Bengaluru-based jewellery startup Bluestone is planning an initial public offering (IPO) and aims to raise around ₹1,000 crore (about $118 million). The valuation after the IPO is expected to reach somewhere between ₹12,000 and ₹13,000 crore ($1.4 billion to $1.5 billion). The IPO is a significant milestone for Bluestone to grow further in the jewellery market.
The company is set to file its draft red herring prospectus (DRHP) next week with the Securities and Exchange Board of India (SEBI). The draft is to provide important details about its business and growth plans. The IPO will involve a 15% stake sale and to allow existing shareholders to sell their shares to the public. The move is to help Bluestone raise funds for future expansion and brand development.
The success of Bluestone is usual due to the rise of online shopping and the growing appetite for luxury jewellery in India. The company was launched in 2011 and since then it has carved out a strong presence in the online jewellery market. It is offering a variety of high-quality gold, diamond and platinum pieces. It focuses on quality designs and seamless customer experience. Today, it is one of the top players in the space.
Bluestone is positioning itself for even greater growth by entering the stock market. The IPO is said to attract more interests of investors amid the rapid growth of e-commerce sector in India.
The IPO could be a game-changer for Bluestone as it is to give it the required capital as well as visibility. The company can compete more effectively in the crowded jewellery market.
