BlueStone Jewellery Files Draft Papers With SEBI, Eyes ₹ 3000 cr Listing The listing will be with shares with a face value of INR 1 and will consist of a fresh issue of shares close to INR 1,000 crore and an offer for sale (OFS) component of up to 2,39,86,883 equity shares by selling shareholders.
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Contemporary lifestyle jeweler BlueStone Jewellery and Lifestyle, has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for fundraising through an Initial Public Offering (IPO).
The listing will be with shares with a face value of INR 1 and will consist of a fresh issue of shares close to INR 1,000 crore and an offer for sale (OFS) component of up to 2,39,86,883 equity shares by selling shareholders
The OFS component of the listing 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 along with other partners of Hero Enterprise Partner Ventures and other shareholders.
The Bengalur-based jeweler said in a press release that the proceeds from the fresh issue up to INR 750 crore will be used towards capital requirements and other corporate expenses.
The offer will be made through the book-building process, wherein at least 75 percent of the net offer will be allocated to qualified institutional buyers (QIBs) and not more than 15 percent and 10 percent to non-institutional and retail individual investors, respectively.
Under the brand 'BlueStone', the company features a jewelry range that caters to women, men, and couples aged 25-45 via online channels. It also operated 110 company-owned stores with 93 franchised stores.
BlueStone reported increased revenue from operations by 64.24 per cent from INR 770.73 crore to INR 1,265.84 crore in Fiscal 2024. For the six months ending June 2024, the revenue from operations stood at INR 348.24 crore.
The company currently has 104 public shareholders collectively holding a 26.82 per cent stake in its equity. Prominent investors in the company are Accel 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.
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 (NSE) and BSE Limited.
