Bluestone Jewellery and Lifestyle is taking a significant step toward expanding its omnichannel business by filing for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). The company plans to raise Rs 1,000 crore (approximately USD 118 million) through the issuance of fresh shares. Additionally, existing shareholders, including Accel and Kalaari Capital, will offer up to 2.4 crore equity shares for sale.
According to Bluestone’s Draft Red Herring Prospectus (DRHP), the company will issue new equity shares worth Rs 1,000 crore, while existing investors will sell up to 2.398 crore shares via the offer for sale (OFS).
Accel Capital, Bluestone’s largest external shareholder, will reduce its stake by 14.6%. Other investors, including Iron Pillar and Sunil Kant Munjal, will cut their holdings by 31.9% and 51.6%, respectively. Samma Capital, Ivycap Ventures, and Kalaari Capital will exit entirely through the OFS.
In its pre-IPO funding round in September, Bluestone raised Rs 900 crore, boosting its valuation to approximately Rs 7,750 crore (USD 922 million). This valuation reflects the growing demand for high-quality, personalized jewellery and the company’s ability to scale quickly in India’s competitive jewellery market.
The Indian jewellery market, valued at approximately USD 85.52 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of 5.7% through 2030, driven by increasing demand for both traditional and modern jewellery styles. Bluestone is poised to capitalize on this sector growth through its innovative retail strategies.
Bluestone has demonstrated strong growth in recent years, thanks to its robust omnichannel strategy. For the quarter ending June 2024, the company reported revenues of Rs 348.2 crore from operations. However, it posted a loss of Rs 59.2 crore during the same period. Despite this, Bluestone saw impressive year-on-year growth in the previous fiscal year (FY24), with revenues rising by 64%, from Rs 771 crore in FY23 to Rs 1,266 crore. The company also reduced its losses by 15%, bringing them down to Rs 142 crore, signaling effective cost control and growth potential.
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