Markets watchdog SEBI has received draft documents from BlueStone jewels and Lifestyle, a company that sells diamond, gold, platinum and studded jewels under its main brand ‘BlueStone’ in order to launch their initial public offering (IPO).
IPO size and structure
The draft red herring prospectus (DRHP), which was submitted on Wednesday, states that the planned IPO consists of an offer for sale (OFS) of up to 2.4 crore equity shares by selling stockholders on top of a new issuance of shares valued at Rs 1,000 crore.
Stakeholders selling through OFS
Saama Capital II, Ltd., Kalaari Capital Partners II, LLC, Sunil Kant Munjal (as well as other Hero Enterprise Partner Ventures partners), and other selling stockholders are the ones selling shares through the OFS.
Together, the 104 public shareholders of the firm own 26.82 per cent of its stock. Prominent investors include IvyCap Ventures, Think Investments, Kalaari Capital, 360 One, Peak XV, MIH Investments, Samma Capital, Steadview, Iron Pillar, Accel India, Sunil Munjal (and other Hero Enterprise Partner Ventures partners), and others.
Bluestone, an omnichannel jewellery retailer, has filed for its IPO
Primary capital raise: Rs 1,000 crore
Offer for sale: 24 million shares
Bluestone was valued at close to Rs 8,000 crore earlier this year in a new round of funding pic.twitter.com/5dUn9aaHAG
— Madhav Chanchani (@madhavchanchani) December 12, 2024
Use IPO proceeding
Its working capital needs and other company objectives would be funded with the Rs 750 crore in proceeds from the new offer.
Company offerings
As of June 30, 2024, BlueStone’s network of 203 stores spans 86 cities in 26 states and Union Territories, representing more than 12,600 PIN numbers throughout India. Three production facilities are run by the firm in Surat, Jaipur, and Mumbai.
Company financials
From a financial perspective, the company’s operating revenue climbed 64.24 per cent from Rs 770.73 crore in FY23 to Rs 1,265.84 crore in FY24. Revenue from operations for the six months that ended in June 2024 was Rs 348.24 crore.
