India, Aug. 5 -- About four months after receiving the go-ahead for its IPO from markets regulator SEBI, omnichannel jewellery brand BlueStone has filed its red herring prospectus (RHP) for its public issue.

BlueStone has cut its fresh issue by 18% to INR 820 Cr from the initially proposed INR 1,000 Cr fresh issue. The company plans to utilise about INR 750 Cr from the fresh capital generated from the IPO to fuel its working capital requirements.

Being in the jewellery business, BlueStone said that it requires working capital primarily for financing and replenishment of its inventory, which includes precious metals like bullion, diamond and gemstones, in its physical stores, warehouses, logistics hubs and raw material for our factories....