Bengaluru: Based in Bengaluru Blue Stone Jewellery And Lifestyle, which offers contemporary diamond, gold, platinum and studded jewelery under one name brand, filed the application on Thursday. Initial public offering 1,000 crore ($118 million at current exchange rates) to raise Rs.
The IPO also included an offer for sale (OFS) component to Bluestone investors Accel India, Saama Capital, Kalaari Capital and others. These investors aim to distribute around 24 million shares.
The OFS includes up to 70,73,980 shares being sold by Clari Capital, up to 41,00,970 by Summa Capital and up to 40,00,000 by Sunil Kant Munjal and other partners of Hero Enterprise Partners Ventures. .
The company said that the proceeds from the fresh issue of up to Rs 750 crore will be used for its working capital requirements and general corporate purposes.
Bluestone reported revenue of Rs 1,266 crore in the fiscal year ended March 2024, up 64 percent from a year ago. Net loss declined by 15% to Rs 142 crore. According to Tracxn, the company has raised $225 million over the years.
The company was founded in 2011 by Vidya Nataraj and Gaurav Kushwaha. It ships locally designed jewelery to 12,600 zip codes across the country and internationally to the US, Canada, UK and Australia. It also operates physical stores.
As of June, 2024, the company operated 110 company-owned stores and 93 franchised stores, with a total area of over 3,50,000 sq.ft.
The company also operates three manufacturing facilities located in Mumbai, Jaipur and Surat, along with a dedicated prototype facility in Mumbai that supports its designers.
The company has 104 public shareholders with an aggregate stake of 26.82% in the equity. Other marquee investors include Peak XV Partners, MIH Investments, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital and Think Investments.