combination of offer for sale and sale of shares in IGI's overseas entities.