BlueStone IPO: Jewellery Brand Nets INR 693 Cr From Anchor Investors

Ahead of the commencement of the bidding for its public issue on August 11, omnichannel jewellery brand Bluestone has raised INR 693.3 Cr from anchor investors.

The company allocated 1.34 Cr equity shares to 20 anchor investors, including Societe Generale, Goldman Sachs, Nippon India, New York State Teachers Retirement System, Amansa Holdings, Aditya Birla Sun Life Trustee, Motilal Oswal, HDFC Life Insurance Company, Mirrae Asset Management, among others.

The company allotted the shares at INR 517 per share, which is the upper end of the company’s IPO price band. 

Of the 1.34 Cr shares, 36.56 Lakh shares (or 27.27% of the total allocation) were allocated to six domestic mutual funds through a total of 11 schemes. 

BlueStone’s public issue will close on August 13. As per its red herring prospectus (RHP), the public issue will comprise a fresh issue of up to INR 820 Cr and an OFS component of up to 1.4 Cr shares. 

The OFS component will see participation from investors like Kalaari Capital, Accel, Hero Enterprise chairman Sunil Kant Munjal, among others. 

The new-age jewellery brand has set a price range of INR 492 to INR 517 for its upcoming IPO. At the upper end of the spectrum, BlueStone is targeting a valuation of about $890 Mn, down 8% from its last fundraise when it was pegged at $970 Mn in August 2024. 

It plans to utilise the fresh capital to meet its working capital needs, support day-to-day operations and for general corporate purposes.

BlueStone’s shares are expected to list on the BSE and the NSE on August 19.

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone sells gold and studded jewellery through both online channels, including its website and mobile app, and a growing number of retail outlets across India. It caters to both women and men, aged between 25 and 45 years.

On the financial front, the omnichannel jewellery startup’s net loss widened 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr a year ago. Operating revenue zoomed 39.9% to INR 1,770 Cr during the year from INR 1,265.8 Cr in FY24.