Bluestone, the jewellery retailer, has received board approval for its ₹1,000 crore IPO debut, which will include a mix of fresh issue and offer for sale.
According to data from the market intelligence platform Tofler, the company is estimated to have a valuation of approximately ₹12,000 to ₹13,000 crore.
Additionally, the d2c (direct-to-consumer) seller has approved a resolution to issue 13,00,000 equity shares to its founder and CEO, Gaurav Singh Kushwaha to raise ₹75 crore.
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The fresh investment by Kushwaha aims to meet the minimum capital requirement for promoters, as required by the issue of capital and disclosure requirements (ICDR) regulations.
Pre-IPO round
In September, the company had raised ₹900 crore in an pre-IPO round from Peak XV Partners, Prosus, and Steadview Capital in August, positioning it in the unicorn category.
Founded in 2011 by Kushwaha and Vidya Nataraj, the start-up is a company that manufacturers, designs, and sells fine jewellery having presence in over 80 cities, with 192 stores.
The company reported a revenue of ₹1,265.8 crore in FY24, up from ₹770.7 crore in FY23. Bluestone also reduced its losses by 15 percent year-on-year (y-o-y) to ₹142.2 crore in FY24 compared to ₹167.2 crore in FY23, Tofler data show.
