The company supported by Accel India will now issue new shares worth 8.2 billion rupees (around $ 93 million), a decrease of 10 billion rupees earlier.
The existing shareholders, including risk capital companies Accel India and Kalaari Capital, will now sell 13.9 million shares in the offer, lower than the previously proposed 24 million shares.
Bluestone will launch the IPO on 11 August and closes bids on August 13. Anchor investors offer stock sales on 8 August.
The jeweler was looking for a rating of at least 120 billion rupees ($ 1.37 billion) in the IPO, Reuters reported in December, stating sources. The total IPO was planned to be around 30 billion rupees, the sources had said.
The company can consider issuing specified effects, in consolidation with book ringing lead managers, up to 2 billion rupees in pre-ipo placement, its draft prospectus from December. The company, which sells diamond, gold, platinum and strewn jewelry, competes with Titan, Kalyan Jewelers and Tribhovandas Bhimji Zaveri under listed companies in India. The proceeds from the offer will be used to finance working capital requirements and general business purposes, according to the Bluestone prospectus.
Axis Capital, IIFL Capital and Kotak Mahindra Capital are the lead managers of Book Running.
($ 1 = 87,7790 Indian rupees)
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