Latest news with #GauravSinghKushwaha
Economic Times
3 days ago
- Business
- Economic Times
BlueStone Jewellery sets price band for Rs 1,540 crore IPO. Check IPO dates, issue details, more
BlueStone Jewellery and Lifestyle has set the price band for its upcoming Rs 1,540.65 crore initial public offering at Rs 492 to Rs 517 per share, with the three-day subscription window scheduled to open on August 11 and close on August 13. ADVERTISEMENT The issue comprises a fresh issue of Rs 820 crore and an offer for sale (OFS) of Rs 720.65 crore, and the shares are expected to list on the BSE and NSE on August 19. The IPO is structured as a book-built issue totalling Rs 1,540.65 crore. The fresh issue portion will involve the sale of 1.59 crore equity shares aggregating to Rs 820 crore. The OFS will see existing shareholders offload 1.39 crore shares worth Rs 720.65 crore. Axis Capital is acting as the book-running lead manager, while Kfin Technologies will serve as the registrar for the offering. The price band has been fixed at Rs 492–517 per share. Retail investors can bid for a minimum of one lot comprising 29 shares, translating to an investment of Rs 14,268 at the upper end of the allotment is expected to be finalised on August 14. Gaurav Singh Kushwaha is the promoter of BlueStone Jewellery and Lifestyle, which operates under its flagship brand "BlueStone". The company manufactures and retails diamond, gold, platinum, and studded jewellery. ADVERTISEMENT As of March 31, 2025, the company has a footprint of 275 stores across 117 cities in 26 States and Union Territories. This includes 200 company-owned outlets and 75 franchisee stores, with a combined retail area of over 605,000 square feet. BlueStone services over 12,600 PIN codes across product catalogue spans rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains, offered through 91 curated collections as of March 2025. According to the company, the net proceeds from the fresh issue will primarily be used to fund its working capital requirements, with Rs 750 crore earmarked for this purpose. The remaining amount will be allocated towards general corporate purposes. ADVERTISEMENT Also read | JSW Cement IPO: GMP signals 12% listing gains ahead of IPO opening. Check details(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
4 days ago
- Business
- Time of India
BlueStone to launch Rs 7,800 crore IPO next week
BENGALURU: BlueStone Jewellery & Lifestyle Limited is set to launch its 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. Tired of too many ads? go ad free now 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. Stay informed with the latest business news, updates on bank holidays and public holidays.
Entrepreneur
24-06-2025
- Business
- Entrepreneur
Prosus Values BlueStone at USD 950 Mn as Jewellery Brand Eyes IPO
Among its other investments, Prosus highlighted solid returns from PayU India (14% IRR), Swiggy (23%), Meesho (20%), and Eruditus (15%). You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Consumer internet brand Prosus has valued Bengaluru-based jewellery retailer BlueStone at approximately USD 950 million, according to its latest annual report. This puts the company just below the USD 1 billion "unicorn" benchmark as it prepares for an initial public offering (IPO). Prosus, a Dutch-listed firm owned by South Africa's Naspers, holds a 4.43% stake in BlueStone through its fund MIH Investments One B.V., which owns 60 lakh equity shares. The investment firm has pegged the fair value of this stake at USD 42 million. BlueStone, led by founder and CEO Gaurav Singh Kushwaha, filed its draft red herring prospectus (DRHP) with India's market regulator SEBI in December 2024. The IPO will include a fresh issue of shares worth up to INR 1,000 crore and an offer for sale of up to 2.39 crore equity shares by existing investors. Meanwhile, The Economic Times reported that wealth management arms of 360 One and Centrum Wealth are likely to participate in a secondary share sale. This transaction aims to provide a full exit to RB Investments and values BlueStone at around USD 1.2 billion—a 30% increase from its INR 8,100 crore (~USD 975 million) valuation in August 2024. Prosus also reported strong financial performance for the year ended March 31, 2025. The company's core headline earnings rose 47% to USD 7.4 billion, while group revenues increased 21% to USD 6.2 billion. Among its other investments, Prosus highlighted solid returns from PayU India (14% IRR), Swiggy (23%), Meesho (20%), and Eruditus (15%). However, its investment in healthcare startup PharmEasy resulted in a negative IRR of 29%. With BlueStone's IPO on the horizon and a higher secondary market valuation, investor interest in the omnichannel jewellery brand appears to be rising.
Economic Times
18-06-2025
- Business
- Economic Times
BlueStone's pre-IPO glow up; PE funds go tech shopping
Ahead of its listing, BlueStone is poised to become India's next unicorn through a secondary deal. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Google bets on India■ ETtech Done Deals■ 'Safety Charter' for India BlueStone set to enter unicorn club on road to IPO Gaurav Singh Kushwaha, CEO, Bluestone Omnichannel jewellery retailer BlueStone is set to become India's newest unicorn, with a secondary deal valuing the company at around $1.2 billion, ahead of its public listing. Tell me more: The private wealth management arms of 360 One and Centrum Wealth are in advanced discussions for secondary deals valued at Rs 300–350 crore. Both platforms intend to offload their holdings to clients before the Bengaluru-based firm debuts in the public markets. In numbers: The deal values BlueStone at Rs 10,500 crore ($1.2 billion), reflecting a 30% increase from its Rs 8,100 crore (approximately $970 million) valuation in the August 2024 funding round. Lucrative returns: Singapore-based RB Investments will completely exit the company through these transactions. Holding a 2–3% stake, RB is anticipated to achieve a 10–12x return on investment. Catch up, quick: BlueStone submitted the draft prospectus for its IPO to Sebi in December and obtained regulatory approval in April. The offer comprises a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of nearly 24 million shares. Investors including Accel, Saama Capital, IvyCap Ventures, and Kalaari Capital will partially or fully divest through the OFS. PE funds pick up significant stakes in fast-growing tech firms Private equity funds are acquiring significant stakes in rapidly growing technology firms across high-growth sectors. At least four deals have been finalised since the start of 2025, according to investment bankers and industry executives. Deals book: New Mountain Capital acquired a 70–75% stake in Access Healthcare Kedaara Capital invested $350 million in Impetus Technologies HIG Capital picked up a stake worth C$1.3 billion in Converge Technology Solutions Agilitas PE bought a stake worth 300 million euros in Tietoevry Tech Services. Players on the pitch: Active dealmakers include PE funds like Blackstone, Carlyle, EQT Partners, Barings PE Asia and Chryscapital. Most of the recent activity has concentrated on digital engineering and healthcare revenue cycle management (RCM), with at least 70 to 80 new buyers entering the market, said Shobhit Jain, head of enterprise, technology and services at Avendus Capital. Investor interest: This burst of dealmaking follows a strong run of 21 PE-backed deals valued over $300 million between January 2024 and March 2025. By comparison, only nine such deals were recorded in the previous year. But why? India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, according to a March report by SaaSBoomi and 1Lattice. This projection underscores the rising investor confidence and the increasing scope for tech-focused investments. Google 'very bullish' on India, says new country head Preeti Lobana Google remains "very bullish" on India despite macroeconomic headwinds and a slowdown in consumption, Google India country manager Preeti Lobana told us in her first interview since taking charge. Sectors such as gaming, edtech, ecommerce, and quick commerce continue to experience rapid growth, she said. Growth engines: Google is doubling down on its "One Google' approach and artificial intelligence (AI) to drive growth in India. This includes offering a comprehensive suite of solutions—advertising, cloud, and payments—to serve both large enterprises and small businesses. Lobana said Google remains committed to building India-first products. AI strategy: Lobana dismissed concerns about AI chatbots threatening Google's core search product. The company has weathered every major tech shift and emerged stronger, she said. Google is adapting its products to reflect changing consumer habits, including support for longer, more conversational queries. The AI mode in Search will roll out in India shortly, she confirmed. MakeMyTrip plans $3 billion buyback; China's stake to fall below 20% India's largest online travel platform, MakeMyTrip, plans to raise $3 billion through a mix of equity and debt to buy back shares from China's Group. The deal will reduce stake from 19.99% to 45.34%, making it the biggest-ever fundraise by a listed Indian new-age company. Driving the news: board representation will drop from five directors to two. Meanwhile, MakeMyTrip cofounders Deep Kalra and Rajesh Magow, who hold 4.6% voting rights, will retain the right to appoint three independent directors. Backstory: first invested in MakeMyTrip in 2016 via $180 million in convertible bonds. It later acquired Naspers' 42% stake in 2019 through a share swap. Adding context: The buyback follows scrutiny over Chinese ownership amid data security concerns. Rival EaseMyTrip's founder had flagged board influence, which MakeMyTrip dismissed as a 'motivated accusation.' By the numbers: $1.4–1.6 billion via primary equity issuance $1.25 billion via convertible notes, plus a $187.5 million greenshoe option FY25 gross bookings: $9.8 billion; profit: $95.3 million Q4 FY25 gross bookings: $2.5 billion; profit: $29.2 million The big picture: Several Indian startups, including Paytm, Zomato, and Dream Sports, have also cut Chinese holdings in recent years. Secured lender Techfino raises Rs 65 crore from Stellaris, Saison Capital: Non-bank lender Techfino raised Rs 65 crore in equity funding from Stellaris Venture Partners and Saison Capital, the venture arm of Japan's Credit Saison. Razorpay invests $30 million into consumer payments startup Pop: Fintech major Razorpay has invested $30 million in consumer payments platform Pop to help merchants manage rising customer acquisition costs and boost user rewards. Why it matters: Razorpay is doubling down on loyalty and commerce tools after acquiring PoshVine earlier. Other Top Stories By Our Reporters Google releases 'safety charter' for India: The internet major released a 'safety charter' for India to tackle online scams, enhance cybersecurity for government and businesses, and promote responsible AI. Salesforce eyes manufacturing boom in India through AI and cloud solutions: While manufacturing has lagged behind banking and financial services in adopting digital platforms, the situation can be improved with enhanced data and insights, said Arundhati Bhattacharya, Salesforce's president and CEO for South Asia. Global Picks We Are Reading ■ The Trump Mobile T1 Phone looks both bad and impossible (The Verge) ■ Scale AI's Wang brings to Meta knowledge of what everyone else is doing (Bloomberg) ■ Minnesota shooting suspect allegedly used data broker sites to find targets' addresses (Wired) Updated On Jun 18, 2025, 07:16 AM IST
Economic Times
18-06-2025
- Business
- Economic Times
IPO-bound BlueStone geared for unicorn tag
The private wealth management arms of 360 One and Centrum Wealth are in discussions to facilitate secondary deals amounting to Rs 300–350 crore in the jewellery retailer BlueStone, said people in the know. Both platforms will sell the stakes to their clients ahead of the Bengaluru-based company's public market debut, they transaction will value BlueStone at Rs 10,500 crore ($1.2 billion), about 30% higher than its Rs 8,100 crore valuation from the last funding round in August to one of the people in the know, Singapore-based RB Investments will fully exit BlueStone through the deals. RB Investments, which holds a 2–3% stake in the company, is set to make a 10–12x return on its investment. It backed BlueStone across various stages between 2016 and 2019, investing around Rs 28–30 crore. The Singapore-based family office has also backed Indian companies such as Swiggy, Giva and Rebel Foods.'The round took place because there was interest from certain investor classes to pick a stake prior to the IPO,' one of the persons said. 'BlueStone is soon expected to finalise the pricing for the IPO.' A secondary deal is between existing and incoming investors, and the cash doesn't go into the managers pool investment deals for their clients, which typically include the likes of domestic family offices and high networth individuals (HNIs). These investors are usually added to the capitalisation table prior to a public issue. Private wealth management firms have earlier facilitated pre-IPO deals in companies such as food and grocery delivery firm Swiggy, hospitality platform Oyo, logistics startup Shadowfax and business-to-business (B2B) meat company Captain Fresh. BlueStone filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December, gaining approval in April. Its IPO includes a fresh capital raise of Rs 1,000 crore and an offer-for-sale (OFS) component of nearly 24 million shares, which will see investors including Accel, Saama Capital, IvyCap Ventures and Kalaari Capital selling their sent to BlueStone founder and CEO Gaurav Singh Kushwaha went unanswered. In response to an emailed query, Centrum Wealth said, 'There may be a few HNI clients who seek exposure, to whom we may facilitate through a market intermediary.'A spokesperson for 360 One said, 'We have no comments on the query.'RB Investments also did not respond. BlueStone had closed a Rs 900-crore funding round—a combination of primary and secondary transactions—in August 2024, which saw the participation of investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan's family investment office Pratithi Investments. In May this year, BlueStone raised Rs 40 crore in debt from alternative debt platform BlackSoil and Caspian Impact Investments. Over the last few years, investors have turned bullish on the jewellery business. This trend picked up steam after the Tata Group's full acquisition of CaratLane at a valuation of Rs 17,000 crore. The conglomerate had first invested in the startup in 2016, when it was valued at Rs 563 crore. Omnichannel jewellery startup Giva, which specialises in silver products, is also in talks to pick up Rs 450 crore ($53 million) in a financing round led by Creaegis in addition to participation by Premji Invest, Epiq Capital and others. BlueStone closed fiscal 2024 with Rs 1,266 crore in revenue, a 64% jump from the year ago. Its loss during the year contracted to Rs 142 crore in FY24 from Rs 167 crore in fiscal 2023. For the first three months of fiscal 2025, BlueStone reported operating revenue of Rs 348 crore and net loss of Rs 59 crore.
