C Mahendra Exports, a diamond and diamond jewellery manufacturing company plans to launch an initial public offer (IPO) worth Rs.150 crore of equity shares of Rs 10 each, reports say. The IPO is expected to be launched on December 31, 2010. Through this initiative, the company intends to set up a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; a jewellery manufacturing unit at Mumbai; retail outlets; brand development and investment in capital of C Mahendra BVBA. %% The IPO will include 25 percent fully diluted post issue paid-up equity share capital of the company. The issue will close on January 06. Anand Rathi Advisors Limited and YES Bank Limited are book running lead managers to the issue, reports suggest.