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| March/April 2004 |
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Blue Nile Goes Public Posted: March 22, 2004 Blue Nile Inc., an online jewelry and diamond seller, recently filed with the U.S. Securities and Exchange Commission (SEC) to raise as much as $75 million in an initial public offering. The preliminary report did not disclose details such as the amount of shares and an estimated price range, but an amended offering document is expected to be filed at a later date with federal regulators. The report stated the company and shareholders will sell common shares in the Initial Public Offering (IPO) and will not receive any proceeds from the sale of shares by holders. Blue Nile Inc. offers more than 30,000 independently certified diamonds and more than 1,000 styles of jewelry. The company claims it has succeeded in eliminating traditional diamond wholesalers and brokers, thereby lowering prices by avoiding mark-ups. It has posted net sales growth each year since the company launched in 1999, and in 2003, net sales reached $128.9 million from just $44 million in 2000.
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