Bluestone Jewellery and Lifestyle, which is backed by Accel, Peak XV Partners, and Sunil Kant Munjal, is planning to raise funds via IPO as it has filed draft papers with the capital markets regulator on December 11.
The IPO is a mix of fresh issuance of equity shares worth Rs 1,000 crore, and an offer-for-sale of 2.39 crore equity shares by investors.
Accel India, Saama Capital, Kalaari Capital Partners, IvyCap Ventures Trust, Iron Pillar Fund, and Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) will be the selling shareholders in the offer-for-sale.
Saama Capital II, Kalaari Capital Partners II, Kalaari Capital Partners Opportunity Fund, and IvyCap Ventures Trust – Fund 1 are planning to exit Bluestone Jewellery by selling their entire shareholding.
Promoters hold 18.47 percent shareholding in the country's second largest digital-first jewellery brand including Gaurav Singh Kushwaha (17.81 percent shares), and the remainder 81.53 percent stake is owned by several public shareholders. Accel India is the largest shareholder among investors with 17.12 percent stake.
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The Mumbai-based company offers contemporary lifestyle diamond, gold, platinum and studded jewellery under its flagship brand BlueStone, having a pan-India presence with 203 stores across 86 cities in India.
The fresh issue funds will be utilised mainly for working capital requirements, and the remainder money for general corporate purposes.
The jewellery retailer competes with several listed peers like Titan Company, Kalyan Jewellers India, Senco Gold, and Thangamayil Jewellery, which are bigger than the company in terms of revenue.
Bluestone is a loss-making company, though the topline remained strong in the past years. It has posted loss of Rs 142.2 crore for the year ended March 2024, narrowing from the loss of Rs 167.2 crore in the previous year. Revenue grew sharply by 64.2 percent to Rs 1,265.8 crore, up from Rs 770.7 crore during the same period.
The merchant bankers appointed for handling the public issue are Axis Capital, IIFL Capital, and Kotak Mahindra Capital Company.
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