Excel-emperored Bluestone Jewelry cuts India’s IPO size

India’s Bluestone Jewelry and Lifestyle have travels its early public offering fur, showing a prospectus on Tuesday.

Axel India -backed company will now issue new shares of Rs 8.2 billion (approximately 93 million) worth Rs 10 billion.

Its existing shareholders, including Venture Capital Companies Excel India and Kalat Capital, will now sell 13.9 million shares in the offer, which is less than the previously proposed 24 million shares.

Bluestone 11 will launch the IPO on the August Gust and close the bid on August 13. Anchor investors will bid for sale of shares on 8 August Gust.

The gem was seeking an evaluation of at least Rs 120 billion ($ 1.37 billion) in the IPO, the Writer reported in December. Sources said that overall IPO size was about Rs 30 billion, sources said.

Since December, its draft prospectus said the company may consider issuing specified securities, in consolidation with booking lead managers, which collected up to Rs 2 billion in pre-IPO placement.

Diamond, Gold, Platinum and Studed Jewelry sells, they compete with Titan, Kalyan Jewelers and Tribovandas Bhimaji Zaveri among the companies listed in India.

Bluestone Prospectus shows that the income of the offering will be made to fund the working capital requirements and general corporate purposes.

Axis Capital, IIFL Capital and Kotak Mahindra Capital are their booking lead managers.

($ 1 = 87.7790 Indian rupees)