Bluestone Jewellery IPO to hit Dalal Street next week: Anchor investors buy Rs 693.3 crore worth shares

Bluestone Jewellery IPO

Mumbai-based Bluestone Jewellery and Lifestyle, which offers diamond, gold, platinum and studded jewellery under its brand BlueStone, has raised Rs 693.3 crore from 20 institutional investors via anchor book on August 8, ahead of the public issue opening.

The Rs 1,541-crore initial share sale, which consists of fresh issuance of shares worth Rs 820 crore and offer-for-sale of 1.39 crore shares existing shareholders, will open for public subscription on August 11, and close on August 13. The price band for the book-building issue is Rs 492-517 per share.

Accel India, and Kalaari Capital Partners-backed Bluestone Jewellery in its filing to exchanges said it has finalised allocation of 1.34 crore shares to anchor investors at Rs 517 per share.

Amansa Holdings, Goldman Sachs, Societe Generale, Amundi Funds, SBI Life Insurance, Nippon Life India, Aditya Birla Sun Life AMC, HDFC Life Insurance, Mirae Asset, DSP Mutual Fund, PGIM India, Axis Mutual Fund, and Motilal Oswal AMC were investors in the anchor book.

"Out of the total allocation of 1.34 crore equity shares to the anchor investors, 36.56 lakh shares were allocated to six domestic mutual funds through a total of 11 schemes," the company said.

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Promoters hold 18.28 percent stake in Bluestone Jewellery, and the remainder 81.72 percent shares are owned by public shareholders including Accel India, Sunil Kant Munjal, Kalaari Capital Partners, MIH Investments, Peak XV Partners, 360 ONE, and Steadview Capital Mauritius.

The company operates three manufacturing facilities in Mumbai, Jaipur and Surat, and has a pan-India presence with 275 stores across 117 cities in India.

Bluestone Jewellery, which valued at Rs 7,800 crore, will utilise Rs 750 crore of fresh issue proceeds for its working capital requirements, and the remainder for general corporate purposes.

Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are managing the Bluestone Jewellery IPO.