BlueStone Jewellery and Lifestyle has raised ₹693 crore (US$79.2 million) from a line-up of anchor investors in the run-up to its initial public offering. The Bengaluru-headquartered retailer allotted over 1.34 crore shares at ₹517 apiece (US$5.9) to institutions such as Amansa Holdings, SBI Life Insurance, Nippon India Mutual Fund, and Goldman Sachs.
Set to open for subscription between August 11 and 13, the IPO will feature a fresh issue worth ₹820 crore (US$93.7 million) alongside an offer for sale (OFS) of 1.39 crore shares valued at ₹720.7 crore (US$82.4 million) at the upper end of the price range. Among those trimming their stakes in the OFS are Kalaari Capital Partners II, Saama Capital II, Sunil Kant Munjal, and other partners of Hero Enterprise Partner Ventures.
The proceeds from the fresh issue are earmarked for bolstering working capital and meeting general corporate needs. BlueStone currently operates 275 outlets across 117 cities, supported by manufacturing facilities in Mumbai, Jaipur, and Surat.