Sebi gives Bluestone go-ahead for IPO

The Securities and Exchange Board of India has given Bluestone Jewellery and Lifestyle the go-ahead to raise funds through an initial public offering. Having received Sebi’s final observation, Bluestone can take the next steps towards launching its IPO. 

Bluestone’s planned IPO will comprise a mix of a fresh issue of shares up to Rs 1,000 crore and an offer for sale of up to approximately 2.4 crore equity shares, ET Tech reported. The business had filed its IPO papers with Sebi on December 11 last year. 

For the offer for sale portion of the IPO, company shareholder Kalaari Capital Partners II LLC will sell off up to 70.7 lakh shares, the Economic Times reported. On top of that, shareholder Saama Capital II Limited will sell off up to 41 lakh shares and Sunil Kant Munjal and other Hero Enterprise Partner Ventures partners will sell off up to 40 lakh shares.

The business plans to use up to Rs 750 crore of the proceeds from its fresh share issue towards general corporate purposes and meeting its working capital requirements. As the offer is being carried out through a book-building process, no less than 75% of the net offer will be allocated to qualified institutional buyers, no more than 15% is allocated to non-institutional buyers, and no more than 10% is allocated to retail individual investors. 

Bluestone Jewellery and Lifestyle established its Bluestone jewellery brand in 2011, specialising in gold, diamond, and platinum jewellery with numerous customisation options available, according to its website. The business retails from its direct to customer e-commerce store, mobile app, and network of exclusive brand outlets across India.