Omnichannel jewellery retailer BlueStone is set to become India’s newest unicorn, with a secondary deal valuing the company at around $1.2 billion, ahead of its public listing.

The private wealth management arms of 360 One and Centrum Wealth are in advanced discussions for secondary deals valued at Rs 300–350 crore. Both platforms intend to offload their holdings to clients before the Bengaluru-based firm debuts in the public markets.

In numbers: The deal values BlueStone at Rs 10,500 crore ($1.2 billion), reflecting a 30% increase from its Rs 8,100 crore (approximately $970 million) valuation in the August 2024 funding round.

Lucrative returns: Singapore-based RB Investments will completely exit the company through these transactions. Holding a 2–3% stake, RB is anticipated to achieve a 10–12x return on investment.

Catch up, quick: BlueStone submitted the draft prospectus for its IPO to Sebi in December 2024 and obtained regulatory approval in April. The offer comprises a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of nearly 24 million shares. Investors including Accel, Saama Capital, IvyCap Ventures, and Kalaari Capital will partially or fully divest through the OFS.

Courtesy: ET