BlueStone Jewellery IPO will open for subscription on August 11, 2025, and close on August 13, 2025. BlueStone Jewellery and Lifestyle Limited is a manufacturer and retailer of diamond, gold, platinum, and studded jewellery under its flagship brand, BlueStone. The company focuses on providing high-quality jewellery through both online and offline channels, catering to diverse customer preferences and design aesthetics.
This blog will further cover BlueStone Jewellery IPO details, including issue size, price band, financial performance, product strategy, and store expansion roadmap.
BlueStone Jewellery IPO Date
The key pointers for the BlueStone Jewellery IPO dates are:
- Bidding Opening Date: August 11, 2025
- Bidding Closing Date: August 13, 2025
- Allotment Date: August 14, 2025
- Initiation of Refunds (in case of less or no allotment): August 18, 2025
- Shares Credited to Your Demat Account: August 18, 2025
- IPO Listing Date: August 19, 2025
- Listing on Exchange: BSE and NSE
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BlueStone Jewellery: IPO Issue Size
BlueStone Jewellery IPO valuation, as denoted by the market capitalisation, stood at ₹7,823 crores. Here are the important details:
- BlueStone Jewellery IPO Price Band: ₹492 to ₹517 per share
- Lot Size: 29 Shares
- Issue Size and Amount: 2.97 crore shares (totalling up to ₹1,540.65 crores)
- Fresh Issue Size and Amount: 1.58 crore shares (totalling up to ₹820 crores)
- Offer for Sale and Amount: 1.39 crore shares of ₹1 (totalling up to ₹720.65 crores)
BlueStone Jewellery IPO Proceeds Usage
The net proceeds from the BlueStone Jewellery IPO are proposed to be utilised for the following purposes:
- ₹750 crores will be used to meet the working capital requirements of the company.
- To meet general corporate purposes.
BlueStone Jewellery IPO Reservations
BlueStone Jewellery IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Offer
- For NIIs: Not more than 15% of the Offer
- For Retail Investors: Not more than 10% of the Offer
BlueStone Jewellery IPO Lot Size
BlueStone Jewellery IPO lot size is 29 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 29 | ₹14,993 |
| S-HNI (Min) | 14 | 406 | ₹2,09,902 |
| B-HNI (Min) | 67 | 1,943 | ₹10,04,531 |
BlueStone Jewellery IPO Details: Promoter Holding
Gaurav Singh Kushwaha is the promoter of BlueStone Jewellery & Lifestyle Limited.
Accel India III (Mauritius) Ltd, Saama Capital II, Ltd., Kalaari Capital Partners II, LLC, Kalaari Capital Partners Opportunity Fund LLC, Iron Pillar Fund I Ltd, Iron Pillar India Fund I, and Sunil Kant Munjal are the selling shareholders in this IPO.
BlueStone Jewellery & Lifestyle Limited: Company Overview
BlueStone Jewellery and Lifestyle Limited is a prominent Indian jewellery brand offering a diverse range of diamond, gold, platinum, and studded jewellery under its flagship label, BlueStone.
It is the second-largest digital-first omnichannel jewellery company in India by revenue in FY24. The company sells its products through its website, mobile applications, and has a robust pan-India store network as well.
BlueStone’s website and app offer over 7,400 designs with features like 360° product views, store inventory checks, location selection, and a “Try at Home” option in select cities.
The company has a pan-India retail footprint with 275 stores across 117 cities in 26 States and Union Territories, as of March 31, 2025. These include 200 company-owned outlets and 75 franchisee stores, collectively spread over 6,05,000 square feet of retail space.
BlueStone: Product Portfolio
BlueStone offers a diverse range of modern, everyday jewellery in diamond, gold, platinum, gemstone, and pearl, designed for women, men, and couples aged between 25 to 45. With 91 collections as of March 2025, the brand regularly launches new designs based on market trends and customer preferences, using both research and data-driven insights.
The jewellery spans various price points and styles from daily wear to themed and seasonal collections like Greece Architecture, Jodhpur, Missy, and Rainforest.
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BlueStone Jewellery IPO: Financial Performance
BlueStone Jewellery & Lifestyle Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Net Revenue | 1,770.00 | 1,265.84 | 40% |
| Profit After Tax (PAT) | -221.84 | -142.24 | 56% |
| EBITDA | 73.16 | 53.05 | 38% |
| Total Assets | 3,532.28 | 2,453.49 | 44% |
| Total Borrowing | 728.62 | 430.43 | 69% |
| Cash Flow from Operations | -665.83 | -181.16 | 268% |
- BlueStone Jewellery & Lifestyle Ltd. reported a 40% YoY increase in net revenue, reaching ₹1,770 crores in FY25 compared to ₹1,265.84 crores in FY24.
- Despite this, the company’s net loss widened by 56%, from ₹142.24 crores in FY24 to ₹221.84 crores in FY25, largely due to increased spending on expansion and marketing.
- EBITDA grew by 38%, rising from ₹53.05 crores in FY24 to ₹73.16 crores in FY25, indicating improved operational efficiencies despite ongoing losses.
- Total assets expanded by 44%, reaching ₹3,532.28 crores in FY25, highlighting continued investments in physical and digital infrastructure.
- Total borrowings rose by 69%, from ₹430.43 crores to ₹728.62 crores, suggesting increased reliance on debt to fund growth and operations.
- Cash Flow from Operations declined significantly, with outflows rising by 268% YoY to ₹665.83 crores in FY25.
BlueStone Jewellery IPO: Peer Comparison
Here is the comparison of BlueStone Jewellery & Lifestyle Limited with its direct competitors:
| Company Name (FY25) | EPS (Basic in ₹) | Store Count | Gross Margin (%) | Inventory Turnover Ratio (x) |
|---|---|---|---|---|
| BlueStone Jewellery and Lifestyle | -79.74 | 275 | 37.94% | 1.34 |
| Titan Company | 37.62 | 3,312 | 21.50% | 2.56 |
| Kalyan Jewellers India | 6.93 | 351 | 13.11% | 2.79 |
| Senco Gold | 10.09 | 175 | 13.46% | 2.20 |
| Thangamayil Jewellery | 42.00 | 63 | 10.14% | 3.10 |
| PC Jeweller | 1.13 | 51 | 21.27% | 0.37 |
- BlueStone’s negative EPS of ₹79.74 indicates ongoing losses due to expansion investments.
- With 275 stores, BlueStone has built a strong physical presence for a digital-first brand. While smaller than Titan or Kalyan, it balances offline growth with a tech-led model.
- BlueStone leads the industry in gross margin at 37.94% in FY25. This reflects its focus on premium and design-led jewellery with higher markups.
- BlueStone’s turnover ratio is 1.34, which is lower than most peers. This suggests slower inventory movement, which is common in high-value and curated collections.
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- 20 Lac+ unique clients
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- Advance Technical Analysis
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BlueStone Jewellery IPO: Key Strengths
- Recognised as one of India’s leading digital-first jewellery brands, BlueStone delivers an omni-channel retail experience that blends online convenience with offline presence.
- Its operations are supported by a robust in-house technology architecture, driving efficiencies across its business.
- The company follows a differentiated product and design strategy, backed by advanced manufacturing capabilities and vertically integrated operations.
- With a presence across Tier-I, Tier-II, and Tier-III cities, BlueStone continues to demonstrate strong unit-level economics. It is a founder-led organisation supported by a seasoned professional team and backed by marquee investors.
BlueStone Jewellery IPO: Risk Factors
BlueStone Jewellery IPO GMP is ₹20 as of August 7, 2025 (at 13:58). It is expected to list at a 3.87% gain at a price of ₹537. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
BlueStone Jewellery & Lifestyle Ltd. is exposed to various risk factors that can eventually affect its business and investors’ perception:
- BlueStone has not reported any profit since it started operations. In the financial year FY25, the company posted a loss of ₹221 crores, and in FY24, the loss was ₹142 crores.
- The company relies heavily on repeat customers for a steady flow of revenue. In FY25, 44.61% of its income came from returning customers, compared to 39.83% in FY24. If BlueStone is unable to bring back existing customers, it may struggle to grow its revenue or become profitable.
- BlueStone also purchases or produces inventory ahead of expected sales. As of March 31, 2025, its inventory stood at ₹1,652.54 crores, up from ₹991.22 crores in the previous year. Poor inventory planning or management could negatively impact the business.
For all the insights on BlueStone Jewellery IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the BlueStone Jewellery IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the BlueStone Jewellery IPO opening and closing dates?
The BlueStone Jewellery IPO opens for subscription on August 11, 2025 and closes on August 13, 2025.
2. What is the price band and lot size for the BlueStone IPO?
The IPO price band is set between ₹492 and ₹517 per share, and the lot size is 29 shares.
3. What is the expected listing date for the BlueStone Jewellery IPO?
The IPO is tentatively scheduled to be listed on the BSE and NSE on August 19, 2025.
4. How will the company use the proceeds from the IPO?
The net proceeds will be used for funding working capital requirements and for general corporate purposes.
5. Has BlueStone Jewellery been profitable in recent years?
No, the company has reported net losses in both FY24 and FY25, with losses of ₹142.24 crores and ₹221.84 crores, respectively.
References:
https://www.sebi.gov.in/filings/public-issues/aug-2025/bluestone-jewellery-and-lifestyle-limited-rhp_95849.html
https://www.investorgain.com/gmp/bluestone-jewellery-ipo-gmp/1370/
Author: All Content is verified by SMC Global Securities.
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