Dec 12 Reuters India39;s Bluestone Jewellery and Lifestyle BLUT.NS filed for an initial public offering on Thursday, aiming to cash in on a booming IPO market in a country that is also the world39;s secondbiggest gold consumer.

Bluestone will issue new shares worth 10 billion rupees 117.8 million. Existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering, the draft prospectus showed.

The jewellery market in India, estimated at 85.52 billion in 2023, is expected to grow 5.7 annually in 2030.

The company is the latest to join a growing list of firms tapping the country39;s bustling capital market, in which more than 300 companies have raised 17.5 billion so far in 2024 more than double the amount raised last year, data compiled by LSEG showed.

The jeweller plans to use proceeds from the offering to fund its working capital needs, it said in the prospectus.

Axis Capital, IIFL Capital and Kotak Investment Banking are the bookrunning lead managers of the IPO.

1 84.8610 Indian rupees

Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman

Source Reuters