BlueStone Jewellery and Lifestyle, the company behind the contemporary jewellery brand ‘BlueStone’, has raised over ₹693 crore from anchor investors on Friday, just days ahead of its initial public offering (IPO) opening for subscription.
According to a BSE circular, the anchor book saw participation from institutional investors such as Amansa Holdings, SBI Life Insurance, Nippon India Mutual Fund, Goldman Sachs, Aditya Birla Sun Life MF, HDFC Life Insurance, Societe Generale, DSP India MF, PGIM India MF, Axis MF, and Motilal Oswal MF.
According to the exchange filing, the company allotted more than 1.34 crore equity shares to these investors at ₹517 per share, taking the total transaction value to ₹693.29 crore.
BlueStone Jewellery IPO details
The IPO, priced in the range of ₹492– ₹517 per share, will open on August 11 and close on August 13. It comprises a fresh issue worth ₹820 crore and an offer for sale (OFS) of 1,39,39,063 equity shares valued at ₹720.65 crore at the upper price band, bringing the total issue size to ₹1,540.65 crore. Sellers in the OFS include Kalaari Capital Partners II, Saama Capital II, Sunil Kant Munjal and other Hero Enterprise Partner Ventures partners, among others.
Proceeds from the fresh issue will be used for working capital and general corporate purposes.
Established in 2011, the Bengaluru-based brand has grown into a prominent name in the Indian jewellery market, with 275 stores across 117 cities in 26 states and Union Territories, covering over 12,600 PIN codes.
BlueStone also operates three manufacturing units located in Mumbai, Jaipur, and Surat. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are acting as the book-running lead managers, and the equity shares will be listed on both BSE and NSE.
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