BlueStone Jewellery, an online-first diamond and gold jewellery retailer backed by Tata Group’s Chairman Emeritus Ratan Tata and others, is exploring an initial public offering valued at nearly ₹2,000 crore to fund its expansion plans, as per an Economic Times report.
The proposed IPO likely involves a fresh issue of shares along with an offer for sale by existing investors, with the company said to be engaging investment bankers to steer the offering by diluting a 10-15% stake.
Comes After $550 Million Fundraise at $440 Million Valuation
This IPO plan follows BlueStone last year mopping up ₹550 crore in private funding from the likes of Nikhil Kamath and Amit Jain that took its valuation to around $440 million. The current IPO deliberations target capitalizing on the booming valuations in the jewellery sector.
Recently-listed rival Senco Gold is currently trading 141% above its IPO issue price since listing in 2022. As an online-focused jeweller with 180 retail stores now, BlueStone reported 67% YoY growth in FY23 revenue surpassing ₹700 crore, making it well-primed for public markets.
If the proposed offering meets targets, it would propel BlueStone’s next growth phase to challenge listed incumbents like Titan’s Tanishq, Kalyan Jewellers and traditional chains with its digital-first positioning.
