Are you considering investing in the BlueStone Jewellery IPO? With strong brand recognition and a rapidly expanding retail presence, this upcoming IPO has garnered significant investor attention. In this article, we will provide a detailed IPO review, including the IPO date, price band, issue size, company background, financials, grey market premium (GMP), and whether you should subscribe or avoid this IPO.
About BlueStone Jewellery & Lifestyle Ltd
BlueStone Jewellery and Lifestyle Ltd is a leading digital-first omni-channel jewellery retailer in India. Established in 2011 and originally known as New Age E-Commerce Services, the company offers a wide range of diamond, gold, platinum, and gemstone-studded jewellery under its flagship brand, BlueStone.
As of March 31, 2025, the company operates 275 stores across 117 cities in India, including 200 company-owned and 75 franchisee stores, covering 12,600+ PIN codes.
BlueStone offers over 91 collections including rings, earrings, necklaces, pendants, bangles, solitaires, and chains that cater to a wide range of customer preferences.
Competitive Strengths
- Leading digital-first jewellery brand with omni-channel presence
- Differentiated approach to product and design
- Advanced in-house tech-driven operations
- Strong manufacturing and vertically integrated supply chain
- Wide geographical reach with a presence in Tier I, II, and III cities
- Experienced management team backed by marquee investors
BlueStone Jewellery IPO Issue Details
- IPO Open Date: August 11, 2025
- IPO Close Date: August 13, 2025
- Allotment Date: August 14, 2025
- Listing Date: August 19, 2025 (Tentative)
- IPO Type: Book Building
- Face Value: ₹1 per share
- Price Band: ₹492 to ₹517 per share
- Lot Size: 29 shares
- Minimum Investment (Retail): ₹14,993
- Total Issue Size: ₹1,540.65 Crores
- Fresh Issue: ₹820 Crores
- OFS: ₹720.65 Crores
- Listing At: NSE, BSE
Promoter & Shareholding
- Promoter: Gaurav Singh Kushwaha
- Pre-Issue Holding: 18.28%
- Post-Issue Holding: 16.07%
Financial Highlights
(in ₹ Crores)
| Period | Revenue | PAT | EBITDA | Assets |
|---|---|---|---|---|
| FY23 | 787.89 | -167.24 | -56.03 | 1,255.49 |
| FY24 | 1,303.49 | -142.24 | 53.05 | 2,453.49 |
| FY25 | 1,830.04 | -221.84 | 73.16 | 3,532.28 |
- Revenue grew by over 40% YoY (FY24-FY25)
- EBITDA turned positive but PAT remains negative
Key Performance Indicators (FY25)
- ROE: -34.53%
- ROCE: -3.67%
- EBITDA Margin: 4.13%
- Debt to Equity: 0.80
- Price to Book Value: 2.01
Objects of the Issue
- ₹750 Crores for working capital
- Balance for general corporate purposes
Valuation & Peer Comparison
With a market cap of ₹7823 Crores and negative PAT, P/E comparison cannot be done. Price to Book stands at 2.01x.
Grey Market Premium (GMP) of BlueStone IPO
As of early August 2025, the GMP of BlueStone Jewellery IPO is around ₹60-65 per share, indicating moderate interest in the grey market.
Reasons to Invest in BlueStone Jewellery IPO
- Rapid revenue growth YoY
- Strong brand with expanding footprint
- Backed by reputed investors like Accel, Saama, Kalaari, Iron Pillar
- Positive EBITDA with improving margins
- Omni-channel strategy aligns with current consumer behavior
Risk Factors in BlueStone IPO
- Consistent losses in last three years
- High competition from both organized and unorganized players
- Significant working capital requirements
- High valuation compared to profitability
How to Apply for BlueStone Jewellery IPO?
You can apply through:
- ASBA via net banking (for all categories)
- UPI-based applications (for retail investors)
- Stock brokers (e.g. Zerodha, Groww, Upstox)
BlueStone IPO Review – Should You Subscribe or Avoid?
BlueStone Jewellery IPO offers an opportunity to invest in a fast-growing omni-channel jewellery brand. However, consistent losses and high valuations are concerns. Investors with a high-risk appetite and long-term horizon may consider subscribing, while other investors can wait until profitability improves post-listing.
FAQs about BlueStone Jewellery IPO
1. What is BlueStone Jewellery IPO open and close date?
IPO opens on August 11 and closes on August 13, 2025.
2. What is the BlueStone IPO Price Band?
The price band is set at ₹492 to ₹517 per share.
3. What is the lot size and minimum investment?
Lot size is 29 shares; minimum retail investment is ₹14,993.
4. What is the GMP of BlueStone IPO?
The Grey Market Premium is around ₹60-65 per share.
5. Should I subscribe to BlueStone IPO?
Subscribe with caution. Consider your risk appetite and long-term outlook.
6. What are the objects of the IPO?
Funds will be used for working capital and general corporate purposes.
7. When will BlueStone IPO list?
Tentative listing date is August 19, 2025 on BSE and NSE.
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