BlueStone Jewellery and Lifestyle has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
The IPO comprises a fresh issue of shares worth up to Rs 1,000 crore and an offer for sale (OFS) of 2,39,86,883 equity shares by existing shareholders. Key investors participating in the OFS include Kalaari Capital Partners II, LLC (offloading 70,73,980 shares), Saama Capital II, Ltd (41,00,970 shares), and Sunil Kant Munjal, along with other partners of Hero Enterprise Partner Ventures (40,00,000 shares).
The company, known for its flagship brand BlueStone, offers a range of contemporary diamond, gold, platinum and studded jewellery. BlueStone plans to allocate Rs 750 crore from the fresh issue towards working capital requirements and general corporate purposes.
The IPO will follow a book-building process with 75 percent of the net offer reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and the remaining 10 percent for retail individual investors.
Prominent investors holding stakes in BlueStone include Accel India, Sunil Munjal (along with Hero Enterprise partners), Kalaari Capital, MIH Investments, Peak XV, and Steadview Capital, among others. Currently, 104 public shareholders collectively own a 26.82 percent stake in the company.
Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
According to Tracxn, BlueStone reported a revenue of Rs 1,303 crore in FY23-24, marking a 65 percent surge compared to Rs 787 crore in FY22-23. The company also managed to narrow its losses by 15 percent, reducing them to Rs 142 crore during the same period.
BlueStone’s IPO marks a significant milestone as the company looks to scale its operations and meet growing demand in the lifestyle jewellery segment.
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