Having completed its transition to a public company, Bluestone plans to divest 15% of its equity. With FY24 revenues of ₹1,265.8 crore, Bluestone aims to solidify its position in the competitive jewellery market through this capital infusion.
Mumbai: Jewellery retailer Bluestone has received approval from its board to launch an IPO to raise Rs 1,000 crore in fresh capital. The company, founded in 2011 by Gaurav Singh Kushwaha, is set to file its draft red herring prospectus in the coming week, with sources indicating that the process is nearing completion.
Bluestone plans to use the proceeds from the IPO to fund the expansion of its offline retail network. The company, which reported a revenue of Rs 1,265.8 crore in FY24, aims to increase its retail footprint to 400 stores in the near future. The funds will primarily be directed toward growing its presence across India, mainly as through setup of physical stores.
In a significant regulatory move, Bluestone has also completed the process of converting itself into a public company. This marks a key step for the privately held business in its journey toward offering shares to the public. Regulatory filings with the Registrar of Companies indicate that Bluestone has now sought approval from its shareholders for the IPO.
Sources familiar with the matter revealed that the company plans to divest around 15% of its equity through the IPO. Bluestone, which has received backing from venture capital firm Accel, is set to tap into the public market to fuel its expansion strategy.
Earlier this year, the company successfully closed a Rs 900 crore funding round at a valuation of $970 million (approximately Rs 8,200 crore at current exchange rates). This funding round was followed by plans to file for the IPO in 2024, as reported in August.
As Bluestone prepares to go public, it continues to focus on expanding its reach and strengthening its position in the competitive Indian jewellery market. With this IPO, the company aims to accelerate its growth and solidify its standing as a leading player in the sector.
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