[ad_1]
BENGALURU: Bengaluru-based BlueStone Jewellery and Lifestyle, which offers contemporary diamond, gold, platinum, and studded jewellery under an eponymous brand, on Thursday filed for an initial public offering to raise Rs 1,000 crore ($118 million as per current exchange rates).
The IPO also included an offer-for-sale (OFS) component for BlueStone’s investors Accel India, Saama Capital, Kalaari Capital and others. These investors are aiming to divest about 24 million shares.
The OFS comprises shares up to 70,73,980 being sold by Kalaari Capital, up to 41,00,970 by Saama Capital and up to 40,00,000 by Sunil Kant Munjal and other partners of Hero Enterprise Partner Ventures.
The proceeds from the fresh issue to the extent of Rs 750 crore will be used to fund its working capital requirements and general corporate purposes, the company said.
Bluestone reported revenue of Rs 1,266 crore in the financial year ended March 2024, up 64% from a year ago. Net loss narrowed by 15% to Rs 142 crore. The company has raised $225 million over the years, as per Tracxn.
The company was founded by Vidya Nataraj and Gaurav Kushwaha in 2011. It ships jewellery, designed in-house, across the country covering 12,600 pincodes and internationally to the United States, Canada, the United Kingdom and Australia. It also operates physical stores.
As of June, 2024, the company operated 110 company-owned stores and 93 franchised stores, covering a total area of over 3,50,000 square feet.
The company also operates three manufacturing facilities located in Mumbai, Jaipur and Surat, alongside a dedicated prototype facility in Mumbai that supports its designers.
The company has 104 public shareholders collectively holding a 26.82% stake in its equity. Other marquee investors include Peak XV Partners, MIH Investments, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital and Think Investments.
[ad_2]
Source link
