IPO · Commerce & Consumer Brands

BlueStone files draft papers for Rs 1,000 Cr IPO

By Startup Enthusiast · 6 December 2024

What they do

BlueStone designs and retails fine jewellery collections for men, women, and children through its online portal and physical retail network

The company filed a draft red herring prospectus with the market regulator to raise up to Rs 1,000 crore via a primary issue and offer for sale

Several early institutional backers plan to exit completely during the share sale, while the chief executive officer injected funds to meet promoter…

Omnichannel jewellery retailer BlueStone filed its draft red herring prospectus with securities regulators to launch an initial public offering.
The planned share sale consists of a primary capital raise totaling up to Rs 1,000 crore combined with a secondary stock transfer exceeding 2.39 crore shares.
Several existing institutional backers including Saama Capital, Ivycap Ventures, and Kalaari Capital intend to take complete exits through the offer for sale.
Other major shareholders such as Accel Capital, Iron Pillar, and Sunil Kant Munjal plan to offload substantial portions of their holdings.
Chief executive officer Gaurav Singh Kushwaha infused Rs 75 crore through a separate share allotment to meet mandatory minimum promoter contribution requirements.
The public offering shares will have a face value of Re 1 each, with pricing details to be finalized alongside book-running lead managers.
The proceeds from the fresh issue will be utilized according to plans outlined in the official offer documentation.

The public listing follows a pre-IPO funding round initiated in September valued at Rs 900 crore.
Private transactions prior to the filing pushed the company post-money valuation to approximately Rs 7,750 crore.
The firm reported strong financial growth, achieving revenue of Rs 1,266 crore in the previous fiscal year alongside reduced net losses.

BlueStone operates as an omnichannel retailer specializing in certified fine jewellery collections.
The platform offers rings, earrings, pendants, necklaces, bangles, bracelets, and watch accessories crafted from gold, diamond, platinum, and gemstones.
Collections cater to diverse customer segments including dedicated lines for men, women, infants, and children.
The company reaches customers digitally via its official website and physically through a growing network of retail storefronts.
Operational metrics show the brand managing over 203 brick-and-mortar stores spread across 86 cities.
Customer engagement initiatives include specialized subscription savings programs such as monthly gold installment plans.

Accel Capital (existing) — Largest external stakeholder in the company.
Sunil Kant Munjal (existing) — Key investor associated with Hero Enterprise.
Kalaari Capital (existing) — Early stage venture capital investor.
MIH Investment (existing) — Institutional investor holding equity.
Peak XV (existing) — Prominent venture capital investor.
Iron Pillar (existing) — Growth stage investment firm.
Steadview (existing) — Global investment firm.