Bengaluru’s renowned omnichannel jewellery brand, BlueStone Jewellery and Lifestyle, has officially secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its plans for an initial public offering (IPO). This significant milestone comes after the company submitted its draft red herring prospectus (DRHP) on December 11, 2022.
IPO Details and Financial Plans
According to the submitted DRHP, BlueStone’s IPO will consist of a fresh issue of shares worth up to ₹1,000 crore, alongside an offer for sale of approximately 2.39 crore shares. The capital raised will be strategically allocated, with about ₹750 crore earmarked for enhancing working capital and supporting general corporate initiatives.
- Fresh issue: Up to ₹1,000 crore
- Offer for sale: Approx. 2.39 crore shares
- Working capital: ₹750 crore for operational needs
Key Investors Participating in the Offer
The offer for sale will see notable stakeholders like Kalaari Capital Partners II, Saama Capital II, and Sunil Kant Munjal dilute their holdings. Other partners from Hero Enterprise Partner Ventures will also participate in this offering.
Leading the charge in managing the IPO are Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company, with KFin Technologies serving as the registrar for the issue.
Shareholder Overview
BlueStone is backed by a diverse group of 104 public shareholders. This includes prominent investors such as Accel India, 360 One, Peak XV, and MIH Investments, among others.
Sales Channels and Expansion
With a robust online presence, the brand operates through its website and mobile app, alongside a physical footprint comprising 203 stores spread across 86 cities as of June 30, 2024. The company boasts three key manufacturing facilities located in Mumbai, Jaipur, and Surat.
Financial Performance Insights
In the fiscal year 2023-24, BlueStone experienced a remarkable 64.24% year-on-year revenue growth, generating ₹1,265.84 crore in operational revenue. Additionally, the company has successfully reduced its net loss by 15% year-on-year, bringing it down to ₹142.2 crore.
In a significant pre-IPO funding round, BlueStone raised ₹900 crore, reaching a valuation of $970 million.
With its upcoming IPO, BlueStone aims to solidify its position in the competitive jewellery market while continuing to innovate and expand its offerings.
For more insights on recent IPOs, check out our articles on Tata Capital’s $2 Billion IPO and other market trends.
