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  • Blue Nile’s showroom in Silicon Valley, California. (Courtesy: Blue Nile)

Blue Nile Merges with Mudrick for Its Second IPO


Diamond jewellery online retailer Blue Nile Inc recently agreed to go public through a merger with a special purpose acquisition company (SPAC) called Mudrick Capital Acquisition Corp II on NASDAQ in early fourth quarter 2022.


The company is at an implied $683 million valuation, and is anticipated to generate some $450 million in capital before expenses, including $50 million in new funds from Mudrick Capital and $80 million from sponsors Bain Capital Private Equity, Bow Street, and Adama Partners. 


Blue Nile was founded in 1999, setting to change how consumers bought diamond engagement rings. First went public in 2004, it became private again in 2017, following its acquisition by Bain Capital and Bow Street.


Our vision is to help our customers celebrate all of lifes joyful occasions, big and small,” said Sean Kell, Blue Niles chief executive officer. We have only scratched the surface of an estimated $320 billion global fine jewellery market that has been slow to move online and remains fragmented. As we look to execute our growth strategy, now is the right time to become a public company.”


Jason Mudrick, founder and chief investment officer of Mudrick Capital said: As the pioneer of and category leader in online fine jewellery, Blue Nile is well positioned to win as the go-to e-commerce destination in the space. Blue Nile fully addresses Mudrick Capitals investment criteria. We are excited to partner with Blue Nile as it continues to be a trailblazer in the space.”


According to a report released by Mudrick Capital, Blue Nile is expected to reach $661 million to $773 million in 2023 with $566 million estimation for 2021 revenues. 





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