Saudi Arabia-based jewelry manufacturer L’azurde Company for Jewelry, which is owned by a consortium of private equity firms comprising Investcorp, Eastgate Capital Group and The National Investor, has completed an initial public offering (IPO). The company raised SAR419.7 million (approximately US$111.9 million) in the retail tranche offering, which accounted for 30 percent of shares on offer, selling 11.3 million shares for SAR37 (approximately US$9.86) a piece. The remaining 70 percent of offer shares were subscribed and allocated to institutional investors. Listing on the Saudi Stock Exchange is pending customary requirements and procedures.