BlueStone Gets SEBI Approval for INR 1,000 Crore IPO
BlueStone's IPO will include a fresh issue of equity shares worth INR 1,000 crore and an Offer for Sale (OFS) of up to 2.39 crore shares by existing investors.
Omnichannel jewellery brand BlueStone has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The Bengaluru-based company plans to raise INR 1,000 crore through a fresh issue and offer for sale (OFS) by existing investors.
The IPO move is aimed at expanding operations, increasing store count, and strengthening the brand’s position in India’s fast-growing jewellery market.
IPO Structure and Investor Exit Plans
Bluestone’s IPO includes a fresh issue of shares worth INR 1,000 crore and an OFS of up to 2,39,86,883 equity shares. This will allow early backers to partially or fully exit. Accel, Iron Pillar, and Sunil Kant Munjal will dilute their stakes, while firms like Saama Capital, Kalaari Capital, and IvyCap Ventures are set to make a full exit.
Bluestone has also been backed by prominent angel investors like Deepinder Goyal (Founder, Zomato) and Nikhil Kamath (Co-founder, Zerodha), adding strong credibility to its cap table.
The face value of each share is INR 1. Axis Capital, IIFL Capital, and Kotak Mahindra Capital are the book-running lead managers. KFin Technologies is the registrar for the issue.
BlueStone’s Growth and Expansion Strategy
Founded in 2011, BlueStone has grown into one of India’s top lifestyle jewellery brands. It offers designs in diamonds, gold, platinum, and other precious stones under the "BlueStone" brand.
As of June 30, 2024, BlueStone had 203 retail outlets across 86 cities in 26 states and union territories. The brand operates three manufacturing units in Mumbai, Jaipur, and Surat. It also runs a special design lab in Mumbai to develop product prototypes.
The company has reported strong financial growth. Revenue from operations increased to INR 1,265.84 crore in FY24, up from INR 770.73 crore in FY23. It posted a net loss of INR 52.22 crore in Q1 FY25, while its operating revenue stood at INR 359.19 crore.
With the IPO funds, BlueStone plans to open new stores, invest in marketing, and boost working capital. The brand is focused on both online and offline retail, aiming to strengthen its omnichannel presence.
The SEBI nod marks a major milestone for BlueStone as it prepares to enter the public market. With a clear growth plan, rising revenues, and a strong retail footprint, the company is well-placed to attract investor attention during its IPO launch.
BlueStone Shareholding
Here is a detailed overview of BlueStone's shareholding pattern as of January 2025, as sourced from Tracxn:
| Name | Holding % |
|---|---|
| Gaurav Singh Kushwaha | 17.3% |
| Ganesh Krishnan | 1.5% |
💰 VC & Fund Investors (62.3%)
| Name | Holding % |
|---|---|
| Accel | 17.2% |
| Kalaari Capital | 10.1% |
| Iron Pillar | 6.2% |
| Prosus | 4.3% |
| Saama Capital | 2.9% |
| Info Edge Ventures | 2.4% |
| IvyCap Ventures | 5.2% |
| 360 One | 3.5% |
| IIFL Asset Management | 1.2% |
| Think Investments | 1.0% |
| Pratithi Investments | 1.0% |
| NV Holdings | 1.0% |
| Steadview | 1.0% |
| Dragoneer Investment | 0.8% |
| Avanz Capital | 0.8% |
| Innoven Capital | 0.7% |
| AT Capital Group | 0.4% |
| Twin & Bull | 0.2% |
| Fairmont Capital | 0.1% |
| Alteria Capital | <0.1% |
| Stride Ventures | <0.1% |
🤝 Enterprise Investors (3.8%)
| Name | Holding % |
|---|---|
| NKSquared Global | 1.1% |
| Kamath Associates | 1.1% |
| Ohm Enterprise | 0.6% |
| Ashoka | 0.4% |
| Girnar Ventures | 0.3% |
| Others | <0.1% |
👼 Angel Investors (6.8%)
| Name | Holding % |
|---|---|
| Sunil Kant Munjal | 4.3% |
| Srinivas Anumolu | 1.5% |
| Deepinder Goyal | 0.5% |
| Ashwin Kedia | 0.2% |
| Raveen Sastry | 0.1% |
| Others | <0.1% |
👩💼 ESOP Pool (7.6%)
| Name | Holding % |
|---|---|
| ESOP Pool | 7.6% |
Shevaughn Pimenta
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