This Ratan Tata & Nikhil Kamath-backed Startup Is Eyeing Rs 2000 Crore IPO This Year
Backed by Zerodha's Nikhil Kamath and Tata group's chairman emeritus Ratan Tata, jeweler BlueStone Jewellery is reportedly planning to raise about Rs 2,000 crore through an IPO this year.
Backed by Zerodha's Nikhil Kamath and Tata group's chairman emeritus Ratan Tata, jeweler BlueStone Jewellery is reportedly planning to raise about Rs 2,000 crore through an IPO this year.
Ratan Tata & Nikhil Kamath-backed Startup Eyeing Rs 2000 Crore IPO
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According to people familiar with the matter, the startup Bluestone Jewellery is looking for proposals from investment bankers to underwrite and market the IPO, which will likely include dilution of a 10-15% stake and a new share offering and an offer for sale (OFS).
Prominent investors including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap, Nikhil Kamath, and Saama Capital support BlueStone, which was founded in 2011. It is anticipated that a portion of the current private equity investors will sell all or part of their holdings through the IPO.
Ratan Tata had invested in Bluestone about a decade ago (in Sept 2014), as per a Mint report. Whereas last year, it was reported that Zerodha co-founder Nikhil Kamath was investing Rs 100 crore into Bluestone.
Reason Behind BlueStone's Mega IPO This Year
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BlueStone IPO is comes at a time when the jeweller is attempting to establish itself as a major player in the market, competing with publicly traded behemoths like Senco Gold, Kalyan Jewellers, and Titan's Tanishq brand. The most recent listed company in the industry, Senco, is currently valued at ?5,908 crore, or 141% more than what it was when it went public in July of last year.
At the moment, BlueStone sells its jewelry in more than 180 locations across the country and has a vast catalog with over 8,000 original designs. The company manufactures jewelry in Jaipur, Mumbai, and other locations.
Also Read: Inside Tata Group's 99-Year-Old Headquarters, The Bombay House
Shark Tank Judges Also Among BlueStone's Investors
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Shark Tank India judges Amit Jain and Deepinder Goyal were among the Rs 550 crore in investments that BlueStone garnered last year, bringing its net valuation to almost $440 million. This came after Hero Enterprise's Sunil Kant Munjal led a $30 million funding round in 2022, which valued the business at $410 million.
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