By Q2 2025, Bluestone plans to launch an INR 2,100 Cr IPO.

SUMMARY At an estimated valuation of $1.5 billion, Bluestone is expected to raise up to INR 2,100 cr through its IPO. Investment bankers Axis Capital and IIFL Securities, among others, have been enlisted by the omnichannel jewelry firm to assist with its public offering. The news follows Bluestone's pre-IPO investment round, in which the company raised INR 900 Cr, almost propelling it into the unicorn club.With new-age digital companies like Swiggy, Ather Energy, and BlackBuck rushing to list on the stock exchanges, the Indian IPO bubble is still going strong. Now, omnichannel jewelry firm BluestoneBluestone Datalabs_in-article-icon is preparing to enter the fray.Bluestone is getting ready to go public by the second quarter of next year, according to Mint. At an estimated valuation of $1-1.5 billion, the Prosus-backed business is expected to generate $200-250 million (about INR 1,681-2,100 crore) through its initial public offering.

According to reports, the business helmed by Gaurav Singh Kushwaha and Vidya Nataraj has enlisted the assistance of investment bankers Axis Capital, IIFL Securities, and Kotak Mahindra Capital for its public offering. The company is anticipated to submit its draft red herring prospectus (DRHP) to market regulator SEBI later this year.Bluestone did not respond to Inc42's questions until this story was published. It will be the first initial public offering (IPO) by an Indian new-age jewelry company if Bluestone's intention to go public is successful.According to sources, Bluestone raised INR 900 Cr in August from investors like Peak XV Partners, Prosus, and Steadview Capital in a pre-IPO investment round, almost propelling the business to the unicorn club. Bluestone, an omnichannel jewelry firm founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, boasts over 8,000 designs for rings, pendants, earrings, and other items. The firm uses a franchise arrangement to run the remaining retail locations while owning some of its own. It asserts that it has more than 200 retail locations nationwide. Legacy jewelry brands like CaratLane, GIVA, Melorra, and others are competitors of BlueStone. The business secured INR 100 Cr in debt capital in June.