BlueStone Jewellery plans to raise Rs 2,000 crore via IPO
BlueStone Jewellery, backed by Ratan Tata and Nikhil Kamath, plans to raise around Rs 2,000 crore through an initial public offering (IPO), according to media reports.
Source: X Photo
The jeweller is seeking pitches from investment bankers to market the IPO that is likely to involve diluting a 10-15% stake, comprising a fresh issue of shares and an offer for sale, said the report.
Source: Unsplash
The company initially planned to go public in 2022 but postponed the plans and instead raised funds from private equity (PE) firms.
Source: Unsplash
Last year, BlueStone attracted Rs 550 crore in investments from a mix of longstanding and new investors, achieving a net valuation close to $440 million.
Source: Motisons Jewellers
This followed a $30 million funding round in 2022 led by Sunil Kant Munjal of Hero Enterprise, valuing the company at $410 million, according to the report.
Source: Motisons Jewellers
BlueStone is positioning itself as a leading contender in the industry, alongside listed giants such as Titan's Tanishq brand, Kalyan Jewellers, and the newly public Senco Gold.
Source: Tanishq
Senco - the latest listed entity in the sector, is currently trading at a valuation of Rs 5,908 crore, which is a 141 per cent premium to its IPO price in July last year.