BlueStone Jewellery IPO is a book-built issue of ₹1,540.65 crore, consisting of a fresh issue of 1.59 crore equity shares worth ₹820.00 crore and an offer for sale of 1.39 crore shares aggregating to ₹720.65 crore. The IPO opens for subscription on August 11, 2025, and closes on August 13, 2025.
The basis of allotment is expected to be finalised on August 14, 2025. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of August 19, 2025.
The price band for the IPO is set between ₹492 and ₹517 per share. The lot size for retail investors is 29 shares, requiring a minimum investment of ₹14,268. For sNII, the minimum application is 14 lots (406 shares) amounting to ₹2,09,902, while bNII investors need to apply for 67 lots (1,943 shares) with a total investment of ₹10,04,531.
Axis Capital Limited is acting as the book-running lead manager, and Kfin Technologies Limited is the registrar for the issue. For complete details, refer to the BlueStone Jewellery IPO RHP.
Industry Outlook
- The Indian jewellery market is projected to grow from ₹6,340 billion in 2024 to ₹11,000–₹12,000 billion by 2029, driven by a CAGR of 12%–14%, surpassing the US to become the second-largest jewellery market globally.
- The wedding jewellery segment, accounting for 40%–45% of the market, is expected to reach ₹4,600–₹5,100 billion by 2029, with a CAGR of 6%–9%, backed by high demand during weddings and gifting traditions.
- India also leads the global supply of cut and polished diamonds, exporting over 90% of global demand, and ranks second in lab-grown diamond exports, showing strong manufacturing strength. This favourable growth trend supports its expansion and revenue potential in India’s evolving jewellery landscape.
BlueStone Jewellery IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company aims to use the IPO proceeds to meet its growing working capital needs and support day-to-day operations.
- Any remaining funds will be used for general corporate purposes to support overall growth.
About BlueStone Jewellery & Lifestyle Limited
BlueStone Jewellery & Lifestyle Limited is a leading digital-first, direct-to-consumer jewellery brand in India. Launched in 2011, the company has grown into the second-largest digital-first omni-channel jewellery brand in the country by revenue in Fiscal 2024.
It offers a wide range of diamond, gold, platinum, and gemstone-studded jewellery through its website, mobile app, and a growing offline presence. As of March 31, 2025, BlueStone operated 275 stores across 117 cities in 26 states and union territories, catering to over 12,600 PIN codes.
The brand focuses on customers aged 25 to 45, offering jewellery designed for modern tastes and special occasions. Its product range includes rings, necklaces, bangles, solitaires, and more, with 91 unique design collections as of the same date.
The company has three manufacturing units in Mumbai, Jaipur, and Surat, with an additional facility under construction in Jaipur. Capacity utilisation across these units shows steady growth, reflecting increased demand. BlueStone also engages over 1,900 full-time employees and more than 1,200 contract labourers across departments.
BlueStone has built a strong omni-channel presence, combining online convenience with offline touchpoints. Its website and app offer over 7,400 designs, 360-degree product views, and a 'Try at Home' option in select cities. In Fiscal 2025 alone, the platform saw nearly 299 million unique online sessions, highlighting its strong digital engagement.
With a tech-driven, customer-focused approach, BlueStone is redefining jewellery retail in India through modern design, convenience, and innovation.
How To Check the Allotment Status of BlueStone Jewellery IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the BlueStone Jewellery IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the BlueStone Jewellery IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of BlueStone Jewellery IPO
Registered office: Site No. 89/2, Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bangalore 560 037, Karnataka, India
Phone: +91 22 4515 2729
E-mail: investor.relations@bluestone.com
BlueStone Jewellery IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not less than 75% of the Net Offer |
|
Retail Shares |
Not more than 10% of the Offer |
|
NII Shares |
Not more than 15% of the Net Offer |
BlueStone Jewellery IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
29 |
₹14,993 |
|
Retail (Max) |
13 |
377 |
₹1,94,909 |
|
S-HNI (Min) |
14 |
406 |
₹2,09,902 |
|
S-HNI (Max) |
66 |
1,914 |
₹9,89,538 |
|
B-HNI (Min) |
67 |
1,943 |
₹10,04,531 |
BlueStone Jewellery IPO Promoter Holding
The promoter of the company is Gaurav Singh Kushwaha.
|
Share Holding Pre-Issue |
18.28% |
|
Share Holding Post Issue  |
16.07% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for BlueStone Jewellery IPO
|
KPI |
Value |
|
Debt/Equity  |
0.80 |
|
ROE (%) |
(34.53) |
|
RoCE (%) |
(3.67) |
|
RoNW (%) |
(24.45) |
|
PAT Margin (%) |
(12.53) |
|
Price to Book Value |
2.01 |
|
EBITDA Margin (%) |
4.13 |
BlueStone Jewellery IPO Prospectus
BlueStone Jewellery IPO Registrar and Lead Managers
BlueStone Jewellery IPO Lead Managers
- Axis Capital Limited
Registrar for BlueStone Jewellery IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: ipo@kfintech.com
BlueStone Jewellery IPO Registrar
Financial Performance of BlueStone Jewellery & Lifestyle Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 17,700.02 | 12,658.39 |
| Profit/loss After Tax (in ₹ million) | (2,218.37) | (1,422.36) |
| Earnings per share (in ₹) | (79.74) | (78.36) |
| Total Borrowings (in ₹ million) | 7,286.18 | 4,304.26 |
| Return on Equity (%) | (34.53) | (94) |
| Return on capital employed (RoCE) (%) | (3.67) | (3.39) |
| EBITDA (in ₹ million) | 731.64 | 530.49 |
Know before investing
Strengths
8The company holds 28%–32% market share among omni-channel jewellery players in 2024.
Operates 275 stores across 117 cities with 605,000 sq. ft. retail space.
Offers 7,400+ in-house designs catering to evolving lifestyle and daily wear needs.
Repeat revenue ratio improved to 44.61% in Fiscal 2025, showing strong loyalty.
Seamless omni-channel presence combining website, app, and offline stores enhances customer experience.
In-house tech team of 42 drives personalised experiences and operational efficiencies.
Targets young consumers aged 25–45 with modern, design-led premium collections.
Plans to expand Company Stores and deepen brand presence through digital campaigns.
Risks
8Reported losses of ₹2,218.37 million in FY25, affecting financial stability.
Past regulatory non-compliance may lead to penalties, harming business reputation.
Repeat revenue ratio was 44.61% in FY25; risk if it drops.
Inventory surged to ₹16,525.47 million in FY25; mismanagement may impact operations.
Promoter pledged 9.21 million shares; default may reduce promoter’s control.
Negative operating cash flows of ₹6,658.28 million in FY25 raise concerns.
Business seasonality causes sales spikes; weak festive sales may hurt revenue.
Under-utilisation of manufacturing units may affect future profitability and cost control.
BlueStone Jewellery & Lifestyle Limited Peer Comparison
| Company Name | Revenue (₹ Mn) | EPS (Basic) | RoNW (%) | NAV per Share (₹) |
|---|---|---|---|---|
| BlueStone Jewellery & Lifestyle | 17,700.02 | (79.74) | (24.45) | 66.94 |
| Titan Company Limited | 604,560.00 | 37.62 | 28.71 | 130.93 |
| Kalyan Jewellers India Limited | 250,450.66 | 6.93 | 14.87 | 46.57 |
| Senco Gold Limited | 63,280.72 | 10.09 | 8.09 | 120.37 |
| Thangamayil Jewellery Limited | 49,105.80 | 42.00 | 10.77 | 354.66 |
