In this edition of "Decoding Exits", Vikram from our Growth Investments team shines the spotlight on two IPOs - BlueStone, one of India's largest omnichannel jewelry retailers, and Vikram Solar, a leading solar module manufacturer. The contrasts are striking - while BlueStone commands a higher revenue multiple at 4.7x despite lower EBITDA, Vikram Solar trades at 3.5x sales with significantly higher EBITDA of ₹528 Cr, highlighting how differently the market values consumer and infrastructure businesses.
Here is what you'll find in this episode:
💍 BlueStone: Omnichannel Jewellery Success Story (~₹1,540 Cr IPO)
The omnichannel jewelry retailer's 12-year journey to IPO perfectly aligns with typical VC fund cycles. BlueStone achieved ₹1,700 Cr revenue with 40% YoY growth in its 12th year, with major VCs like Accel, Saama Capital, Kalaari, and Hero Enterprises securing exits through the IPO.
☀️ Vikram Solar: Renewables Revolution at Scale (~₹2,080 Cr IPO)
After 19 years, Vikram Solar went public with ₹3,459.5 Cr in revenue (37% YoY growth) and ₹528.09 Cr EBITDA, making it one of the larger solar manufacturing IPOs in India.
Watch the full analysis to understand what these movements signal for founders and investors.
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