Bengaluru-headquartered jewellery brand BlueStone has trimmed the size of its initial public offering, as per an updated red herring prospectus filed with SEBI. The omnichannel retailer now plans to raise ₹820 crore in primary capital, a significant cut from the ₹1,000 crore originally proposed.
The IPO is scheduled to open on August 11, with the company targeting a public market valuation of around ₹7,800 crore. That figure is notably below the ₹8,100 crore valuation it secured in its previous funding round in August 2024.
BlueStone’s offer-for-sale component has also seen a sharp reduction. Investors including Accel, Kalaari Capital, Iron Pillar and Hero Group’s Sunil Kant Munjal will offload 13.9 million shares, compared to 24 million in the earlier draft. IvyCap Ventures, which was earlier listed to sell 3.1 million shares, has opted out of the OFS altogether.
The company, which received SEBI’s nod for the IPO in April, has reported strong topline growth but widening losses. Operating revenue rose 40 percent year-on-year to ₹1,770 crore in FY25. However, net losses grew to ₹222 crore from ₹142 crore in FY24.
Axis Capital, IIFL Capital and Kotak Mahindra are managing the IPO.
In the lead-up to its public issue, BlueStone also saw active secondary market interest. Private wealth firms 360 One and Centrum Wealth facilitated share sales worth ₹300 to ₹350 crore, as per earlier ET reports.
Investor appetite in jewellery-focused startups has picked up pace, particularly after the Tata Group’s full buyout of CaratLane in 2023, valuing the company at ₹17,000 crore. More recently, silver jewellery startup Giva is in talks to raise ₹450 crore in a round led by Creaegis, with backing from Premji Invest and Epiq Capital.
