Bengaluru-based jewelry retailer BlueStone Jewellery and Lifestyle has filed for an Initial Public Offering (IPO) to raise Rs 1,000 crore ($118 million) through an offer-for-sale (OFS) component, with investors Accel India, Saama Capital, and Kalaari Capital aiming to invest around 24 million shares. The brand offers contemporary diamond, gold, platinum, and studded jewelry and filed its Draft Red Herring Prospectus (DRPH) with the Securities and Exchange Board of India (SEBI) for the IPO.
Bluestone has raised Rs 750 crore in a fresh issue, with shares up to 70,73,980 being sold by Kalaari Capital, 41,00,970 by Saama Capital, and 40,00,000 by Sunil Kant Munjal and Hero Enterprise Partner Ventures.
Bluestone, founded in 2011 by Vidya Nataraj and Gaurav Kushwaha designs in-house jewelry and covers 12,600 pincodes across India and the United States, Canada, the United Kingdom, and Australia with physical stores. It reported a 64 per cent increase in revenue to Rs 1,266 crore in the financial year ending March 2024, with a 15 per cent decrease in net loss to Rs 142 crore, raising $225 million over the years.
As of June 2024, the company had 110 company-owned and 93 franchised stores, three manufacturing facilities, and a prototype facility. It had 104 public shareholders and was supported by various investors.
