Reduced IPO offering by Accel-supported Bluestone Jewellery
Bluestone Jewellery and Lifestyle, an Accel India-backed company, has revised its initial public offering (IPO) size, marking a slight adjustment in market positioning compared to its prior private funding valuation benchmark.
Revised IPO Details
The company has reduced its IPO size from the initial Rs 1,000 crore to Rs 820 crore for the fresh equity issue, with the overall IPO size for fresh issue plus offer for sale (OFS) standing at Rs 1,541 crore. The OFS portion was also reduced, from 24 million shares to about 13.9 million shares, as some investors, including IvyCap Ventures, pulled back from selling shares.
IPO Price Band and Subscription
The IPO price band is set between Rs 492 and Rs 517 per share, leading to a valuation near Rs 7,823 crore at the upper price. Despite the trimmed IPO size, the offering has shown good subscription rates, reaching over 2.7 times subscription by Day 3. Anchor investors committed Rs 693 crore prior to the public offering launch, indicating institutional confidence albeit below initial enthusiasm seen in the last private round.
Market Position and Competition
Bluestone competes with established players such as Titan, Kalyan Jewellers, and Tribhovandas Bhimji Zaveri among listed firms in India. The company's valuation at the time of the IPO is around Rs 7,800 crore to Rs 7,823 crore, down from a previous private valuation of Rs 8,100 crore in August 2024.
Use of Proceeds
Proceeds from the IPO will be used to fund working capital requirements and general corporate purposes. Axis Capital, IIFL Capital, and Kotak Mahindra Capital are the bookrunning lead managers for Bluestone's IPO.
Other Noteworthy Developments
In a separate development, Renee Cosmetics has secured $30 million in its Series C round, with Playbook Partners leading the investment. Meanwhile, Tata Capital has filed for an IPO and is expected to have a valuation of $16 billion.
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The revised IPO size of Bluestone Jewellery and Lifestyle, a business backed by Accel India, stands at Rs 820 crore for the fresh equity issue, with investors like IvyCap Ventures pulling back from selling shares. In the realm of finance and investing, the company's passing over Rs 1,000 crore initially planned for the IPO signifies a slight adjustment in market positioning compared to its previous private funding valuation benchmark.
