Internet first jewellery brand Bluestone has filed the draft documents for an initial public offer (IPO) with Sebi to raise funds through a combination of fresh issue and offer for sale.
The company plans to raise Rs 1,000 crore through fresh issuance, while existing shareholders Accel India, Saama Capital, Kalaari Capital Partners and Sunil Kant Munjal will sell as many as 23.99 million shares during the IPO.
Bluestone will use the funds raised from the IPO towards working capital requirements (Rs 750 crore) and general corporate purposes (Rs 250 crore).
General corporate purposes include store expansion, repayment or pre-payment of loans, strategic initiatives, partnership and joint ventures, acquiring fixed assets such as furniture and fixtures, repaying franchisee liabilities, and addressing administrative, insurance, marketing, and maintenance expenses.
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Kalaari Capital will sell up to 7.98 million shares, Saama Capital will sell 4.1 million shares. IvyCap Ventures will offload 3.12 million shares, while Accel India will sell 3.1 million shares. Iron Pillar will dump 1.75 million shares.
Hero Enterprise chairman Sunil Kant Munjal will also sell four million shares via the OFS.
Founders, Gaurav Kushwaha and Ganesh Krishnan, currently hold an 18% stake, while Accel India owns 17.3%. Angel investors include Zomato’s Deepinder Goyal, and Zerodha’s Nikhil Kamath.
Earlier in August this year, Bluestone raised Rs 900 crore in the pre-IPO round through a combination of fresh capital infusion and secondary sale at a valuation of $970 million.
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