Several banks pitched yesterday for a role in the forthcoming Hong Kong IPO of the UK high-end jewellery chain Graff Diamonds. The beauty parade was arranged by Rothschild, which is acting as an adviser to the company. One banker said he expected just four banks to be chosen for the process. Graff is expected to be valued at around $5bn (£3.2bn) and is scheduled for a flotation in the first half of 2012. Analyst meetings with the company are due within the next 24 hours. Although the IPO itself will take place in Hong Kong, sources said the pitching process was being dealt with in London. Banks have to demonstrate a large far eastern presence. Bankers described the process as “hectic” and said they hoped to find out who the members of the syndicate are before the end of the month.