Bluestone’s board has approved an IPO to raise Rs 1,000 crore, with filing expected soon. Proceeds will fund offline store expansion. Founded in 2011, it reported Rs 1,265.8 crore revenue in FY24 and aims to grow its retail footprint to 400 stores.
The Bengaluru-based company is looking to raise INR 1,000 Cr (around $118.2 Mn) through its IPO at an estimated valuation of INR 12,000-13,000 Cr (around $1.4-1.5 Bn). The development comes against the backdrop of reports that BlueStone raised INR 900 Cr in a pre-IPO funding round from the likes of Peak XV Partners, Prosus and Steadview Capital in August, which nearly catapulted the startup to the unicorn club.
BlueStone has appointed Axis Capital, IIFL Securities and Kotak Mahindra Capital Co to help with a planned IPO.
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