BlueStone Jewellery Shares Listed with 3% Discount on NSE and BSE

BlueStone Jewellery and Lifestyle shares saw a negative debut on the stock exchanges on Tuesday, August 19, with its shares listing at a 3% discount to the issue price. BlueStone Jewellery shares opened at ₹508.80 on the BSE and ₹510 on the NSE, compared to the issue price of ₹517.

The IPO was managed by Axis Capital, IIFL Capital Services (formerly IIFL Securities), and Kotak Mahindra Capital Company as the book-running lead managers, with KFin Technologies acting as the registrar.

BlueStone Jewellery IPO Subscription Status

BlueStone Jewellery was open for subscription between August 11-13, had received muted demand. It was subscribed 2.72 times by the close, largely driven by Qualified Institutional Buyers (QIBs), who subscribed 4.25 times their allotted quota. The retail segment saw 1.38 times subscription, while Non-Institutional Investors (NIIs) subscribed only 0.57 times.

BlueStone Jewellery IPO Details

BlueStone aimed to raise ₹1,540.65 crore through a mix of a fresh issue and an offer for sale (OFS). Prior to the IPO, it secured ₹693.29 crore from anchor investors, including Goldman Sachs, Société Générale, SBI Life Insurance, Nippon India Mutual Fund, ACM Global Fund VCC, and Axis Mutual Fund.

The net proceeds from the fresh issue will primarily go towards meeting working capital needs (₹750 crore) and for general corporate purposes. 

Also Read: SEBI Proposes Relaxation in IPO and MPS Rules for Large Issuers

About BlueStone Jewellery and Lifestyle Ltd

Established in 2011, BlueStone Jewellery specialises in gold, diamond, gemstone, and platinum jewellery. The company follows an integrated model, handling design, manufacturing, and retail in-house. It sells through both online platforms and offline stores, offering more than 8,000 unique designs. As of 2025, BlueStone has expanded its retail presence to 275 outlets across 117 cities. 

BlueStone’s revenue has grown at a CAGR of nearly 52% over the past three years, increasing from ₹771 crore in FY23 to ₹1,770 crore in FY25. However, the company reported a widening net loss of ₹222 crore in FY25, up from ₹14 crore in FY24, attributed to aggressive expansion and marketing efforts. On a positive note, gross margins improved to 37.94% in FY25 from 31.87% in FY23.

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