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Graff Diamonds delays US$1-bln HK IPO

May. 31, 2012 (China Knowledge) - London-based jeweler Graff Diamonds Corp, known for its 24-carat Graff Pink diamond, announced today that it decided to put off its US$1 billion initial public offering in Hong Kong, due to weak stock market.

The company earlier set an indicative price range of HK$25 to HK$37 for the IPO, which was 18 to 24 times to its 2012 earnings.

The company planned to price the IPO on Friday and start trading on the Hong Kong bourse on Jun. 7.

In 2011, the Jeweler's sales totaled US$755.6 million, up 23% YoY from US$616.7 million, and its net profit increased by 15% YoY to US$120 million.

Earlier this week, auto dealer China Yongda Automobiles Services Holdings shelved its US$433 million Hong Kong IPO and China Nonferrous Mining Corp also delayed a US$313 million Hong Kong offering.

The benchmark Hang Seng Index has slid more than 10% so far this month.

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