Accel-backed Bluestone Jewellery cuts India IPO size
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India's Bluestone Jewellery and Lifestyle has trimmed the size of its initial public offering, a prospectus showed on Tuesday.The Accel India-backed company will now issue fresh shares worth 8.2 billion rupees (about $93 million), down from 10 billion rupees earlier.Its existing shareholders, including venture capital firms Accel India and Kalaari Capital , will now sell 13.9 million shares in the offering, lower than the 24 million shares proposed earlier.Bluestone will launch the IPO on August 11 and close bids on August 13. Anchor investors will bid for the share sale on August 8.The jeweller was seeking a valuation of at least 120 billion rupees ($1.37 billion) in the IPO, Reuters reported in December, citing sources. The overall IPO size was slated to be around 30 billion rupees, the sources had said.The company may consider issuing specified securities, in consolidation with bookrunning lead managers, aggregating up to 2 billion rupees in pre-IPO placement, its draft prospectus from December said.The company, which sells diamond, gold, platinum and studded jewellery, competes with Titan, Kalyan Jewellers and Tribhovandas Bhimji Zaveri among listed firms in India.Proceeds from the offering will be used to fund working capital requirements and general corporate purposes, the Bluestone prospectus showed. Axis Capital , IIFL Capital and Kotak Mahindra Capital are its bookrunning lead managers.($1 = 87.7790 Indian rupees)
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