The initial public offering (IPO) of BlueStone Jewellery and Lifestyle Ltd, a digital-first omnichannel jewellery retailer, opened for subscription on Monday, August 11, 2025. The ₹1,540.65 crore issue comprises a fresh issue worth ₹820 crore and an offer for sale (OFS) of 1.39 crore shares by existing shareholders. The price band is fixed at ₹492–₹517 per share, with a lot size of 29 shares. The IPO will close on Wednesday, August 13, 2025.
Strong revenue growth but widening losses
BlueStone Jewellery reported 40% revenue growth in FY25, reaching ₹1,830 crore, driven by its blended online and offline sales model. However, the company posted a net loss of ₹221.8 crore in FY25, widening from ₹14 crore in FY24, as expansion and marketing costs increased. Its net debt-to-equity ratio stands at 0.66.
At the upper price band, valuations imply an EV/EBITDA of 114.3x and a price-to-sales ratio of 4.3x (FY25 basis). Arihant Capital has issued a ‘Subscribe for Long Term’ call.
Anchor investors and GMP
Ahead of the IPO launch, BlueStone raised ₹693.29 crore from anchor investors including SBI Life Insurance, Nippon India Mutual Fund, HDFC Life Insurance, Goldman Sachs, Axis MF, and Motilal Oswal MF.
In the grey market today, the BlueStone IPO GMP stands at ₹9, indicating a ~2% premium over the issue price.
Use of proceeds
Proceeds from the fresh issue will be allocated towards:
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₹750 crore for working capital needs
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General corporate purposes
Company snapshot
Founded in 2011, BlueStone offers gold, diamond, gemstone, and platinum jewellery, with over 8,000 unique designs. The brand operates 275 outlets across 117 cities, supported by in-house design and manufacturing facilities. Revenue has grown at a CAGR of nearly 52% from FY23 to FY25.
Key IPO details
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Issue size: ₹1,540.65 crore
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Price band: ₹492–₹517 per share
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Issue dates: Aug 11–Aug 13, 2025
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Lot size: 29 shares
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Lead managers: Axis Capital, IIFL Capital Services, Kotak Mahindra Capital
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Registrar: KFin Technologies
