BlueStone Jewellery and Lifestyle Limited is set to launch its Initial Public Offering (IPO), offering investors a chance to participate in one of India’s leading digital-first, omnichannel jewellery brands in the jewellery and lifestyle sector. The company, known for its contemporary diamond, gold, and studded jewellery, operates a robust network of both online platforms and physical stores.
This article provides key details about the BlueStone Jewellery IPO for prospective investors.
About BlueStone Jewellery & Lifestyle Ltd.
Founded in 2011, BlueStone Jewellery & Lifestyle Ltd. has evolved from an online-only retailer to a major omnichannel player.
The company’s business model integrates a strong digital presence with a rapidly expanding network of physical stores, which serve as experience centres. As of March 31, 2025, BlueStone operates 275 stores across 117 cities and offers a vast catalogue of over 7,400 unique designs. The company’s in-house manufacturing capabilities, supported by technology like 3D printing, ensure quality control and a quick time-to-market for new designs.
Backed by prominent investors like Ratan Tata, Accel, and Peak XV, BlueStone has a primary focus on the high-value, design-led studded jewellery segment, which accounts for a significant portion of its revenue.
BlueStone Jewellery IPO Details
The BlueStone Jewellery IPO is a book-built issue aiming to raise ₹1,540.65 crore. It is a combination of a fresh issue of ₹820 crore and an Offer for Sale (OFS) of ₹720.65 crore. The IPO will be listed on both the BSE and NSE.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Mon, Aug 11, 2025 |
| IPO Close Date | Wed, Aug 13, 2025 |
| Tentative Allotment | Thu, Aug 14, 2025 |
| Initiation of Refunds | Mon, Aug 18, 2025 |
| Credit of Shares to Demat | Mon, Aug 18, 2025 |
| Tentative Listing Date | Tue, Aug 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 |
Key IPO Details
| IPO Detail | Details |
| IPO Date | August 11, 2025 to August 13, 2025 |
| Listing Date | – |
| Face Value | ₹1 per share |
| Issue Price Band | ₹492 to ₹517 per share |
| Lot Size | 29 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,97,99,798 shares (aggregating up to ₹1,540.65 Cr) |
| Fresh Issue | 1,58,60,735 shares (aggregating up to ₹820.00 Cr) |
| Offer for Sale | 1,39,39,063 shares of ₹1 (aggregating up to ₹720.65 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,54,59,637 shares |
| Share Holding Post Issue | 15,13,20,372 shares |
Lot Size of BlueStone Jewellery IPO
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 29.00 | ₹14,993 |
| Retail (Max) | 13 | 377.00 | ₹1,94,909 |
| S-HNI (Min) | 14 | 406 | ₹2,09,902 |
| S-HNI (Max) | 66 | 1,914.00 | ₹9,89,538 |
| B-HNI (Min) | 67 | 1,943.00 | ₹10,04,531 |
BlueStone Jewellery Ltd. Financials
BlueStone Jewellery & Lifestyle Ltd. has demonstrated robust revenue growth, with its total operating revenue reaching ₹1,830.04 crore in FY25, up from ₹1,303.49 crore in FY24, marking a 40% increase. However, the company has not yet achieved profitability, with a net loss of ₹221.84 crore in FY25, compared to a net loss of ₹142.24 crore in FY24, reflecting a 56% drop in PAT. Despite this, BlueStone has turned EBITDA positive, with an EBITDA of ₹73.16 crore in FY25, compared to ₹53.05 crore in FY24, indicating improved operational efficiency as it scales its business.
Key Performance Indicators (as of March 31, 2025)
- ROE (Return on Equity): -34.53%
- ROCE (Return on Capital Employed): -3.67%
- PAT Margin: -12.53%
- EBITDA Margin: 4.13%
- Net Debt/Equity (without GML): 0.66
- Pre-IPO P/E: N/A (due to negative earnings)
Company Financial Snapshot (₹ in Crores)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| 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 & Surplus | ₹877.12 | ₹346.28 | ₹-81.06 |
| Total Borrowing | ₹728.62 | ₹430.43 | ₹228.42 |
Use of IPO Proceeds
The net proceeds from the fresh issue component of the IPO are intended for several strategic purposes, including:
BlueStone Jewellery IPO Peer Comparison
BlueStone operates in a highly competitive jewellery market. Its peers include established players like Titan Company, Kalyan Jewellers, and Senco Gold. While these companies have a long history and strong market presence, BlueStone differentiates itself with its digital-first, omnichannel approach and focus on contemporary, design-led jewellery. Investors should consider the relative valuations, growth strategies, and profitability of these companies when evaluating the BlueStone IPO.
Conclusion
The BlueStone Jewellery IPO presents an investment opportunity in India’s fast-growing, organised jewellery market. The company’s omnichannel model, strong brand, and impressive revenue growth are key strengths. However, investors must be mindful of the company’s continued losses and its valuation, which is based on future growth prospects rather than current profitability. This IPO may be suited for investors with a high-risk appetite and a long-term investment horizon, who are confident in the company’s ability to achieve profitability through operational leverage and continued expansion.
