BlueStone, Aye Finance receive SEBI nod for IPOs

Indian capital markets are set to see two more entrants as BlueStone Jewellery and Lifestyle Ltd and lending platform Aye Finance Ltd have received the green light from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs).

Bengaluru-based BlueStone—an omnichannel jewellery brand backed by investors, including Kalaari Capital and Saama Capital—is looking to raise up to Rs 1,000 crore through a fresh issue of equity shares. The IPO also includes an offer for sale (OFS) of up to 2.39 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed with SEBI.

Shareholders selling in the OFS include Kalaari Capital Partners II, Saama Capital II, Sunil Kant Munjal, and other partners of Hero Enterprise Partner Ventures. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital are the book-running lead managers of the issue.

Founded in 2011, BlueStone has emerged as a prominent player in India’s digitally enabled jewellery retail space, leveraging online and offline distribution.

Gurugram-based non-banking financial company (NBFC) Aye Finance is targeting Rs 1,450 crore in its public debut. The issue consists of a Rs 885 crore fresh issue and a Rs 565 crore offer for sale by institutional and individual investors.

Participants in the OFS include A91 Emerging Fund I LLP, Alpha Wave India I LP, CapitalG International LLC, CapitalG LP, LGT Capital Invest Mauritius PCC, MAJ Invest Financial Inclusion Fund, and individual shareholders Harleen Kaur Jetley and Vikram Jetley.

The company may also raise Rs 177 crore in a pre-IPO placement. If completed, the fresh issue size will be reduced accordingly. Proceeds will be used to strengthen the company’s capital base and for general corporate purposes, according to the DRHP filed on December 16.

Founded in 2014, Aye Finance provides business loans to micro and small enterprises (MSEs), focusing on financial inclusion for underserved entrepreneurs across India.