The corporate is predicted to file its draft crimson herring prospectus over the course of subsequent week or so, folks conscious of the matter mentioned. Offline retailer enlargement will likely be one of many key areas the place the agency will use its IPO proceeds.
Accel-backed Bluestone has additionally transformed right into a public firm — a regulatory course of for a privately held firm to supply its shares to the general public. Regulatory filings sourced from the Registrar of Firms present that Bluestone has now sought approval for the IPO from its shareholders.
“With many of the course of achieved, submitting of draft IPO papers is imminent,” an individual conscious of the matter mentioned. “The corporate is seeking to divest an round 15% stake by means of the IPO.”
ET reported in August that the corporate closed a Rs 900 crore funding spherical at a $970 million (about Rs 8,200 crore at present trade price) valuation and would file for an IPO this 12 months.
Whereas the pricing of the IPO hasn’t been finalised, sources mentioned Bluestone might be focusing on a valuation of Rs 12,000-13,000 crore. “The ultimate valuation might rely available on the market situations on the time of subject launch,” an individual mentioned.
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The corporate’s founder and chief govt Gaurav Singh Kushwaha has purchased shares value Rs 75 crore in Bluestone “for the needs of satisfying the minimal promoter contribution requirement” for the IPO.Kushwaha has been allotted the shares at Rs 578 apiece. The submitting mentioned if the IPO worth is greater than the allocation worth, he can pay the distinction. Kushwaha now owns 17-18% of the agency.
“This was achieved per commonplace Sebi laws to place the clause on Kushwaha investing within the final spherical,” one other individual conscious of the matter mentioned.
When reached out to, Kushwaha declined to remark.
Bluestone had earlier this 12 months appointed Axis Capital, IIFL and Kotak Mahindra as bankers for its IPO.
The corporate has additionally appointed three impartial administrators on its board. These are PricewaterhouseCoopers veteran and ICICI Bank impartial director Rohit Bhasin, former Axis Bank govt director Rajesh Kumar Dahiya, and Neha Kant, cofounder of on-line lingerie retailer Clovia.
Bluestone’s IPO comes after Titan, which owns the Tanishq chain, purchased out founder Mithun Sacheti’s stake in Caratlane jewelry model final 12 months, main to an enormous investor curiosity within the sector. Silver jewelry maker Giva extended its Rs 200 crore funding round by one other Rs 255 crore, together with secondary share sale.
Prosus, Manipal group chairman Ranjan Pai’s household workplace, amongst different buyers joined Bluestone’s capitalisation desk over the past one 12 months.
Based in 2011 by Kushwaha and Vidya Nataraj, Bluestone operates on-line and thru its personal retail shops and franchise-owned ones.
In August, ET reported that Bluestone was looking to expand its offline retail footprint to 400 shops over 12-18 months from 220 shops then.
The Bengaluru-based company’s revenue from operations grew 64% to Rs 1,265.8 crore in fiscal 2024, whereas its web loss narrowed by round 15% to Rs 142.2 crore.
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