The company will launch the IPO on August 11 and close bids on August 13. Its existing shareholders, including venture capital firms Accel India and Kalaari Capital, will now sell 13.9 million shares in the offering, lower than the 24 million shares proposed earlier
Bengaluru: Bluestone Jewellery and Lifestyle has trimmed the size of its forthcoming initial public offering (IPO), a prospectus has revealed. The Accel India-backed company will now issue fresh shares worth Rs 820 crore (about $93 million), down from Rs 1,000 crore,as declared earlier. Bluestone will launch the IPO on August 11 and close bids on August 13.
Its existing shareholders, including venture capital firms Accel India and Kalaari Capital, will now sell 13.9 million shares in the offering, lower than the 24 million shares proposed earlier.The company may consider issuing specified securities, in consolidation with book-running lead managers, aggregating up to Rs 200 crore in pre-IPO placement, its draft prospectus from December said.
Proceeds from the offering will be used to fund working capital requirements and general corporate purposes, the Bluestone prospectus showed.
Notably, in April this year,BlueStone Jewellery and Lifestyle had secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO and raise Rs 1,000 crore, primarily to be used for retail expansion. The company had earlier submitted its draft red herring prospectus to SEBI on December 11, 2024.
In August 2024, BlueStone had raised Rs 900 crore in a pre-IPO funding round, valuing the company at Rs8,100 crore ($970 million). This strategic infusion of capital set the stage for the company’s forthcoming IPO.
Prominent investors in Bluestone include Accel India, Kalaari Capital, Sunil Munjal, Peak XV, MIH Investments, Iron Pillar, and others. Axis Capital, IIFL Capital and Kotak Mahindra Capital are its bookrunning lead managers.Post the IPO, shares will be listed on the NSE and BSE.
The company, which sells diamond, gold, platinum and studded jewellery, competes with Titan, Kalyan Jewellers and Tribhovandas Bhimji Zaveri among listed firms in India.
BlueStone launched its flagship brand in 2011 and has since built a presence through a digital-first, omni-channel model. It operates 260+ stores across 86 cities and 26 States and Union Territories. It also reaches customers through its website, mobile app and social media channels.
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