Bluestone IPO delivers windfall for early backers Accel, Saama, Kalaari, Munjal

Post-issue, the estimated market capitalisation of Bluestone will stand at around Rs 7,850 crore

Early investors and promoters in Bluestone Jewellery and Lifestyle Ltd are poised to realise substantial gains following the announcement of the IPO price band at Rs 492–517 per share.

The IPO, despite the company being loss-making, is scheduled to open on August 11 and close on August 13, with anchor bidding commencing on August 8. The offering comprises a fresh issue worth Rs 850 crore and an offer for sale of Rs 721 crore by existing shareholders and promoters.

Founder Gaurav Singh Kushwaha, an IIT Delhi alumnus and former Amazon executive, holds 2.46 crore shares—representing a 17 percent stake—acquired at an average cost of Rs 48 per share. At the upper end of the price band, the value of his holding stands at Rs 1265 crore, translating to a return of more than 10 times on his Rs 120 crore investment.

Early investor Accel India II (Mauritius), holding a 12 percent stake, has seen its investment appreciate over sevenfold from Rs 102 crore to Rs 835 crore. Similarly, Saama Capital II’s holding has surged from Rs 20 crore to Rs 212 crore, representing a more than tenfold return on its 3 percent stake.

Kalaari Capital, with a 5.8 percent stake, has generated returns exceeding 700 percent, with the value of its investment rising from Rs 50 crore to Rs 412 crore. Iron Pillar Fund has recorded a more than 500 percent return, growing its Rs 50 crore investment to Rs 280 crore.

Additionally, Sunil Kant Munjal, founder of the Hero Group, has doubled his investment from Rs 200 crore to Rs 400 crore, holding approximately 5.7 percent equity in the company.

Post-issue, the estimated market capitalisation of Bluestone will stand at around Rs 7,850 crore. Axis Capital, Kotak Mahindra Capital, and IIFL Capital are acting as the lead managers to the issue, with Trilegal serving as legal counsel.

Bluestone retails contemporary diamond, gold, platinum, and studded jewellery through its website, mobile app (iOS and Android), and a growing offline presence with 225 outlets across 117 cities as of March 2025.