Omnichannel jewellery brand Bluestone has received approval from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO).
The company plans to raise ₹1,000 crore (around $119 million) via a fresh issue of equity shares, alongside an offer for sale (OFS) of up to 2.39 crore shares, as per its Draft Red Herring Prospectus (DRHP).
Bluestone filed its IPO papers with SEBI in December last year. The IPO includes a fresh issue of shares worth up to ₹1,000 crore and an offer for sale (OFS) of up to 2.39 crore shares by existing shareholders.
The company has 104 public shareholders who together own 26.82% of its shares.
As part of the OFS, Accel will sell 14.6% of its stake, while Iron Pillar and Sunil Kant Munjal will sell 31.9% and 51.6%, respectively. Saama Capital, IvyCap Ventures, and Kalaari Capital will completely exit the company by selling all their shares.
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Bluestone, founded in 2011 by Gaurav Singh Kushwaha in Bangalore, is one of India’s largest e-commerce portals for fine jewellery.
By seamlessly integrating online and physical retail channels, Bluestone has transformed the way consumers experience jewellery shopping.
As of June 30, 2024, Bluestone operates 203 retail outlets across 86 cities in 26 states and union territories, serving over 12,600 PIN codes across India.
The company runs three manufacturing units in Mumbai, Jaipur, and Surat, and has an additional design facility in Mumbai for prototyping.
Bluestone reported a 64.2% rise in operating revenue for FY24, reaching ₹1,265.8 crore, up from ₹770.7 crore in FY23. For the six months ended June 2024, it recorded revenue of ₹348.2 crore.
