BlueStone Jewellery — backed by Tata Group Chairman Ratan Tata and Zerodha co- founder Nikhil Kamath, plans to raise around 2,000 crore through an initial public offering (IPO), according to a recent report by business daily Economic Times.

The online-first jeweller is seeking pitches from investment bankers to market the IPO that is likely to involve diluting a 10-15 per cent stake, comprising a fresh issue of shares and an offer for sale (OFS), said the report. The company initially planned to go public in 2022 but postponed the plans and instead raised funds from private equity (PE) firms. Last year, BlueStone attracted 550 crore in investments from a mix of longstanding and new investors, such as Nikhil Kamath, Ranjan Pai, Amit Jain, Deepinder Goyal, and 360 One, achieving a net valuation close to $440 million. 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. 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. Senco – the latest listed entity in the sector, is currently trading at a valuation of 5,908 crore, which is a 141 per cent premium to its IPO price in July last year. Presently, BlueStone has over 180 points of sale nationwide and offers an extensive catalogue of over 8,000 unique jewellery designs. The company has jewellery manufacturing units in Mumbai, Jaipur and other places. Expanding its retail footprint, the company ventured into the offline realm with its debut store in Delhi’s Pacific Mall in 2018, and expanding to five additional locations across Mumbai, Hyderabad, and Chandigarh. BlueStone Jewellery reported a 67 per cent increase in operating revenue at 771 crore for the year ended March 2023 against 461 crore in FY22. Livemint tops charts as the fastest growing news website in the world to know more.

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