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Thakur Ambuj Singh
Entrepreneur & Creat... • 22d
About four months after markets regulator SEBI gave the go-ahead to its IPO, omnichannel jewellery brand BlueStone has filed the draft papers to go public👇 BlueStone has trimmed the fresh issue by 18% to INR 820 Cr from INR 1,000 Cr it had proposed earlier. It plans to spend about INR 750 Cr from the fresh capital generated from the IPO to fund its working capital needs. The jewellery startup said that it needed to bridge the working capital gap for financing and replenishment of its inventory, which includes precious metals like bullion, diamond and gemstones, in its physical stores, warehouses, logistics hubs and raw material for its factories. “As our physical store network grows, we will require additional working capital for funding inventory requirements of these new physical stores and replenishment, as well as expansion of inventory in the existing stores, as we expand presence across categories and expand merchandise selection at the store level,” read the company’s red herring prospectus (RHP).
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