BlueStone Jewellery and Lifestyle Ltd, a prominent player in India’s jewellery sector, has filed for an Initial Public Offering (IPO) to raise ₹1,000 crore through a fresh issue of shares. Additionally, existing shareholders plan to sell up to 2.4 crore equity shares through an Offer for Sale (OFS).

Company Overview

Founded in 2011, BlueStone has established itself as a leading omnichannel jewellery retailer, offering a diverse range of diamond, gold, platinum, and studded jewellery. The company operates over 200 stores across 86 cities in India and has a significant online presence, catering to a broad customer base.

IPO Details

• Fresh Issue: ₹1,000 crore
• Offer for Sale: Up to 2.4 crore equity shares by existing shareholders, including Accel India, Saama Capital, and Kalaari Capital.
• Use of Proceeds: The company plans to utilize ₹750 crore from the fresh issue to fund its working capital requirements and for general corporate purposes.

Financial Performance

In the financial year ending March 2024, BlueStone reported a revenue of ₹1,266 crore, marking a 64% increase from the previous year. The net loss for the same period narrowed by 15% to ₹142 crore.

Valuation

The company is seeking a valuation of at least ₹12,000 crore (approximately $1.41 billion) through this IPO.

Key Investors

Prominent investors in BlueStone include 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.

Final Thoughts

BlueStone’s upcoming IPO presents an opportunity to invest in a leading jewellery retailer with a strong omnichannel presence in India. Potential investors should review the company’s financial performance, growth prospects, and associated risks before making investment decisions. Consulting with financial advisors and thoroughly examining the official prospectus is advisable.