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Jewellery retailer Bluestone files for IPO, to sell fresh shares worth $118 million
Economic Times
·
7m ago
Medial
Bluestone Jewellery and Lifestyle, a leading jeweller in India, has filed for an initial public offering (IPO). They aim to raise funds through fresh shares valued at Rs 10 billion ($117.8 million). Additionally, existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering. India's jewellery market, estimated at $85.52 billion in 2023, is expected to grow 5.7% annually by 2030. Bluestone is the latest company to join the booming IPO market in India, with over 300 companies raising $17.5 billion in 2024. The funds from the IPO will be used for working capital requirements. Axis Capital, IIFL Capital, and Kotak Investment Banking will act as book-running lead managers for the IPO.
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Related News
SoftBank, TPG, PremjiInvest, NewQuest to make partial exit in FirstCry IPO
VCCircle
·
1y ago
Medial
Indian baby products retailer FirstCry's IPO will see major stakeholders, including SoftBank, TPG, PremjiInvest, and NewQuest, sell part of their stakes. SoftBank, the largest shareholder, will sell around 20.32 million shares, while TPG and NewQuest plan to offload approximately 3.9 million and 3 million shares respectively. PremjiInvest will sell 8.6 million shares. The IPO will also include fresh shares worth $218 million being issued by FirstCry. The funds raised will be used for expansion and business growth.
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GK Energy, BlueStone & 2 other firms get SEBI's nod to launch IPOs
Inshorts
·
4m ago
Medial
Anthem Biosciences, Aye Finance, GK Energy and BlueStone Jewellery and Lifestyle received approval from SEBI to raise funds through IPOs. The four companies applied for their IPOs in December 2024. The IPOs will contain fresh issue of shares worth ₹3,395 crore for Anthem Biosciences, ₹1,000 crore for BlueStone Jewellery, ₹885 crore for Aye Finance and ₹500 crore for GK Energy.
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Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit
Entrackr
·
7m ago
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.
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Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr
Entrackr
·
8m ago
Medial
Omnichannel jewellery retailer Bluestone appears close to filing a draft red herring prospectus (DRHP) as it has received the board’s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. According to company filings accessed by Entrackr, the board at Bluestone has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The utilization of the fresh proceeds to be raised via the IPO will be disclosed in the offer documents, the filings added. Bluestone has also passed a resolution to issue 13,00,000 equity shares to Gaurav Singh Kushwaha, the founder and CEO of the company, to raise Rs 75 crore ($9 million). The fresh investment by Kushwaha is aimed at meeting the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements (ICDR) regulations. As of now, Kushwaha’s aggregate shareholding, eligible for computing the minimum promoter contribution requirement for the company’s proposed IPO, stands at 9.15%, according to the filings. In September, Bluestone initiated its pre-IPO round worth Rs 900 crore. According to sources, Bluestone plans to price its IPO shares between Rs 550 -600 each. Data from TheKredible indicates that the company's post-money valuation reached approximately Rs 7,750 crore (around $922 million) excluding ESOP, following its latest private funding round. During the previous fiscal year (FY24), Bluestone reported a 64% year-on-year growth in revenue, reaching Rs 1,266 crore from Rs 771 crore in FY23. Simultaneously, the company managed to reduce its losses by 15%, bringing them down to Rs 142 crore in FY24. Titan-owned CaratLane, a competitor to BlueStone, reported revenue of Rs 3,081 crore in the last fiscal year (FY24). The company remained profitable during the year; however, its profit saw a slight decline, dropping to Rs 79 crore in FY24 from Rs 82 crore in FY23.
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Canara Robeco Asset Management files for IPO
VCCircle
·
3m ago
Medial
Canara Robeco Asset Management Company, jointly owned by Canara Bank and ORIX Corporation, has filed for an IPO with no fresh shares issued. Existing shareholders plan to sell 49.8 million combined shares. Canara Bank will sell 25.92 million shares, reducing its stake by 13%, while ORIX plans to sell 23.93 million shares. This move occurs amid a slowing IPO market. The company's profits and revenues have significantly increased over the past fiscal year.
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Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant
Entrackr
·
1m ago
Medial
Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant Omnichannel jewellery retailer Bluestone has expanded its existing ESOP plan to $80 million by adding additional employee stock options for its employees. The board at Bluestone has passed a resolution for approval to add 42,43,312 employee stock options to its existing plan, bringing the total ESOP pool to 1,17,27,642 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are worth around Rs 245 crore or around $29 million. Out of the newly added stock options, Rs 92.6 crore ($11 million) will be granted to the company’s Chief Operating Officer (COO), Sudeep Nagar. This addition brings the total value of Bluestone’s ESOP pool to Rs 678 crore or around $80 million. Notably, these valuations are based on the company's last funding round, where it raised around Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary. Ahead of Bluestone’s IPO, Global consumer internet group Prosus values the company at $950 million, just shy of unicorn status ahead of its IPO. Prosus has valued its stake in BlueStone at $42 million, as per its latest annual report. The stake, held through its fund MIH Investments One B.V., represents a 4.43% ownership in the jewellery brand. As per ET report, Bluestone is all set to join the unicorn status with secondary transactions worth Rs 300-350 crore by private wealth management arms of 360 One and Centrum Wealth. This will value the company at $1.2 billion. In December 2024, Bluestone filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore shares, allowing a full exit for Samma Capital, IvyCap Ventures, and Kalaari Capital. Founded in 2011, omnichannel jewellery brand BlueStone offers high-value gold and diamond jewellery, including rings, pendants, chains, and earrings, through its retail stores and online platform. As per its DRHP, the company operates over 203 stores across 86 cities. BlueStone has raised around $262 million across multiple funding rounds from investors such as Accel, Prosus, Peak XV Partners, 360 One, Kalaari Capital, and others, according to startup data intelligence platform TheKredible. In FY24, BlueStone’s revenue grew 64% year-on-year to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also trimmed its losses by 15% during the same period, bringing them down to Rs 142 crore.
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Brookfield-backed Leela hotels owner Schloss files for $599 mn IPO
VCCircle
·
10m ago
Medial
Indian luxury hotel chain owner, Schloss Bangalore, has filed for a $599 million initial public offering (IPO) as the country's stock market continues to perform well. The IPO will include fresh shares worth 30 billion rupees, while shareholder Project Ballet Bangalore Holdings will sell shares worth 20 billion rupees. The company plans to use the proceeds to repay debt and expand its hotel chain. The hospitality market in India is expected to reach $31 billion by 2029.
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Jewellery retailer Bluestone plans to raise Rs 1,000 crore in fresh capital
Economic Times
·
8m ago
Medial
Indian jewelry retailer, Bluestone, has received approval from its board for an initial public offering (IPO) to raise Rs 1,000 crore in fresh capital. The company is expected to file the draft red herring prospectus next week. The IPO proceeds will be used primarily for offline store expansion. Bluestone recently converted into a public company and plans to divest around 15% of its stake through the IPO. The founder and CEO, Gaurav Singh Kushwaha, has purchased shares worth Rs 75 crore to meet the minimum promoter contribution requirement. The IPO valuation is estimated to be around Rs 12,000-13,000 crore.
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Indian stationery maker Doms files draft papers for $145 mln IPO
Reuters
·
1y ago
Medial
Indian stationery manufacturer Doms Industries has filed for a $144.53 million IPO. The company plans to issue new shares worth $47.12 million, while existing shareholders, including FILA Fabbrica Italiana Lapis ed Affini SpA, will sell shares worth $97.41 million.
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Lenskart files DRHP with SEBI to launch IPO; Peyush and Neha Bansal to sell shares
IndianStartupNews
·
10d ago
Medial
Lenskart, an omnichannel eyewear retailer based in Gurugram, has filed for an Initial Public Offering (IPO) with SEBI to raise Rs 2,150 crore. The IPO includes a fresh issue of shares and an offer for sale where existing shareholders, including SoftBank and company CEO Peyush Bansal, will sell shares. The funds will support retail expansion, tech infrastructure upgrades, and branding efforts. Lenskart reported significant revenue growth and profitability in FY25.
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