Bluestone Jewellery IPO Saw Muted Response: Retail Portion Subscribed 1.22 Times

Bluestone Jewellery’s initial public offering (IPO) failed to ignite significant investor interest, drawing a relatively muted response from the market. The ₹1,500 crore issue, which was open for subscription between August 11 and 13, was subscribed just 2.57 times overall, largely propped up by institutional participation.

Bluestone Jewellery’s IPO Subscription Data

Exchange data shows that the Qualified Institutional Buyers (QIBs) segment was subscribed 4.09 times, highlighting strong demand from large funds. However, the Non-Institutional Investors (NIIs) category lagged at just 0.53 times, and Retail Individual Investors (RIIs) showed only moderate interest, subscribing 1.22 times. The company had set the price band at ₹492–517 per share.

Compared to other high-profile startup listings in recent years, Bluestone’s IPO performance appears underwhelming. Nykaa had seen over 80 times subscription, Zomato 38 times, and Mamaearth 7.6 times. Even smaller digital-first brands managed better traction among retail and high-net-worth investors. Bluestone’s lukewarm reception could signal cooling enthusiasm for premium-valued direct-to-consumer (D2C) and internet-first businesses.

Bluestone Jewellery Financial Highlights

Financially, Bluestone reported healthy top-line growth for FY25 but continued to operate on slim margins. The company follows an omnichannel strategy—combining a robust online presence with over 250 brick-and-mortar stores across India. While this has helped scale operations, it has also pushed up costs. For the fiscal year ending March 2025, Bluestone recorded ₹1,770 crore in revenue but posted a net loss of ₹222 crore, with EBITDA margins remaining in single digits.

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Conclusion

Bluestone is set to debut on the stock exchanges on August 19. The outcome will serve as a key indicator of current investor sentiment toward new-age consumer businesses and whether the D2C sector can regain its previous momentum.

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