BlueStone Jewellery, one of India’s leading omnichannel jewellery chains, is looking to raise over Rs 1,500 crore through an initial public offering (IPO). The Ratan Tata-backed jewellery platform has already appointed ICICI Securities, IIFL Securities, Jefferies and JM Financial as investment bankers for the IPO and is looking for a Rs 12,000-15,000 crore valuation, reported The Economic Times.
The company, which owns the online marketplace Bluestone.com, is looking to launch its public offer with an offer for sale (OFS) in the Q2 of FY22-23. The company will be diluting 10-12 percent of its stake, with the company’s private equity investors, led by Kalaari Capital, selling a portion or the entirety of their stake in the company.
“The company is seeking a valuation level that is not yet fixed and corroborated. It will likely file the DRHP (red herring prospectus) in a few months,” one of the persons with knowledge of the matter told ET.
BlueStone’s two jewellery manufacturing units are located in Mumbai, and the company opened its first physical store in Pacific Mall in Delhi in 2018, with five more physical locations coming up across Chandigarh, Mumbai, and Hyderabad.
India’s jewellery market is one of the largest in the world and the country is among the top exporters of cut diamonds, gold jewellery, silver jewellery and lab-grown diamonds. The country is also one of the biggest domestic markets for jewellery in the world, with the retail jewellery sector in the country standing at $64 billion in 2020, according to data from Technopak.
Once public, BlueStone will be competing with listed rivals like Titan’s Tanishq brand (Rs 2.19 lakh crore market cap), Kalyan Jewellers (Rs 20,767 crore market cap) and PC Jewellers (Rs 6,129 crore market cap).
