Bluestone eyes unicorn status with secondary deals ahead of planned IPO
Bengaluru-based jewellery business Bluestone is undertaking secondary share deals as it prepares to launch an initial public offering. Valued at between Rs 300 crore to Rs 350 crore, the deals could push Bluestone's valuation into unicorn territory.
Bluestone is part of discussions with the private wealth management segments of 360 One and Centrum Wealth to carry out secondary deals which would see both platforms sell the stakes to their clients, ET Retail reported. This transaction will give Bluestone a valuation of around Rs 10,500 crore, a significant increase compared to its valuation at Rs 8,100 crore in August last year.
"The round took place because there was interest from certain investor classes to pick a stake prior to the IPO," an anonymous source close to the development told ET Tech. "Bluestone is soon expected to finalise the pricing for the IPO."
The secondary deals are expected to see Bluestone's Singapore-based investor RS Investments exit the business. Bluestone filed its draft red herring prospectus for its IPO at the Securities and Exchange Board of India in December last year and was granted approval this April. The IPO will raise fresh capital and include an offer for sale.
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