Ratan Tata-backed BlueStone Jewellery is planning an IPO of over Rs 1,500 crore. The company is likely to dilute 10-12 percent stake through the IPO which will consist of a fresh issue of shares and an offer for sale (OFS), reported The Economic Times.
BlueStone - which owns the online marketplace Bluestone.com - has appointed ICICI Securities, IIFL Securities, Jefferies and JM Financial as investment bankers for the IPO. The proposed share sale is likely to be launched in the second quarter of the new fiscal 2022-23.
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Moneycontrol could not independently verify the report.
BlueStone’s private equity investors, led by Kalaari Capital, are expected to sell their holdings entirely or partly through the OFS. Billed as a startup, the company is said to be seeking a valuation in the range of Rs 12,000-15,000 crore.
BlueStone's two manufacturing units are located in Mumbai. It opened its first store in Pacific Mall in Delhi in 2018, followed by five more across Chandigarh, Mumbai, and Hyderabad.
BlueStone houses more than 8,000 designs and offers 30-day money-back guarantee, certified jewellery, and lifetime exchange.