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Lab-grown diamond producer Adamas One (JEWL) has set a share price for a downsized proposed $29M initial public offering.
According to its latest prospectus, Adamas now intends to offer 2.5M shares priced at $4.15 per share, which would raise around $10M. Underwriters would receive a 45-day option to buy up to 368K additional shares at the IPO price to cover any over-allotments.
Selling stockholders plan to offer an additional 4.5M shares also priced at $4.15 apiece, which would raise them around $19M. Adamas One would not receive any proceeds from that sale.
Adamas One has been approved to list its shares on Nasdaq under the symbol JEWL. Alexander Capital and Network 1 Financial Securities are serving as lead bookrunners.
Based in Arizona, Adamas One produces lab-grown, ethically sourced diamonds for jewelry and industrial purposes.
Last month, Adamas One said that it planned to raise around $15M from its IPO if shares were priced in the middle of a proposed $4.50 to $5 range. Selling stockholders would have raised around $19M, which would bring the aggregate total of the deal to approximately $34M.
Last month, online diamond merchant Blue Nile, which sells lab-grown and natural diamonds, agreed to be bought by Signet Jewelers (SIG) for $360M in cash.
Image and article originally from seekingalpha.com. Read the original article here.