Introduction
The BlueStone Jewellery IPO is one of the most anticipated public offerings in the lifestyle and luxury retail sector in 2025. Known for its diamond, gold, platinum, and studded jewellery collections, BlueStone Jewellery & Lifestyle Limited is a leading digital-first jewellery brand in India with a strong omni-channel presence.
The IPO aims to raise ₹1,540.65 crore, comprising a fresh issue of ₹820 crore and an offer for sale of ₹720.65 crore. The company plans to strengthen its working capital and fund general corporate purposes with the proceeds from this issue.
With a network of 275 stores across 117 cities in 26 States and Union Territories, BlueStone caters to 12,600+ PIN codes across India. The company’s unique technology-driven retail model, wide product portfolio, and strong brand recall position it as a prominent player in India’s fast-growing jewellery market.
In this blog, we will break down the BlueStone Jewellery IPO details, company overview, financials, valuation, GMP trends, and investment strategies to help you decide whether to subscribe to this IPO.
BlueStone Jewellery IPO: Details & Key Dates
The BlueStone Jewellery IPO is one of the most anticipated offerings in the lifestyle and jewellery sector for 2025. It comprises a fresh issue of ₹820.00 crores and an offer for sale of ₹720.65 crores, totaling ₹1,540.65 crores. The IPO provides an opportunity for investors to participate in a rapidly growing omni-channel jewellery brand.
IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | August 11, 2025 |
| IPO Closing Date | August 13, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹492 to ₹517 per share |
| Lot Size | 29 Shares |
| Total Issue Size | 2,97,99,798 shares (₹1,540.65 Cr) |
| Fresh Issue | 1,58,60,735 shares (₹820.00 Cr) |
| Offer for Sale | 1,39,39,063 shares (₹720.65 Cr) |
| Issue Type | Book-Building IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 13,54,59,637 shares |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open Date | Monday, August 11, 2025 |
| IPO Close Date | Wednesday, August 13, 2025 |
| Basis of Allotment | Thursday, August 14, 2025 |
| Initiation of Refunds | Monday, August 18, 2025 |
| Credit of Shares to Demat | Monday, August 18, 2025 |
| Tentative Listing Date | Tuesday, August 19, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on August 13, 2025 |
BlueStone Jewellery IPO Objective
The net proceeds from the IPO will be utilized for the following purposes:
- Funding Working Capital Requirements: ₹750.00 crores will be allocated to support the company’s operational and inventory needs.
- General Corporate Purposes: A portion of the proceeds will be used for overall corporate growth and strengthening the company’s financial position.
Company Overview – BlueStone Jewellery IPO
BlueStone Jewellery and Lifestyle Limited is a digital-first, omni-channel jewellery retailer that has rapidly emerged as a leading lifestyle brand in India. Operating under the flagship brand “BlueStone”, the company specializes in diamond, gold, platinum, and studded jewellery, catering to the evolving tastes of modern consumers.
Brand Evolution and Market Position
The BlueStone brand was launched in 2011, and over the years, it has carved out a significant presence in the Indian jewellery retail market. In Fiscal 2024, the company became India’s second-largest digital-first omni-channel jewellery brand by revenue. BlueStone targets design-conscious consumers aged 25 to 45, offering modern and personalized jewellery collections that suit a variety of occasions.
As of March 31, 2025, the brand offered 91 collections of jewellery, spanning rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains. This wide assortment allows BlueStone to cater to diverse price points and customer segments, strengthening its brand identity as a design-led, lifestyle-focused jewellery retailer.
Pan-India Presence and Omni-Channel Strategy
BlueStone has built an extensive pan-India retail network with 275 stores across 117 cities in 26 states and union territories, covering over 12,600 PIN codes. This network includes 200 company-owned stores and 75 franchisee stores, collectively spanning 605,000 square feet. Unlike traditional franchise models, BlueStone maintains operational control over all franchisee stores, managing both inventory and customer experience to ensure consistent brand quality.
The company’s omni-channel approach blends online and offline shopping to provide a seamless and personalized buying journey. Customers can browse over 7,400 designs on the website or mobile app, enjoy 360-degree product views, and even opt for “Try at Home” services in select locations. Online engagement has grown rapidly, with 298.87 million unique sessions in FY 2025, compared to 165.97 million in FY 2024.
BlueStone’s store network complements its digital presence, allowing customers to view products online, reserve them in stores, and complete purchases in-person or online, creating a truly integrated omni-channel experience.
Manufacturing and Operations
To support its fast-growing product portfolio, BlueStone operates three manufacturing facilities located in Mumbai (Maharashtra), Jaipur (Rajasthan), and Surat (Gujarat), with an additional Jaipur facility under construction.
- Mumbai facility utilization: 98.57% in FY 2025 (up from 78.19% in FY 2024)
- Jaipur facility utilization: 81.72% in FY 2025 (up from 80.34% in FY 2024)
- Surat facility utilization: 68.25% in FY 2025 (commenced operations in May 2024)
This vertically integrated manufacturing model ensures faster design-to-market cycles, higher quality control, and the ability to scale production efficiently as demand increases.
Revenue Breakdown and Sales Channels
BlueStone’s revenue is primarily store-driven, reflecting the importance of physical retail in high-value jewellery purchases, while online channels drive brand discovery and engagement.
Revenue from Operations (₹ in million)
This data shows that store-based sales dominate revenue, accounting for over 93% in FY 2025, though online engagement continues to fuel brand visibility and lead generation.
Financial Performance & Key Metrics – BlueStone Jewellery IPO
BlueStone Jewellery & Lifestyle Ltd. has experienced rapid revenue growth, driven by its expanding omni-channel presence and increasing market penetration. However, like many fast-scaling consumer brands, the company is currently in a loss-making phase, reflecting its investment in expansion, marketing, and infrastructure.
Financial Highlights
The company’s consolidated financials reveal a strong top-line trajectory but continued net losses over the last three fiscal years.
BlueStone Jewellery Financials (₹ in Crores)
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Total Assets | 3,532.28 | 2,453.49 | 1,255.49 |
| Total Income | 1,830.04 | 1,303.49 | 787.89 |
| Profit After Tax | -221.84 | -142.24 | -167.24 |
| EBITDA | 73.16 | 53.05 | -56.03 |
| Reserves & Surplus | 877.12 | 346.28 | -81.06 |
| Total Borrowings | 728.62 | 430.43 | 228.42 |
Key Insights:
- Revenue grew ~40% YoY in FY 2025, reflecting robust store expansion and omni-channel sales growth.
- Losses widened to ₹221.84 Cr in FY 2025, primarily due to higher operational and expansion costs.
- EBITDA turned positive in FY 2024 and improved to ₹73.16 Cr in FY 2025, indicating operational efficiency gains.
- Reserves grew significantly, showing capital infusions and equity funding to support growth.
Key Ratios To Watch
BlueStone’s financial ratios and metrics provide insight into its operational efficiency and investor risk profile.
| Key Ratio (FY 2025) | Value |
|---|---|
| ROE (Return on Equity) | -34.53% |
| ROCE (Return on Capital Employed) | -3.67% |
| Debt-to-Equity Ratio | 0.80 |
| RoNW (Return on Net Worth) | -24.45% |
| PAT Margin | -12.53% |
| EBITDA Margin | 4.13% |
Interpretation:
While the company is still loss-making, it is moving toward operational profitability. The positive EBITDA margin and improving revenue base suggest that future scalability could drive earnings growth, especially if store-level economics continue to improve.
Peer Comparison & Valuation – BlueStone Jewellery IPO
When evaluating the BlueStone Jewellery IPO, comparing it to listed peers in the jewellery sector is essential to understand market positioning, profitability, and valuation metrics.
BlueStone stands out as a digital-first omni-channel jewellery retailer, whereas most listed peers like Titan, Kalyan Jewellers, Senco Gold, and Thangamayil Jewellery have a traditional offline-led model.
BlueStone Jewellery IPO Peer Comparison (FY 2025)
| Company Name | EPS (Basic) | NAV (₹) | P/E (x) | RoNW (%) | P/BV (x) |
|---|---|---|---|---|---|
| Bluestone Jewellery & Lifestyle | -79.74 | 66.94 | Loss-Making | -24.45 | Loss-Making |
| Titan Company | 37.62 | 130.93 | 88.14 | 28.71 | 25.50 |
| Kalyan Jewellers India | 6.93 | 46.57 | 84.10 | 14.87 | 12.65 |
| Senco Gold | 10.09 | 120.37 | 31.17 | 8.09 | 2.62 |
| Thangamayil Jewellery | 42.00 | 354.66 | 45.47 | 11.07 | 5.39 |
| PC Jeweller | 1.13 | 9.46 | 22.70 | 9.33 | 1.67 |
Key Observations
- BlueStone is currently loss-making, unlike Titan, Kalyan Jewellers, and Senco Gold, which are profitable and trade at premium valuations.
- Negative EPS and RoNW for BlueStone indicate that its current valuation is driven by future growth potential, rather than earnings.
- P/BV ratio and P/E metrics are not meaningful for BlueStone due to its negative profitability.
- Titan Company dominates the sector with the highest RoNW and market valuation, serving as a benchmark for organized jewellery retail.
- BlueStone’s edge lies in being a tech-driven, omni-channel player, appealing to younger consumers and urban markets, similar to CaratLane (Titan’s subsidiary).
Grey Market Premium (GMP) & Listing Outlook
The BlueStone Jewellery IPO is currently showing no movement in the grey market, with the GMP standing at ₹0 as of August 6, 2025. This indicates a neutral sentiment among investors, as the market is likely waiting for subscription figures and overall market cues before reacting.
| GMP Date | IPO Price (₹) | GMP (₹) | Estimated Listing Price (₹) | Estimated Profit* |
|---|---|---|---|---|
| 06-08-2025 | 517.00 | ₹0 | ₹517 (0.00%) | ₹0 |
*Estimated profit is based on the current GMP and upper price band.
At present, the estimated listing price is ₹517, the same as the upper band, suggesting no immediate listing gain. The GMP trend may change once QIB and HNI demand picks up during the subscription window.
Conclusion: Should You Apply for the BlueStone Jewellery IPO?
The BlueStone Jewellery IPO presents a mixed investment opportunity. On one hand, the company has shown impressive revenue growth of 40% in FY25 and enjoys a strong omni-channel presence with 275 stores and 7,400+ designs. Its brand visibility and backing from marquee investors add to its long-term potential.
However, the loss of ₹221.84 Cr in FY25, negative return ratios, and zero GMP movement indicate uncertain short-term listing prospects. Investors must weigh the brand’s growth story against its current financial risks before applying.
Short-Term Strategy
In the short term, the IPO may struggle to deliver listing gains due to ongoing losses and no current grey market premium. Traders looking for quick profits may prefer to stay cautious or apply only with minimal exposure until subscription trends become clearer.
Long-Term Strategy
For long-term investors, BlueStone’s brand strength, digital-first model, and expansion into Tier-II and Tier-III markets offer promising growth opportunities. If the company manages to turn profitable and improve margins, it could deliver value over time. Thus, only high-risk investors with a 2-3 year horizon should consider holding post-listing.
Allotment Strategy
- Retail investors: Apply for 1-2 lots to keep exposure low.
- HNI investors: Consider a wait-and-watch approach until final subscription data and GMP movement are visible.
- Conservative investors: May skip the IPO due to loss-making financials and weak listing outlook.
BlueStone Jewellery IPO is a bet on brand and future growth, not immediate listing gains.
FAQs: BlueStone Jewellery IPO
1. What is the BlueStone Jewellery IPO?
The BlueStone Jewellery IPO is a book-building issue of ₹1,540.65 crore, comprising a fresh issue of ₹820 crore and an offer for sale of ₹720.65 crore.
2. What is the BlueStone Jewellery IPO price band?
The IPO price band is ₹492 to ₹517 per share.
3. When does the BlueStone Jewellery IPO open and close?
The IPO opens on August 11, 2025, and closes on August 13, 2025.
4. What is the BlueStone Jewellery IPO lot size?
Investors can bid for a minimum of 29 shares per lot, requiring an investment of ₹14,268.
5. What is the BlueStone Jewellery IPO listing date?
The IPO is expected to list on BSE and NSE on August 19, 2025.
6. Who is the registrar for the BlueStone Jewellery IPO?
Kfin Technologies Limited is the registrar for the issue.
7. What is the minimum investment for retail investors in BlueStone IPO?
The minimum retail investment is ₹14,268 for one lot of 29 shares.
8. What are the BlueStone Jewellery IPO objectives?
The IPO aims to fund working capital requirements and general corporate purposes.
9. Is BlueStone Jewellery IPO good for long-term investment?
BlueStone offers strong brand visibility and growth potential, but current losses make it a high-risk long-term bet.
10. What is the BlueStone Jewellery IPO GMP today?
As of the last update, the BlueStone Jewellery IPO GMP is ₹0, indicating no listing premium yet.
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