IPO · Commerce & Consumer Brands

BlueStone receives SEBI approval for ₹1,000 crore IPO

By Startup Enthusiast · 8 April 2025

What they do

BlueStone operates an omnichannel retail network offering certified diamond, gold, and platinum jewellery across India

The company secured final regulatory clearance from SEBI for an initial public offering comprising a ₹1,000 crore fresh issue

Early backers and angel investors plan to partially or fully exit through an offer for sale of equity shares

BlueStone Jewellery and Lifestyle has received final observation and approval from the Securities and Exchange Board of India (SEBI, the market regulator for securities in India) to launch its initial public offering.
The proposed public offering includes a fresh issue of equity shares worth ₹1,000 crore alongside an offer for sale (OFS, existing shareholders sell their shares to the public; no new money reaches the company) of up to 2,39,86,883 equity shares.
Early institutional backers and angel investors intend to dilute or completely exit their shareholding positions through the offer for sale mechanism.
Investors such as Kalaari Capital, Saama Capital, and IvyCap Ventures are slated to make a complete exit from the cap table.
Other prominent backers including Accel, Iron Pillar, and Sunil Kant Munjal will partially dilute their existing stakes.
The company plans to utilize ₹750 crore of the fresh issue proceeds to fund working capital requirements and general corporate purposes.
Book-running lead managers appointed for the public issue include Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company, with KFin Technologies acting as the registrar.

The public market entry follows a period of robust operational growth and retail expansion across multiple states and union territories in India.
In recent private funding rounds, the omnichannel retailer raised ₹900 crore at a valuation close to $970 million.
The brand aims to strengthen its omnichannel footprint, expand its retail store count, and increase marketing investments utilizing public funds.

BlueStone operates as an omnichannel fine jewellery brand that integrates online e-commerce with physical retail stores across India.
The product catalog features over 7,000 certified jewellery designs including rings, earrings, pendants, chains, necklaces, bangles, and bracelets.
Items are crafted using precious metals and stones such as gold, platinum, diamonds, and gemstones.
At the close of June 2024, the business operated a network of 203 stores spanning 86 cities across 26 states and union territories.
Manufacturing operations are supported by internal facilities located in Mumbai, Jaipur, and Surat, alongside a dedicated design prototyping lab in Mumbai.
Customer policies include a lifetime exchange and buyback policy, a big gold upgrade scheme, free shipping, and a 30-day return policy.

Accel (existing) — Early venture capital investor holding a significant stake in the company.
Iron Pillar (existing) — Growth-stage investment firm holding equity in BlueStone.
Sunil Kant Munjal (existing) — Prominent angel investor and partner at Hero Enterprise Partner Ventures.
Kalaari Capital (buyer) — Venture capital firm exiting its investment through the offer for sale.
Saama Capital (buyer) — Early institutional investor making a complete exit through the public issue.
IvyCap Ventures (buyer) — Venture capital fund divesting its entire holding during the IPO.

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