Jewellery retailer Bluestone files for IPO, to sell fresh shares worth $118 million

Bluestone Jewellery and Lifestyle filed for an initial public offering on Thursday, aiming to cash in on a booming IPO market in a country that is also the world's second-biggest gold consumer.

Bluestone will issue fresh shares worth Rs 10 billion ($117.8 million). Existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering, the draft prospectus showed.

ET reported on December 6 that Bluestone’s board had given a go ahead for its IPO through which the jewellery retailer is looking to raise Rs 1,000 crore in fresh capital.


The jewellery market in India, estimated at $85.52 billion in 2023, is expected to grow 5.7% annually in 2030.

The company is the latest to join a growing list of firms tapping the country's bustling capital market, in which more than 300 companies have raised $17.5 billion so far in 2024 - more than double the amount raised last year, data compiled by LSEG showed.

The jeweller plans to use proceeds from the offering to fund its working capital needs, it said in the prospectus.

ET reported in August that the company closed a Rs 900 crore funding round at a $970 million (about Rs 8,200 crore at current exchange rate) valuation and would file for an IPO this year.

Founded in 2011 by Kushwaha and Vidya Nataraj, Bluestone operates online and through its own retail stores and franchise-owned ones.

In August, ET reported that Bluestone was looking to expand its offline retail footprint to 400 stores over 12-18 months from 220 outlets then.

The Bengaluru-based company’s revenue from operations grew 64% to Rs 1,265.8 crore in fiscal 2024, while its net loss narrowed by around 15% to Rs 142.2 crore.