Ratan Tata, Nikhil Kamath-backed Company Planning Rs 2,000 Cr IPO

ratan tata, nikhil kamath-backed company planning rs 2,000 cr ipo

Upcoming IPO: BlueStone Jewellery, an online-first jeweller backed by Ratan Tata and Nikhil Kamath among others, is gearing up for an Initial Public Offering (IPO) worth approximately Rs 2,000 crore. Insiders told the Economic Times that the company is currently soliciting proposals from investment banks to lead and promote the IPO, which is expected to be a combination of a fresh issue and an offer for sale (OFS), targeting a 10-15 per cent stake dilution.

Ratan Tata, Nikhil Kamath Among Investors

Since its inception in 2011, BlueStone has garnered support from a prestigious cohort of investors, including Ratan Tata, Nikhil Kamath, Accel, Kalaari, Iron Pillar, IvyCap, and Saama Capital. The upcoming IPO is expected to see some of these equity partners partially or completely offloading their stakes.

Initially eyeing a public debut in 2022, the company deferred its plans, opting instead to secure capital from venture capital entities, Economic Times reported.

Last year, BlueStone attracted Rs 550 crore in investments from a mix of longstanding and new investors, such as Nikhil Kamath, Ranjan Pai, Amit Jain, Deepinder Goyal, and 360 One, achieving a valuation close to $440 million. This followed a substantial $30 million funding round in 2022 led by Sunil Kant Munjal of Hero Enterprise, valuing the company at $410 million.

Competing With Titan, Kalyan Jewellers

With manufacturing hubs located in Mumbai, Jaipur, and other cities, BlueStone is positioning itself as a formidable contender in the industry, alongside listed giants such as Titan’s Tanishq brand, Kalyan Jewellers, and the newly public Senco Gold. Expanding its retail footprint, the company ventured into the offline realm with its debut store in Delhi’s Pacific Mall in 2018, subsequently expanding to five additional locations across Mumbai, Hyderabad, and Chandigarh. Presently, BlueStone has over 180 points of sale nationwide and offers an extensive catalogue of over 8,000 unique jewellery designs.