Ratan Tata and Nikhil Kamath are funding Bluestone Jewelry, which is aiming for one of the biggest IPOs in 2024, with a desire to raise a whopping 2000 crore.

Investment bankers are invited to present to BlueStone Jewellery in order to underwrite and promote the initial public offering (IPO), which is anticipated to include a new share issuance and a selling offer.

According to a recent article by business newspaper Economic Times, BlueStone Jewellery, supported by co-founder of Zerodha Nikhil Kamath and chairman of the Tata Group Ratan Tata, intends to raise approximately ₹2,000 crore through an initial public offering (IPO).

According to the source, the online-first jeweller is looking for pitches from investment bankers to promote the initial public offering (IPO), which will likely entail dilution of a 10-15% interest and consist of a new share issue and an offer for sale (OFS). The company delayed its initial 2022 public offering plan in favor of raising money from private equity (PE) firms.

Amit Jain, Deepinder Goyal, Nikhil Kamath, Ranjan Pai, and 360 One were among the ₹550 crore in investments that BlueStone garnered last year, bringing its net valuation to around $440 million. This came after Hero Enterprise’s Sunil Kant Munjal led a $30 million fundraising round in 2022, which valued the business at $410 million, according to the newspaper.

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BlueStone is attempting to establish itself as a major player in the market, competing with publicly traded behemoths like Senco Gold, Kalyan Jewellers, and Titan’s Tanishq brand. The most recent listed company in the industry, Senco, is today valued at ₹5,908 crore, or 141% more than what it was when it went public in July of last year.

At the moment, BlueStone sells its jewelry in more than 180 locations across the country and has a vast inventory with over 8,000 original designs. The company manufactures jewelry in Jaipur, Mumbai, and other locations.

In 2018, the company expanded its retail presence by opening its first physical store in Delhi’s Pacific Mall. Since then, it has opened five more sites in Mumbai, Hyderabad, and Chandigarh. Compared to ₹461 crore in FY22, BlueStone Jewellery reported a 67% rise in operating revenue at ₹771 crore for the year that ended in March 2023.