Accel, Saama Capital set for sizeable gains in Bluestone IPO
Venture backers Accel India, Saama Capital and Kalaari Capital are poised to reap the biggest rewards from Bluestone’s IPO, with returns ranging from 6x to 10x on their early bets in the Bengaluru-based jewellery retailer.
Accel India and Saama Capital are set to be the biggest beneficiaries from Bluestone’s initial public offering, with both early backers set to pocket hefty gains from sizeable stake sales.
The omnichannel jewellery retailer is offering shares in the price band of Rs 492–Rs 517, promising multi-bagger returns for its venture investors.
Among the biggest beneficiaries are Accel India and Saama Capital, who are set to offload sizeable stakes in the offer for sale (OFS).
Accel India III (Mauritius) Ltd is set to offload 26.03 lakh shares acquired at the weighted average price of Rs 63.68 per share. The fund stands to make as much as Rs 134.6 crore at the higher end of the price band and about Rs 128.1 crore on the lower end, suggesting a 7x to 8x return on its investment.
Saama Capital II Ltd plans to offload 41 lakh shares in the public offer, acquired at a much lower weighted average price of Rs 48.70 per share. It is looking at much stronger multiples and plans to rake in as much as Rs 201.8 crore to Rs 212 crore, with a whopping 10x return on its investment in the Bengaluru-based company.
Kalaari Capital, which is selling its shares via two funds, Kalaari Capital Partners II, LLC and Kalaari Capital Partners Opportunity Fund, LLC, is set to offload 35.37 lakh shares and 4.52 lakh shares acquired at weighted average prices of Rs 59.28 and Rs 82.41 per share, respectively. At the top end of the price band, the first fund could fetch about Rs 182.9 crore, and Rs 174 crore at the lower end, translating to returns in the range of 8x to 8.7x on its investment.
Kalaari Capital Partners Opportunity Fund, LLC, on the other hand, could fetch anywhere between Rs 22.25 crore and Rs 23.38 crore, implying a return multiple of around 6x at the lower end and 6.3x at the higher end.
Just as Kalaari, even Iron Pillar is selling shares via two funds. Iron Pillar Fund I Ltd will offload 8.21 lakh shares, bought at a weighted average cost of Rs 92.81 per share. The stake sale could yield between Rs 40.4 crore and Rs 42.45 crore, translating into returns of about 5.3x to 5.6x.
Iron Pillar India Fund I, meanwhile, is offering 4.94 lakh shares, acquired at Rs 82.41 per share. The fund expects to make between Rs 24.3 crore and Rs 25.54 crore from the sale, implying returns in the range of 6x to 6.27x.
Sunil Kant Munjal and other partners of Hero Enterprise Partner Ventures will sell 19.3 lakh shares at a weighted average cost of Rs 262.76 per share. The sale is expected to fetch between Rs 94.96 crore and Rs 99.78 crore, suggesting more modest returns of 1.87x to 1.97x.
The company opened its offer today after raising over Rs 693 crore from anchor investors. Bidding is expected to close on August 13 (Wednesday).
Edited by Swetha Kannan