BlueStone Jewellery

Published On: 26/01/20253.7 min read

Bluestone Jewellery IPO 2025: Opening on August 11, Issue Size Rs 1540 Crore

The Bluestone Jewellery IPO 2025 is poised to be a significant event in the Indian IPO market, opening for subscription on August 11, 2025 and closing on August 13, 2025. Investors looking to tap into one of India’s leading omni-channel jewellery retailers should note the key IPO details including issue size, pricing, and subscription status. This detailed guide covers everything from company background to peer comparisons and risks, helping you make an informed investment decision.

Company Overview

Bluestone Jewellery, founded as a modern jewellery brand, operates in the Indian jewellery retail industry with a unique omni-channel business model combining online and offline sales. The company reported strong revenue growth, recording Rs 1,830 crore in FY25, marking an impressive 40% year-on-year increase. Despite its growth, it posted a net loss of Rs 167.2 crore in FY23, reflecting ongoing investments and expansion costs. Bluestone’s strategy includes a wide presence through digital platforms and retail outlets, positioning it well against traditional and new-age competitors.

IPO Details

  • IPO Type: Mainline
  • Issue Size: Approx Rs 1,540.65 crore (Fresh Issue Rs 820 crore + Offer For Sale)
  • Price Band: Rs 492 to Rs 517 per equity share
  • Lot Size: 29 shares per lot
  • Grey Market Premium (GMP): Around Rs 9 per share
  • IPO Open Date: August 11, 2025
  • IPO Close Date: August 13, 2025
  • Allotment Date: August 14, 2025
  • Listing Date: Expected around August 18, 2025

IPO Objectives

The IPO proceeds are primarily aimed at funding expansion plans, strengthening the omni-channel infrastructure including technology and retail stores, reducing debt, and supporting general corporate purposes. Bluestone aims to leverage raised capital for enhancing its market presence and scaling up operations to capture more market share in the competitive jewellery segment.

Pre-IPO Placements and Major Investors

Currently, there is no publicly available data indicating significant pre-IPO placements or major cornerstone investors. The company’s IPO mainly consists of a fresh issue and an offer for sale by existing shareholders.

Financial Highlights (Last 3 Years)

  • Revenue: Rs 1,830 crore in FY25, reflecting a 40% growth
  • Net Profit/Loss: Net loss of Rs 167.2 crore in FY23
  • Return on Equity (ROE): Below peer average due to current losses

Peer Comparison

At the upper price band of Rs 517, Bluestone’s price-to-book ratio is approximately 4.5 times, which is significantly below the jewellery sector peer average of 9.7 times. The lower valuation multiple reflects the company’s ongoing losses and growth stage compared to established peers like Titan and others. Investors should consider this valuation discount as an opportunity with inherent risks.

Strengths

  • Strong omni-channel presence with blended online and offline sales strategy
  • Robust revenue growth at 40% year-on-year for FY25
  • Innovative digital platform enhancing customer engagement and sales reach
  • Positioned well in a growing Indian jewellery market

Risks

  • Currently operating at a net loss, indicating profitability challenges
  • High competition in the jewellery retail sector including established giants
  • Dependence on consumer discretionary spending which can be volatile
  • Market and economic uncertainties impacting investor sentiment

Expert Verdict

Bluestone Jewellery IPO offers a compelling growth story backed by an omni-channel business model and strong revenue traction. However, the company’s lack of profitability and competitive landscape pose significant risks. Investors with a higher risk appetite and belief in long-term growth potential of digital-integrated jewellery retail may consider subscribing cautiously. The below-peer valuation provides a margin of safety but accompanies typical risks of scaling businesses.

Subscription Status

  • Day 1 subscription stood at 39%, led by strong Qualified Institutional Buyer (QIB) demand
  • Retail investors showed steady interest through the subscription period
  • Grey Market Premium around Rs 9 indicates moderate aftermarket demand

Allotment and Listing Timeline

  • IPO Allotment Date: August 14, 2025
  • Refunds Initiation: August 18, 2025
  • IPO Listing Date: Expected on or around August 18, 2025 on NSE and BSE

FAQs

  • Q: What is the Bluestone Jewellery IPO price band?
    A: Rs 492 to Rs 517 per share.
  • Q: When does the Bluestone IPO open and close?
    A: Opens on August 11, 2025, and closes on August 13, 2025.
  • Q: What is the lot size?
    A: 29 shares.
  • Q: When is the expected listing date?
    A: Around August 18, 2025.
  • Q: Does the company have any profits?
    A: Currently, Bluestone is running at a net loss, reflecting growth and investment phase.

How to Apply

Investors interested in subscribing to the Bluestone Jewellery IPO can apply through their demat account online via trusted platforms such as Zerodha, Upstox, Angel Broking, ICICI Direct, and others. The IPO is live between August 11 and August 13, 2025. Ensure to bid within the price band of Rs 492 to Rs 517 and in multiples of the lot size 29 shares.

Stay updated with the latest IPO news and analysis on NextIPOIndia.com.

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