BlueStone Inches Closer To Rs 1,000-Crore IPO With Board Approval
BlueStone has also passed a resolution to issue 13 lakh shares to Founder and Chief Executive Officer Gaurav Singh Kushwaha to raise Rs 75 crore.
Jewellery retailer BlueStone has received its board's approval for an initial public offering worth Rs 1,000 crore, bringing it a step closer to the public markets.
According to company filings accessed by NDTV Profit via Tracxn, the board at BlueStone has passed a special resolution to approve its IPO—which will be a mix of fresh issue and offer for sale.
The company has also passed a resolution to issue 13 lakh shares to Founder and Chief Executive Officer Gaurav Singh Kushwaha to raise Rs 75 crore. This is for Kushwaha to meet the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements regulations.
The IPO will be a mainboard offering, and the company will now work towards filing its draft red herring prospectus, which will detail how the company will use the proceeds of the IPO.
Founded in 2011, BlueStone is an omnichannel jewellery startup that claims to offer more than 8,000 designs across rings, pendants, earrings and other products across its 200 stores pan-India.
BlueStone competes with the likes of Titan's CaratLane, GIVA, Melorra, and legacy jewellery brands.
