Bengaluru-based omnichannel jewellery brand BlueStone Jewellery and Lifestyle has received the approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO), sources said.
The company filed its draft red herring prospectus (DRHP) on December 11 last year. According to the DRHP, the IPO will be a combination of fresh issue of shares of up to Rs 1,000 crore and an offer for sale of up to 2,39,86,883 shares.
From the proceeds, around Rs 750 crore will be used to fund working capital requirements and for general corporate purposes.
In the offer for sale, Kalaari Capital Partners II, Saama Capital II, Sunil Kant Munjal, and some other partners of Hero Enterprise Partner Ventures will dilute their shareholding.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers and KFin Technologies is the registrar of the issue.
The company has a total of 104 public shareholders, including Accel India, 360 One, Peak XV, MIH Investments, Samma Capital, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital, and Think Investments.
The company sells products through its website and mobile application. It also has a network of 203 stores across 86 cities, as of June 30, 2024.
BlueStone has three manufacturing facilities in Mumbai, Jaipur and Surat.
In 2023-24, revenue from operations increased 64.24% year-on-year to Rs 1,265.84 crore. The net loss reduced 15% YoY to Rs 142.2 crore.
Recently, BlueStone raised Rs 900 crore in a pre-IPO funding round, valuing the company at $970 million.