BlueStone to launch Rs 7,800 crore IPO next week
on August 11, aiming for a valuation of around Rs 7,800 crore, according to sources. The book-built issue will close on August 13.
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The offer comprises a fresh issue of shares worth Rs 820 crore and an offer-for-sale of up to 1.39 crore shares by existing shareholders. Anchor investor bidding will open on August 8.
Proceeds from the fresh issue will be used primarily to repay or prepay borrowings, fund capital expenditure for store expansion, and for general corporate purposes. The company, backed by Accel, Peak XV and Ratan Tata, will list its shares on the NSE and BSE.
Founded in 2011 by Gaurav Singh Kushwaha, BlueStone operates 275 stores across 117 cities and sells jewellery online and offline. The company reported a loss of Rs 2,218 crore for FY25, compared to Rs 1,422 crore in FY24, while its adjusted Ebitda turned positive at Rs 1,278 crore in FY25 from Rs 1,054 crore in the previous fiscal.
The jewellery retailer's average order value rose to Rs 47,671 in FY25 from Rs 41,205 in FY24, with studded jewellery contributing nearly 68% of revenue. According to the RHP, risks include continued losses and high leverage, with a net debt-to-equity ratio of 0.66 (excluding gold metal loans) as of FY25.
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