Adamas One, an early-stage producer of lab-grown diamonds for jewelry and industrial uses, announced terms for its IPO on Wednesday. The company also disclosed financials for the nine months ended June 30, 2022.
The Scottsdale, AZ-based company plans to raise $23 million by offering 4.9 million shares (36% secondary) at a price range of $4.50 to $5. At the midpoint of the proposed range, Adamas One would command a fully diluted market cap of $96 million.
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 began generating revenue during the six months ended March 31, 2022, booking $0.5 million in sales during that time. 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 sales 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.
