Bluestone Receives Approval for IPO from SEBI
Omnichannel jewellery retailer Bluestone has gained the necessary approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This development marks a significant milestone for the company as it aims to raise capital through a fresh issue of equity shares totalling up to Rs 1,000 crore (around $119 million) and an offer for sale (OFS) of up to 2.398 crore equity shares, as detailed in the Draft Red Herring Prospectus (DRHP).
The IPO documentation was submitted to SEBI in December of the previous year. It is structured as a combination of a fresh issuance of shares capped at Rs 1,000 crore and the sale of up to 2,39,86,883 equity shares by current shareholders.
Bluestone has reported that it has 104 public shareholders who together possess a 26.82% stake in the company’s equity. Among its key investors, Accel plans to sell 14.6% of its stake in the OFS, while Iron Pillar and Sunil Kant Munjal intend to offload 31.9% and 51.6% of their holdings, respectively. Additionally, Saama Capital, IvyCap Ventures, and Kalaari Capital are expected to completely exit the company through this OFS.
The company boasts an extensive network of 203 stores operating in 86 cities across 26 states and union territories, reaching over 12,600 PIN codes throughout India as of June 30, 2024. Bluestone maintains three manufacturing plants located in Mumbai, Jaipur, and Surat, as well as a design facility in Mumbai where product prototypes are developed.
Bluestone’s operational revenue increased by 64.24%, rising to Rs 1,265.84 crore in FY24 from Rs 770.73 crore in FY23. For the half-year ending June 30, 2024, its operational revenue was reported at Rs 348.24 crore.
In other news, microlending company Aye Finance, which also filed its DRHP last December, has received final approval from the market regulator for its public listing. The impending IPO will include a fresh issuance of equity shares totalling Rs 885 crore, along with an OFS valued at Rs 565 crore. Investors such as LGT Capital, CapitalG LP, A91 Emerging Fund I LLP, and Alpha Wave Ventures are expected to participate in the OFS.
For the fiscal year ending March 2024, Aye Finance recorded a remarkable 291.5% increase in profit after tax (PAT), rising to Rs 171.7 crore from Rs 43.9 crore in FY23. During this timeframe, the company also saw its revenue grow by 67% to reach Rs 1,072 crore.
Recently, the co-working startup Indiqube has also received SEBI’s approval for its Rs 850 crore IPO. Meanwhile, consumer electronics brand boAt has initiated the DRHP process through confidential filing.
