BlueStone Gets the Nod to Go Public, Reports Increase in Operational Revenue The Bengaluru-based company filed its IPO papers with SEBI back in December 2024.
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BlueStone Jewellery and Lifestyle has received confirmation from the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The Bengaluru-based company filed its IPO papers with SEBI back in December 2024.
The listing will proceed with a face value of INR 1, with fresh issues of shares up to INR 1,000 crore and an offer for sale (OFS) component of up to 2,39,86,883 by shareholders selling shares.
According to the company, OFS will consist of shareholders selling shares up to 70,73,980 by Kalaari Capital Partners II, LLC, up to 41,00,970 by Saama Capital II, Ltd, and up to 40,00,000 shares by Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) and other selling shareholders.
BlueStone is looking to raise INR 750 crore from the fresh issue, and it said that the funds will be used for working capital requirements and general corporate purposes.
The company also said that the offer is being made through the book-building process, wherein not less than 75 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 10 per cent of the net offer is allocated to non-institutional and retail individual investors, respectively.
The company first introduced its BlueStone brand in 2011 and has become one of the leading jewellery retailers in the country, according to a RedSeer report.
BlueStone Jewellery and Lifestyles introduced its "BlueStone" brand in 2011 and has since grown into a prominent name among leading jeweller retailers in India, according to a RedSeer Report mentioned in the DRHP.
The company currently has 104 public shareholders collectively holding a 26.82 per cent stake in its equity. Among its investors are ccel India, Sunil Munjal (along with other partners of Hero Enterprise Partner Ventures), Kalaari Capital, 360 One, Peak XV, MIH Investments, Samma Capital, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital, and Think Investments, among others.
BlueStone's operational revenue increased by 64.24 per cent from INR 770.73 crore in FY23 to INR 1,265.84 crore in FY24, mainly driven by an increase in sales. As of June 2024, revenue from operations was recorded at INR 348.24 crore.
Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers (BRLMs), and KFin Technologies Limited is the registrar of the issue. The shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
