August 19, 2025
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BlueStone Jewellery IPO details
BlueStone Jewellery IPO is a book-building issue of Rs. 1,540.65 crores, comprising a fresh issue of 1.59 crore shares worth Rs. 820 crores and an offer for sale of 1.39 crore shares aggregating Rs. 720.65 crores. The issue opens on August 11, 2025 and closes on August 13, 2025. Tentative listing on BSE and NSE is scheduled for August 19, 2025, with allotment expected on August 14, 2025.
Table of Contents
Subscription Tally
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 0.84 | 0.29 | 0.11 | 0.23 | 0.75 | 0.66 |
| Applications: 58,775 | |||||
| Subscription Review: Very disappointing trend of subscriptions even on the second day |
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Who are the promoters of BlueStone Jewellery IPO?
Gaurav Singh Kushwaha is the promoter of the company.
What are the Objects of BlueStone Jewellery IPO?
The Offer comprises of a Fresh Issue of Equity Shares and an Offer for Sale.
+Funding our working capital requirements Rs. 750 Cr.
+General Corporate Purposes
What is the business of BlueStone Jewellery?
BlueStone Jewellery and Lifestyle Limited is a leading omni-channel jewellery brand in India, manufacturing and retailing diamond, gold, platinum, and studded jewellery under its flagship brand BlueStone. As on March 31, 2025, the company has a strong pan-India footprint with 275 stores across 117 cities in 26 States and Union Territories, catering to over 12,600 PIN codes.
Its retail network includes 200 company-owned outlets and 75 franchisee stores, covering a total retail space of more than 6.05 lakh sq. ft. BlueStone offers a wide assortment of products — rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains — across multiple price points. The brand boasts 91 exclusive collections designed around distinct themes.
Competitive Strengths
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Leading digital-first jewellery brand with strong omni-channel presence.
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In-house technology driving end-to-end operations.
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Unique approach to product design and collections.
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Advanced manufacturing with vertically integrated processes.
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Extensive reach across Tier-I, Tier-II, and Tier-III cities with healthy unit economics.
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Founder-driven company, backed by marquee investors and professional management.
BlueStone Jewellery IPO details
| IPO opens on | 11 August 2025 |
| IPO closes on | 13 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 29799,798 Shares / Rs 1540.65 Crore |
| * Fresh Issue | Rs 820 Crore |
| * Offer for Sale | Rs 720.65 Crore |
| Face Value per share: | Rs. 1 |
| Price Band | Rs. 492-517 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. – per share |
| Retail Lot Size | 29 Shares |
| Listing will at | BSE, NSE |
How are the shares offered in this IPO?
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the Offer |
| Retail | Not more than 10% of the Offer |
| NII | Not more than 15% of the Offer |
How shares can be applied in this IPO?
| Application | Lots | Shares | Amount Rs. |
| 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 Timetable
| IPO opens on | 11 August 2025 |
| IPO Closes on | 13 August 2025 |
| IPO Allotment on | 14 August 2025 |
| Unblocking of Asba | 18 August 2025 |
| Credit of Shares | 18 August 2025 |
| Listing of Shares | 19 August 2025 |
| Registered Office of the company BlueStone Jewellery & Lifestyle Ltd. Site No. 89/2, Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli Bangalore Urban, Karnataka, 560037 |
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| Lead Managers of the IPO Axis Capital ltd IIFL Capital SErvices ltd Kotak Mahindra Capital Ltd |
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| Registrar to IPO | |
| Kfin Technologies ltd |
BlueStone Jewellery Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 3,532.28 | 2,453.49 | 1,255.49 |
| Total Income | 1,830.04 | 1,303.49 | 787.89 |
| Profit After Tax | -221.84 | -142.24 | -167.24 |
| EBITDA | 73.16 | 53.05 | -56.03 |
| Reserves and Surplus | 877.12 | 346.28 | -81.06 |
| Total Borrowing | 728.62 | 430.43 | 228.42 |
| Amount in Rs. Crore | |||
Key Financial Indictors
| KPI | Values |
| ROE | -34.53% |
| ROCE | -3.67% |
| Debt/Equity | 0.8 |
| RoNW | -24.45% |
| PAT Margin | -12.53% |
| EBITDA Margin | 4.13% |
| Price to Book Value | 2.01 |
How BlueStone Jewellery IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Bluestone Jewellery and Lifestyle | -24.45 | |
| Titan Company | 88.14 | 28.71 |
| Kalyan Jewellers India | 84.1 | 14.87 |
| Senco Gold | 31.17 | 8.09 |
| Thangamayil Jewellery | 45.47 | 11.07 |
| PC Jeweller | 22.7 | 9.33 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
BlueStone Jewellery IPO Guidance by Paresh Gordhandas, CA & Research Analyst.
Quicklinks
BlueStone Jewellery and Lifestyle Limited manufactures and retails gold, diamond, and platinum jewellery through its omni-channel platform, offering over 7,400 designs across 91 themed collections.
The IPO size is Rs. 1,540.65 crore, which includes a fresh issue of Rs. 820 crore and an offer for sale (OFS) worth Rs. 720.65 crore.
The IPO opens for subscription on August 11, 2025, and closes on August 13, 2025. Tentative listing is scheduled for August 19, 2025.
The price band is fixed at Rs. 492 to Rs. 517 per share. The lot size for retail investors is 29 shares, requiring a minimum investment of Rs. 14,268.
BlueStone has strong branding and investor backing but remains loss-making as of FY25. Investors should evaluate long-term potential and risks before subscribing.
