Bluestone likely to launch IPO at Rs 12,000-13,000 crore valuation; up 50% from last funding
Bluestone, which on Thursday filed the draft papers for an initial public offering, is expected to price the issue at a valuation of Rs 12,000-13,000 crore, a more than 50% jump from its most recent fundraising from the private market, people in the know told ET.
In August, the Bengaluru-based companyclosed a Rs 900 crore pre-IPO funding round that valued it at around Rs 8,100 crore, as first reported by ET.
While the IPO will see Bluestone raise Rs 1,000 crore by selling newly issued shares, sources said existing investors will sell shares worth Rs 2,000-2,100 crore, taking the size of the IPO to Rs 3,000-3,100 crore.
“The expectation, based on conversation with market experts and bankers, is to price it in this range,” a person aware of the talks said.
As per the draft red herring prospectus (DRHP), investors including Accel, Kalaari Capital and Hero group's Sunil Kant Munjal are selling 24 million shares in the offer-for-sale portion of the IPO.
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