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The selling shareholders in the OFS include Kalaari Capital Partners II, LLC, Saama Capital II, Ltd, Sunil Kant Munjal (along with other partners of Hero Enterprise Partner Ventures), and others. The company plans to utilize ₹750 crore from the fresh issue to meet its working capital requirements and for general corporate purposes.
Founded in 2011 and based in Bengaluru, BlueStone has quickly established itself as a leading jewellery retailer in India. The company operates 203 stores across 86 cities and 26 states and Union Territories, covering over 12,600 PIN codes nationwide. It has three manufacturing facilities in Mumbai, Jaipur, and Surat.
BlueStone’s revenue from operations surged by 64.24% to ₹1,265.84 crore in FY24, up from ₹770.73 crore in FY23. For the six months ending June 2024, the company reported revenue of ₹348.24 crore.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are acting as the book-running lead managers for the IPO, with the equity shares expected to be listed on the BSE and NSE.