BlueStone is backed Accel India, Kalaari Capital, and Sunil Munjal
FinTech BizNews Service
Mumbai, 13 December, 2024: Bengaluru-based BlueStone Jewellery and Lifestyle, which offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand, “BlueStone,” has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
The IPO with a face value of Rs1 is a mix of fresh issue of shares up to Rs 1,000 crore and an offer for sale of up to 2,39,86,883 equity shares by selling shareholders. Offer for Sale consists of shareholders selling shares up to 70,73,980 by Kalaari Capital Partners II, LLC, up to 41,00,970 by Saama Capital II, Ltd, and up to 40,00,000 shares by Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) and other selling shareholders. The proceeds from the fresh issue to the extent of Rs 750 crore will be used to fund its working capital requirements and general corporate purposes. The Offer is being made through the book-building process, wherein not less than 75% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 10% of the net offer is allocated to non-institutional and retail individual investors respectively. BlueStone Jewellery and Lifestyles introduced its “BlueStone” brand in 2011 and has since grown into a prominent name among leading jeweller retailers in India, according to a RedSeer Report mentioned in the DRHP.
Under the BlueStone brand, the company offers an extensive range of jewellery from daily casual wear to cater to women, men, and couples aged 25 to 45 through digital platforms, including social media and online channels. The Company has themed collections like the Greece Architecture and Jodhpur series and seasonal offerings, such as the Missy and Rainforest collections. Other noteworthy collections include Sheer Style, Liviana, A La Mode, Viva Pride, and You & Me. The company has 104 public shareholders collectively holding a 26.82% stake in its equity. Among the prominent investors are Accel India, Sunil Munjal (along with other partners of Hero Enterprise Partner Ventures), Kalaari Capital, 360 One, Peak XV, MIH Investments, Samma Capital, Steadview, Iron Pillar, IvyCap Ventures, Access India Capital, and Think Investments, among others.
BlueStone’s is the second-largest digital-first omni-channel jeweller brand in India with a pan-India presence through its website (www.bluestone.com) and mobile application (available on iOS and Android). It is complemented by a network of 203 stores across 86 cities in 26 states and union territories, covering over 12,600 PIN codes across India as of June 30, 2024. The company operates three manufacturing facilities located in Mumbai, Jaipur, and Surat, alongside a dedicated prototype facility in Mumbai that supports its designers in developing product prototypes.
With pioneering the use of advanced digital technology, customers can explore over 7,400 designs online, high-quality 3D-rendered images, view 360-degree videos for its online products, and access contemporary collections. ‘Try at Home’ service is also available in select areas, creating a personalized and experiential shopping journey. As of June 30, 2024, BlueStone operated 110 company-owned stores and 93 franchised stores, covering a total area of over 350,000 square feet. The company offers 95 unique collections, each built around a specific theme, placing it among the top six jeweller retailers in India by the number of designs listed in Fiscal 2024.
The Company is the only leading jewellery retailer in India with an inhouse manufacturing setup, producing more than 75% of its jeweller internally. Revenue from operations increased by 64.24% to Rs1,265.84 crore in Fiscal 2024 from Rs 770.73 crore in Fiscal 2023 primarily on account of an increase in the sale of products. For the six months ended June 30, 2024, revenue from operations stood at Rs 348.24 crore. Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company are the book-running lead managers and KFin Technologies is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE.
