Jewellery brand BlueStone files to list on Indian stock exchanges
Jewellery retailer BlueStone is planning to offer a fresh issue size of Rs 1,000 crore in its initial public offering.
Bengaluru-based jewellery brand BlueStone has filed its draft red herring prospectus with market regulators, joining the list of startups looking to list on public bourses.
The online jewellery and lifestyle brand’s IPO is a mix of fresh issue of shares of up to Rs 1,000 crore and an offer for sale of up to 2.39 crore equity shares by selling shareholders.
Shareholders including Kalaari Capital Partners II, Saama Capital II, Sunil Kant Munjal, and other partners of Hero Enterprise Partner Ventures will be selling shares under the offer for sale.
Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers for the IPO.
The jeweller will use Rs 750 crore from the proceeds of the fresh issue to fund working capital requirements and general corporate purposes of the company.
Bluestone has 104 public shareholders collectively holding a 26.82% stake in its equity. Among the prominent investors are Accel India, Sunil Munjal (along with other partners of Hero Enterprise Partner Ventures), Kalaari Capital, 360 One, Peak XV, MIH Investments, Samma Capital, and IvyCap Ventures, among others.
Founded in 2011, the company operates 110 stores and 93 franchised stores across India, as of June 30, 2024.
The company reported revenue from operations of Rs 1,265.84 crore in FY24, a 64.2% rise compared with Rs 770.73 crore earned in FY23 on the back of rising sales from its products.
Bluestone is the latest startup to file for an IPO after companies like electric vehicle-maker Ola Electric, food delivery platform Swiggy, and kids wear brand FirstCry made public debuts on Indian stock exchanges this year.
Edited by Kanishk Singh