Gemstone trader in Valentine’s return to AIM

Gemstone trader in Valentine’s return to AIM

Gemfields Group, a specialist in mining coloured gemstones, announced plans to list on AIM on 17 January 2020. The company is the fifth to announce plans to list on the London Stock Exchange this January, which suggests that the market may be bouncing back from a subdued 2019, noted as the worst year for IPO transactions in a decade. See also: Solid start for 2020 IPOs

Gemfields’ announcement marks a return to the junior market for the gemstone supplier, which delisted in July 2017 following a hostile takeover by South African investment fund Pallinghurst Resources. Pallinghurst held a 47% majority stake in Gemfields at the time, and emerged as the victor of a bidding war with Fosun Gold Holdings Limited that eventually valued the company at £211 million, despite Fosun’s offer valuing Gemfields at £256 million.

Gemfields, which also owns Faberge, is responsible for approximately 25% of the world's emeralds and 50% of the world's ruby supply. The Company is not intending to raise any funds in connection with its admission, which is expected to take effect on 14 February 2020.

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