Jewelry startup BlueStone recordsdata for Rs 1,000 crore IPO

BENGALURU: Bengaluru-based BlueStone Jewelry and Way of life, which gives up to date diamond, gold, platinum, and studded jewelry below an eponymous model, on Thursday filed for an preliminary public providing to boost Rs 1,000 crore ($118 million as per present alternate charges).
The IPO additionally included an offer-for-sale (OFS) element for BlueStone’s traders Accel India, Saama Capital, Kalaari Capital and others. These traders are aiming to divest about 24 million shares.
The OFS contains shares as much as 70,73,980 being bought by Kalaari Capital, as much as 41,00,970 by Saama Capital and as much as 40,00,000 by Sunil Kant Munjal and different companions of Hero Enterprise Accomplice Ventures.
The proceeds from the contemporary challenge to the extent of Rs 750 crore will probably be used to fund its working capital necessities and basic company functions, the corporate stated.
Bluestone reported income of Rs 1,266 crore within the monetary yr ended March 2024, up 64% from a yr in the past. Web loss narrowed by 15% to Rs 142 crore. The corporate has raised $225 million over time, as per Tracxn.
The corporate was based by Vidya Nataraj and Gaurav Kushwaha in 2011. It ships jewelry, designed in-house, throughout the nation overlaying 12,600 pincodes and internationally to the US, Canada, the UK and Australia. It additionally operates bodily shops.
As of June, 2024, the corporate operated 110 company-owned shops and 93 franchised shops, overlaying a complete space of over 3,50,000 sq. toes.
The corporate additionally operates three manufacturing amenities situated in Mumbai, Jaipur and Surat, alongside a devoted prototype facility in Mumbai that helps its designers.
The corporate has 104 public shareholders collectively holding a 26.82% stake in its fairness. Different marquee traders embody Peak XV Companions, MIH Investments, Steadview, Iron Pillar, IvyCap Ventures, Entry India Capital and Suppose Investments.