Bluestone receives SEBI nod to raise Rs 1,000 crore via IPO, plans to focus on retail expansion

In August 2024, BlueStone had raised Rs 900 crore in a pre-IPO funding round, valuing the company at $970 million (approximately Rs 8,100 crore). This strategic infusion of capital set the stage for the company’s forthcoming IPO

Bengaluru: BlueStone Jewellery and Lifestyle, headquartered in Bengaluru, has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company had 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 $970 million (approximately Rs 8,100 crore). This strategic infusion of capital set the stage for the company’s forthcoming IPO.

The IPO consists of a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale of up to 2,39,86,883 equity shares by existing shareholders. The offer for sale includes up to 70,73,980 shares by Kalaari Capital Partners II, up to 41,00,970 by Saama Capital II, and up to 40,00,000 shares by Sunil Kant Munjal and other partners of Hero Enterprise Partner Ventures, along with other investors.

The company plans to use Rs 750 crore from the fresh issue to meet its working capital requirements, primarily retail expansion, and for general corporate purposes. The IPO will follow the book-building process with 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.

Prominent investors in Bluestone include Accel India, Kalaari Capital, Sunil Munjal, Peak XV, MIH Investments, Iron Pillar, and others. Post the IPO, shares will be listed on the NSE and BSE.

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.

The company runs manufacturing facilities in Mumbai, Jaipur and Surat, with a prototype unit in Mumbai. Its product range includes jewellery for women and men, broadly in the age range of 25 to 45.

Retail Jeweller India News