Diamond Circle Capital Delays IPO

Diamond Circle Capital PLC has announced that it is delaying its planned $400 million initial public offering (IPO).

Although, officially the company declined to reveal the reasons for the delay, according to Reuters, sources close to the company blamed “a tepid market and investors not understanding the sector.”

If market conditions improve, the company’s flotation, managed by UBS, could be revived within the next month.

Diamond Circle, a sharia-compliant company, had planned to list on the LSE beginning July 10 and announced its intention to create a portfolio of large, high-quality polished diamonds, with a $1 million per stone minimum investment, in mid-June.