BlueStone Files for Rs 1,000 Crore IPO

Bengaluru-based BlueStone Jewellery and Lifestyle, a contemporary diamond, gold, platinum, and studded jewellery brand, has filed for an initial public offering (IPO) to raise Rs 1,000 crore ($118 million). The IPO includes an offer-for-sale (OFS) component for investors like Accel India, Saama Capital, Kalaari Capital, and others, aiming to divest about 24 million shares.

The OFS comprises shares up to 70,73,980 being sold by Kalaari Capital, up to 41,00,970 by Saama Capital, and up to 40,00,000 by Sunil Kant Munjal and other partners of Hero Enterprise Partner Ventures. The proceeds from the fresh issue, amounting to Rs 750 crore, will be used to fund working capital requirements and general corporate purposes.

BlueStone reported a revenue of Rs 1,266 crore in the financial year ended March 2024, a 64% increase from the previous year. The net loss narrowed by 15% to Rs 142 crore. The company has raised $225 million over the years and was founded by Vidya Nataraj and Gaurav Kushwaha in 2011.

The company ships jewellery, designed in-house, across India covering 12,600 pincodes and internationally to the United States, Canada, the United Kingdom, and Australia. It operates physical stores and has three manufacturing facilities in Mumbai, Jaipur, and Surat, alongside a dedicated prototype facility in Mumbai.

As of June 2024, BlueStone operated 110 company-owned stores and 93 franchised stores, covering a total area of over 3,50,000 square feet. The company has 104 public shareholders collectively holding a 26.82% stake in its equity, with other marquee investors including Peak XV Partners, MIH Investments, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital, and Think Investments.