(Reuters) -India’s Bluestone Jewellery and Lifestyle [BLUT.NS] filed for an initial public offering on Thursday, aiming to cash in on a booming IPO market in a country that is also the world’s second-biggest gold consumer.
Bluestone will issue new shares worth 10 billion rupees ($117.8 million). Existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering, the draft prospectus showed.
The jewellery market in India, estimated at $85.52 billion in 2023, is expected to grow 5.7% annually in 2030.
The company is the latest to join a growing list of firms tapping the country’s bustling capital market, in which more than 300 companies have raised $17.5 billion so far in 2024 – more than double the amount raised last year, data compiled by LSEG showed.
The jeweller plans to use proceeds from the offering to fund its working capital needs, it said in the prospectus.
Axis Capital, IIFL Capital and Kotak Investment Banking are the book-running lead managers of the IPO.
($1 = 84.8610 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
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