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Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit

EntrackrEntrackr · 1y ago
Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit
Medial

Omnichannel jewellery retailer Bluestone has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 2.398 crore equity shares, according to the DRHP. Accel Capital will divest 14.6% of its holding in the offer for sale (OFS) while Iron Pillar and Sunil Kant Munjal will offload 31.9% and 51.6%, respectively. Samma Capital, Ivycap Ventures, and Kalaari Capital will take a complete exit from the company in OFS. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Accel Capital is the largest external stakeholder with 12.25% followed by Sunil Kant Munjal (Hero Enterprise) and Kalaari Capital and MIH Investment which hold 5.65%, 5.15%, and 4.43%, respectively. Peak XV, Iron Pillar, Steadview, and Kamath Associates are some other notable investors in Bluestone. Axis Capital, IIFL Capital, Kotak, and Kfintech are the book-running lead managers of the issue. In September, Bluestone launched a pre-IPO funding round worth Rs 900 crore. According to data from TheKredible, the company’s post-money valuation reached approximately Rs 7,750 crore ($922 million) after the latest tranche from the company’s founder and CEO Gaurav Singh Kushwaha. For the quarter ending in June 2024, Bluestone reported Rs 348.2 crore in revenue from operations with a loss of Rs 59.2 crore in the same period. In the previous fiscal year (FY24), Bluestone achieved a 64% year-on-year growth in revenue, increasing to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the firm reduced its losses by 15%, bringing them down to Rs 142 crore in FY24. Bluestone provides jewellery collections for both men and women, available through its website and network of offline stores. According to the DRHP, it operates over 203 stores across 86 cities.

Bluestone secures debt ahead of IPO

EntrackrEntrackr · 8m ago
Bluestone secures debt ahead of IPO
Medial

Omnichannel jewellery retailer Bluestone has raised Rs 40 crore (approximately $4.7 million) in debt funding, led by BlackSoil with participation from Caspian Impact Investments, ahead of its planned initial public offering (IPO). The board at Bluestone allotted 800 non-convertible debentures at an issue price of Rs 5,00,000 each to raise the aforementioned sum, according to its regulatory filing with the Registrar of Companies (RoC). Blacksoil led the debt round with Rs 30 crore investment ($3.5 million) while Caspian Impact Investments participated with Rs 10 crore. Recently, in December 2024, Bluestone filed a draft red herring prospectus (DRHP) with SEBI for an IPO, which consists of a fresh issue of equity shares up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore equity shares to provide a complete exit to Samma Capital, Ivycap Ventures, and Kalaari Capital. Founded in 2011, the omnichannel jewellery brand BlueStone specializes in high-value jewellery, offering a range of gold and diamond rings, pendants, chains, and earrings through its retail stores and online platform. According to the DRHP, it operates over 203 stores across 86 cities. According to startup data intelligence platform TheKredible, BlueStone has raised approximately $262 million across multiple funding rounds, including a Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary in August last year. In FY24, BlueStone recorded a 64% year-on-year increase in revenue, rising to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the company also narrowed its losses by 15%, reducing them to Rs 142 crore in FY24.

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