The company intends to use Rs 750 crore from the net proceeds towards funding its working capital requirements
Bluestone Jewellery and Lifestyle, an omnichannel jewellery retailer, has scaled back its initial public offering (IPO) size. The company is now looking to raise Rs 820 crore in primary capital against Rs 1,000 crore that it had originally planned, as per media reports.
The reports noted that the company is looking to go public at a valuation of nearly Rs 7,800 crore. Compared to 24 million shares earlier, the offer-for-sale (OFS) component has been reduced to 13.9 million shares. The reports pointed out that investors like Accel, Kalaari Capital, Iron Pillar Fund are planning to sell fewer shares as per the latest development.
As per the prospectus, BlueStone, which secured the approval of the Securities and Exchange Board of India (Sebi) in April, will be bringing its IPO on 11 August, the reports highlighted. IIFL Capital, Kotak Mahindra and Axis Capital are acting as bankers to the company’s issue.
“We propose to utilise the net proceeds towards working capital requirements and general corporate purposes. We cannot currently determine with any certainty if we would require the net proceeds to meet any other expenditure or fund any exigencies arising out of a competitive environment, business conditions, economic conditions or other factors beyond our control,” it said in its DRHP.
The company reported Rs 1,770 crore in operating revenue in the last financial year (FY25). The number of stores in the country stood at 275 in FY25 and it has presence in 275 cities, towns across India. The company intends to use Rs 750 crore from the net proceeds towards funding its working capital requirements.
