Source: Entrackr
August 7, 2025 | New Delhi – Early-stage investors Kalaari Capital and Iron Pillar sold shares of jewellery brand Bluestone for ₹443 crore (approx. $54.1 million) between February and September 2024, according to the company’s Red Herring Prospectus (RHP). Any sales of Bluestone shares occurred before Bluestone’s IPO.
Shares were purchased by large investment firms such as 360 One, Peak XV Partners, and Steadview Capital in private transactions.
Share Sale Summary
Iron Pillar sold 3.26 lakh shares in the month of February 2024 to the 360 One Large Value Fund for a total of ₹103 crore, with each share price being ₹3,149.
- Kalaari Capital had two sales in September 2024.
- The first sale was on September 2nd, when it sold 4.07 lakh shares to Peak XV Partners for ₹220 crore.
- The second sale took place on September 26th, when 2.22 lakh shares were sold to Steadview Capital for ₹120 crore. Both sales were for shares at a higher price of ₹5,403 per share.
These sales were included in the earlier draft IPO document, tracked by Bluestone (DRHP), submitted in December 2024.
Bluestone IPO Plan: Bluestone has plans to go public in the future and is targeting a valuation of about ₹7800 crore.
Under its new IPO plans:
The company will raise ₹820 crore through a fresh issue of shares (down from their previous planned amount of ₹1000 crore).
The existing investors will sell 1.39 crore shares in the Offer for Sale (OFS) process, down from their previously planned amount of 2.4 crore shares.
The investors selling shares in the IPO are Accel, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal of Hero Enterprise.
The IPO will open for subscription on August 11, and the bidding for anchor investors will be done from August 8.
The IPO is being managed by Axis Capital, Kotak Mahindra Capital, and IIFL Capital.
About Bluestone
In 2011, Gaurav Singh Kushwaha started Bluestone Jewellery and Lifestyle, which sells jewellery through its website and physical stores. The company has 275 stores, spanning over 80 cities in India. In FY25, Bluestone generated ₹1,770 crore in revenue, up by 40% from the previous year. However, losses for the company increased by 56%, to ₹218 crore, as a result of costs associated with expansion and marketing.
What It Means
The share sales above demonstrated that early investors like Kalaari and Iron Pillar were able to generate positive returns ahead of the IPO. And in addition, new investors were able to buy a share in Bluestone, albeit at a higher valuation. This indicates there is significant interest and optimism in the company’s prospects ahead of its stock market listing.
