Bluestone reduces IPO size, trims fresh issue to Rs 820 Cr from Rs 1,000 Cr
Jewellery retailer Bluestone has reserved August 8 for the anchor book portion with the issue opening for public subscription between August 11 and August 13.
Omnichannel jewellery retailer Bluestone has reduced the size of its IPO to a fresh issue of up to Rs 820 crore, along with an offer for sale of 1.39 crore shares, according to the company's Red Herring Prospectus (RHP) filed with SEBI.
The Gaurav Kushwaha-led company had initially filed its draft IPO papers in December last year with a mix of fresh issue of shares worth up to Rs 1,000 crore and an offer for sale of up to 2.39 crore shares.
Besides Kalaari Capital and Kalaari Capital Partners, other investors, including Accel India, Iron Pillar Funds and Sunil Kant Munjal, have reduced their shares being offloaded in the initial public offering. IvyCap Ventures has rolled back completely on its offer for sale of shares upto 31 lakh shares.
The company has reserved August 8 for the anchor book portion with the issue opening for public subscription between August 11 and August 13 next week.
According to a report by MoneyControl, the Kalaari-backed company is seeking a targeted valuation of around $888 million or Rs 7,800 crore as per multiple industry sources.
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.