Adamas One, an early-stage producer of lab-grown diamonds for jewelry and industrial uses, raised the proposed deal size for its upcoming IPO on Thursday.
The Scottsdale, AZ-based company now plans to raise $34 million by offering 7.2 million shares (56% secondary) at a price range of $4.50 to $5.00. The company had most recently filed to offer 5.4 million shares (41% secondary) at the same range, and originally filed to offer 4.9 million shares (36% secondary). At the revised terms, Adamas One's offering will raise 33% more in proceeds than previously anticipated.
Adamas One describes itself as a high-tech diamond company that uses proprietary technology to produce single crystal diamonds and diamond materials through a proprietary chemical vapor deposition (CVD) process. The company intends to sell at wholesale and retail for jewelry, and rough unfinished diamond materials for industrial uses. Adamas is in the initial phases of commercializing its diamonds and diamond materials: It began generating revenue in the current fiscal year. Adamas was formed in 2018, shortly before acquiring the assets of OTC-listed Scio Diamond Technology in 2019 when Scio failed to commercialize its CVD technology and ran out of capital.
Adamas One was founded in 2018 and booked $1 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol JEWL. Alexander Capital is the sole bookrunner on the deal.
