BlueStone Jewellery Plans ₹2,000 Cr IPO Backed by Ratan Tata and Nikhil Kamath

BlueStone Jewellery, an online focused jewellery retailer is getting ready to make a big move in the financial world. Backed by notable names like Tata Group Chairman Ratan Tata and Zerodha co-founder Nikhil Kamath the company aims to raise approximately ₹2,000 crore through an initial public offering (IPO) according to the reports.

BlueStone IPO Details

The IPO is expected to involve the dilution of a 10-15% stake which includes both fresh issue of shares and an offer for sale (OFS). BlueStone had initially planned to go public in 2022 but postponed its plans and opted for private equity (PE) funding instead. Last year the company attracted investments totaling ₹550 crore from a mix of existing and new investors, with notable figures such as Nikhil Kamath, Ranjan Pai, Amit Jain, Deepinder Goyal and 360 One. This funding round led to a net valuation of close to $440 million.

BlueStone is positioning itself as a strong contender in the jewellery industry alongside established players like Titan's Tanishq, Kalyan Jewellers and the newly public Senco Gold. With over 180 points of sale across the nation and an extensive catalogue boasting over 8,000 unique jewellery designs the company has been steadily expanding its presence. BlueStone ventured into offline retail with its debut store in Delhi's Pacific Mall in 2018 and has since expanded to five additional locations across Mumbai, Hyderabad and Chandigarh.

Financial Performance

In terms of financial performance, BlueStone reported a 67 per cent increase in operating revenue reaching ₹771 crore for the fiscal year ending March 2023 compared to ₹461 crore in FY22, investors like Ratan Tata and Nikhil Kamath have been associated with BlueStone for several years, with Tata's investment dating back to September 2014 and Kamath's recent injection of ₹100 crore into the company.

Final Words

With its strong financial backing, strategic market positioning and impressive growth trajectory BlueStone Jewellery is positioned for developments in the near future. The upcoming IPO presents an opportunity for investors to participate in the company's journey as it continues to solidify its presence in the jewellery industry both online and offline. More details about the IPO have not been disclosed by the company.