Graff Diamonds plans $1 B IPO in Hong Kong

Graff Diamonds Ltd.plans to raise about $1billion in an initial public offering in Hong Kong.

Thew firm is controlled by  Laurence Graff, one of Britain's richest men with an estimated worth of around 2 billion poundsor $3.2 billion.

"I can confirm we are considering our options" with regard to a possible Hong Kong initial public offering, chief financial officer Nick Paine told Reuters. A source familiar with the matter earlier said the IPO was in the pipeline and could raise $1 billion.

Paine also confirmed plans for store openings in Asia, but declined further comment.

The London-bsed company aims to list in Hong Kong next year.

Graff Diamonds, which operates a store in Hong Kong’s Peninsula hotel, will use proceeds from the IPO to expand
production. Rothschild is advising the company on the sale.

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