BlueStone Jewellery and Lifestyle, a jewellery brand based in Bengaluru that sells both online and through physical stores, has received approval from SEBI (Securities and Exchange Board of India) to raise money through an Initial Public Offering (IPO).
BlueStone had filed the official IPO draft document, known as the Draft Red Herring Prospectus (DRHP), on December 11 last year. According to this document, the IPO will include two parts:
- Fresh Issue of Shares worth up to ₹1,000 crore – this is new money that will go directly to the company to support its business.
- Offer for Sale (OFS) of up to 2.39 crore shares – in this part, existing investors will sell some of their shares to the public, and the money will go to these investors, not the company.
BlueStone Jewellery IPO DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Dec 16, 2024 |
| SEBI approval received | Tue, Apr 1, 2025 |
Out of the ₹1,000 crore raised through the fresh issue, BlueStone plans to use ₹750 crore to meet working capital needs (which includes daily business expenses, stock purchase, and smooth running of operations) and for general corporate purposes.
In the OFS section, investors like Kalaari Capital, Saama Capital, Sunil Kant Munjal, and some Hero Enterprise partners will sell a part of their ownership in the company.
BlueStone Jewellery and Lifestyle Limited Financial Information (Restated)
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 2,720.11 | 2,453.49 | 1,255.49 | 560.9 |
| Revenue | 359.19 | 1,303.49 | 787.89 | 476.67 |
| Profit After Tax | -59.22 | -142.24 | -167.24 | -1,268.41 |
| Total Borrowing | 714.96 | 430.43 | 228.42 | 1,849.69 |
| Amount in ₹ Crore | ||||
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROCE | -5.25% |
| Debt/Equity | 0.87 |
| RoNW | 38.01% |
| PAT Margin | 11.24 |
The IPO will be managed by Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company. The registrar for the IPO (the agency responsible for processing investor applications) will be KFin Technologies.
As of now, BlueStone has 104 investors, which include big names like Accel India, 360 One, Peak XV (formerly Sequoia India), MIH Investments, Steadview Capital, Iron Pillar, IvyCap Ventures, and Think Investments. These are all well-known venture capital firms that back growing companies.
BlueStone sells jewellery online through its website and mobile app, and also through a network of 203 stores in 86 cities across India (as of June 30, 2024). It has its own manufacturing units located in Mumbai, Jaipur, and Surat, where it makes its jewellery.
The company’s financial performance has shown strong growth. In the financial year 2023–24, its revenue rose by over 64% to ₹1,265.84 crore compared to the previous year. At the same time, the company’s losses decreased by 15%, bringing the net loss down to ₹142.2 crore, showing that the company is on the path to improving its financial health.
Just before announcing its IPO, BlueStone also raised ₹900 crore in a pre-IPO funding round, and this valued the company at about $970 million, showing strong investor confidence in its future growth.
In short, BlueStone is expanding quickly both online and offline, and with strong investor backing and growing revenue, its IPO is expected to attract a lot of interest from the market.
