Bluestone, an omnichannel jewelry retailer, has gained board clearance for an IPO for Rs 1,000 crore ($120 million) through a combination of new issues and offers for sale, and it now looks as though it will file a Draft Red Herring Prospectus (DRHP).
A cerdible source was able to uncover corporate documents that show the Bluestone board approved a special resolution to sanction the company's Rs 1,000 crore initial public offering of equity shares.
It is suggested that the equity shares be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). According to the filings, the offer documents will reveal how the new funds acquired through the IPO will be used.
In order to raise Rs 75 crore ($9 million), Bluestone has also decided to give 13,00,000 equity shares to Gaurav Singh Kushwaha, the company's founder and CEO. Kushwaha's new investment aims to satisfy the Issue of Capital and Disclosure Requirements (ICDR) laws' minimum capital requirement for promoter shareholders.
According to the papers, Kushwaha currently owns 9.15% of the company's total shares, which is the amount that can be used to calculate the minimum promoter contribution needed for the planned IPO. Bluestone started its Rs 900 crore pre-IPO financing in September.
Bluestone intends to price its initial public offering (IPO) shares at Rs 550 and Rs 600 each, according to sources. According to data from TheKredible, after its most recent round of private fundraising, the company's post-money valuation reached about Rs 7,750 crore (about $922 million), excluding ESOP.
With revenue of Rs 1,266 crore in FY24 compared to Rs 771 crore in FY23, Bluestone recorded a 64% year-over-year increase. At the same time, the business was able to cut its losses by 15%, which in FY24 came to Rs 142 crore.
BlueStone's rival, Titan-owned CaratLane, reported Rs 3,081 crore in revenue for the most recent fiscal year (FY24). BlueStone's rival, Titan-owned CaratLane, reported Rs 3,081 crore in revenue for the most recent fiscal year (FY24). Although the company maintained its profitability throughout the year, its earnings decreased slightly from Rs 82 crore in FY23 to Rs 79 crore in FY24.
