Bengaluru, August 2025 — D2C jewellery brand BlueStone has trimmed its IPO size to ₹820 crore, down from the earlier target of ₹1,500 crore, according to its revised DRHP filed with SEBI. This strategic cut includes a 42% reduction in the Offer for Sale (OFS) portion by existing investors, while keeping the ₹550 crore fresh issue unchanged.
The SoftBank-backed brand had initially filed for IPO in May 2024, targeting a much larger public market entry.
Why the Size Shrink?
As per filings, early investors including Kalaari Capital, Ratan Tata’s RNT Associates, and Saama Capital have reduced their offer sizes significantly, indicating a more conservative stance amid volatile market conditions. SoftBank, which invested via Vision Fund, remains a key shareholder.
This recalibration is likely aimed at improving post-listing performance and investor confidence, as seen in other recent D2C IPOs.
Brand & Growth Snapshot
• Founded: 2011 by Gaurav Singh Kushwaha
• Category: D2C omnichannel jewellery
• FY24 Revenue: ₹771 crore
• Stores: 170+ across Tier-1 & Tier-2 cities
• Total Funding: ₹730+ crore from Peak XV, Accel, IvyCap, etc.
Use of Funds
The fresh issue of ₹550 crore will support store expansion, supply chain integration, and brand marketing. BlueStone is expected to ramp up its offline presence and digital stack as it eyes profitability.
Final Take:
BlueStone’s trimmed IPO is a signal to founders market timing, investor mood, and strategic dilution matter. As more D2C brands eye the bourses, right-sizing your IPO is no longer a fallback; it’s a playbook.
For more insights on D2C IPOs and founder-first capital moves, follow StartupByDoc.