The diamond company C Mahendra Exports is set to issue an IPO on December 31, according to moneycontrol.com.

C Mahendra Exports plans to issue 15 million shares worth $0.02 each – 25% of the company's share capital – in the IPO, which is scheduled to close on January 6, 2011.

In addition to sourcing rough diamonds, C Mahendra is also an active trader in both rough and polished diamonds and a diamond jewelry manufacturer.

The company plans to use the proceeds from the IPO to establish a diamond processing unit at the Gujarat Hira Bourse in Surat; to set up a diamond jewelry manufacturing unit in Mumbai; open retail diamond and jewelry outlets; and develop its brand.