Omnichannel jewellery retailer Bluestone has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 2.398 crore equity shares, according to the DRHP.
The company filed its IPO papers with SEBI in December last year. The IPO comprises a mix of a fresh issue of shares up to Rs 1,000 crore and an offer for sale of up to 2,39,86,883 equity shares by selling shareholders.
According to Bluestone, it has 104 public shareholders collectively holding a 26.82% stake in its equity. Among the prominent investors, Accel will divest 14.6% of its holding in the OFS, while Iron Pillar and Sunil Kant Munjal will offload 31.9% and 51.6%, respectively. Saama Capital, IvyCap Ventures, and Kalaari Capital will make a complete exit from the company in the OFS.
Bluestone has a network of 203 stores across 86 cities in 26 states and union territories, covering over 12,600 PIN codes across India as of June 30, 2024. The company operates three manufacturing facilities located in Mumbai, Jaipur, and Surat, alongside a facility in Mumbai that supports its designers in developing product prototypes.
The company’s revenue from operations increased by 64.24% to Rs 1,265.84 crore in FY24 from Rs 770.73 crore in FY23. For the six months ended June 30, 2024, its revenue from operations stood at Rs 348.24 crore.
Microlending platform Aye Finance, which also submitted its DRHP in December, has secured final approval from the market regulator for its public listing. The upcoming IPO will comprise a fresh issue of equity shares amounting to Rs 885 crore, along with an offer-for-sale (OFS) worth Rs 565 crore. The OFS will see participation from investors such as LGT Capital, CapitalG LP, A91 Emerging Fund I LLP, and Alpha Wave Ventures.
For the fiscal year ending March 2024, Aye Finance registered a 291.5% surge in profit after tax (PAT) to Rs 171.7 crore from Rs 43.9 crore in FY23. During the period, its revenue grew 67% to Rs 1,072 crore.
Recently, co-working startup Indiqube received approval from SEBI for its Rs 850 crore IPO. Meanwhile, consumer electronics brand boAt has filed its DRHP through the confidential filing route.