Graff Diamonds Postpones IPO Offering

Bloomberg reported Graff Diamonds Corp. (HKG:1306) postponed an initial public offering in Hong Kong that would have raised as much as HK$11.5 billion.

As quoted in the market news:

Graff, which depends on just 20 customers for almost half its revenue, was offering as many as 311.2 million shares at HK$25 to HK$37 apiece, according to a sales prospectus. Demand for high-end diamonds will increase in China and other Asian countries as the ranks of the “super rich” swell, the company’s Chief Executive Officer Francois Graff told reporters on May 28 in Hong Kong.

Click here to read the full Bloomberg report.