Indian diamond manufacturer C. Mahendra Exports Ltd. has begun the process of taking the company public by filing a Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI), reports the National Jeweler.

C. Mahendra, which plans an Initial Public Offer (IPO) of 15 million equity shares at a price that has yet to be determined, says it will use the proceeds to establish a diamond-processing center in Surat, India, a jewelry manufacturing unit in Mumbai, India, and to establish retail outlets and develop the brand. The company will be also be investing Rs. 800 million (US$18 million) from the net proceeds in its diamond procurement company, C. Mahendra BVBA.

C. Mahendra Exports currently operates two diamond cutting and polishing facilities in Surat, while Ciemme Jewels Ltd. operates a jewelry manufacturing facility in Mumbai.

The company also has marketing offices throughout India, as well as in Hong Kong, the United States and Belgium.