Ratan Tata-backed BlueStone Jewellery is planning to raise over Rs 1,500 crore through an initial public offering (IPO), and has appointed ICICI Securities, IIFL Securities, Jefferies and JM Financial as investment bankers for it, according to market sources.

The company is likely to dilute 10-12% stake through the proposed IPO, which will consist of a fresh issue of shares and an offer for sale (OFS).

The proposed share sale is likely to be launched in the second quarter of the new financial year.

BlueStone’s existing private equity investors, led by Kalaari Capital, are expected to sell their holdings entirely or partly through the OFS.

The company, billed as a startup, is said to be seeking a valuation in the range of Rs 12,000 crore to Rs 15,000 crore, according to banking sources.

A few weeks ago, BlueStone.com, its omni-channel fine jewellery platform, had announced the launch of its jewellery manufacturing unit in Jaipur. BlueStone’s two existing manufacturing units are located in Mumbai, with a total work area of 12,000 sq ft, the company said in the statement.