Accel-backed Bluestone Jewellery cuts India IPO size
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.
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, which sells diamond, gold, platinum and studded jewellery, competes with Titan (TITN.NS), opens new tab, Kalyan Jewellers (KALN.NS), opens new tab and Tribhovandas Bhimji Zaveri (TBZL.NS), opens new tab 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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