BlueStone Jewellery & Lifestyle Limited, a digital-first jewellery brand with a strong omni-channel presence across India, is set to make its market debut through an initial public offering (IPO) valued at ₹1,540.65 crores. Investors can participate in this opportunity from August 11 to August 13, 2025, with an offering that combines a fresh issue of 1.59 crore shares worth ₹820 crores and an offer for sale of 1.39 crore shares valued at ₹720.65 crores.
The IPO offers the shares within a price band of ₹492 to ₹517 per share with a convenient lot size of 29 shares. For retail investors, the minimum investment stands at ₹14,993, making it a fairly accessible entry point. The share allotment is expected on August 14, 2025, and the company aims to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 19, 2025. This IPO marks an important step for BlueStone Jewellery & Lifestyle Limited as it looks to scale its operations and capture a larger share of the evolving jewellery market in India.
BlueStone Jewellery & Lifestyle Limited IPO is a fundraise worth ₹1,540.65 crores comprising a fresh issue of 1.59 crore shares and an offer for sale of 1.39 crore shares. The IPO will be open for subscription from August 11, 2025, to August 13, 2025, offering investors a chance to invest in one of India’s leading jewellery retail platforms.
| BlueStone Jewellery IPO date | August 11, 2025 - August 13, 2025 |
| Price band | ₹492 to ₹517 per share |
| Face value | ₹1 per share |
| Lot size | 29 shares |
| Issue type | Book-built issue IPO |
| Fresh issue | 1,58,60,735 shares amounting to ₹820 crores |
| Offer for Sale (OFS) | 1,39,39,063 shares amounting to ₹720.65 crores |
| Total issue size | 2,97,99,798 shares amounting to ₹1,540.65 crores |
| Listing at | BSE, NSE |
| Share holding post issue | 15,13,20,372 shares |
| Share holding pre issue | 13,54,59,637 shares |
The BlueStone Jewellery & Lifestyle Limited IPO opens on August 11, 2025, and closes on August 13, 2025. Share allotment is expected to be finalized on August 14, 2025.
| IPO open date | Aug 11, 2025 (Monday) |
| IPO close date | Aug 11, 2025 (Wednesday) |
| Basis of allotment | Aug 14, 2025 (Thursday) |
| Initiation of refunds | Aug 18, 2025 (Monday) |
| Credit of shares to demat account | Aug 18, 2025 (Monday) |
| Listing date on exchanges | Aug 19, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 (Wednesday) |
BlueStone Jewellery & Lifestyle Limited is a leading omni-channel jewellery brand with a strong digital-first foundation. The company offers a wide range of jewellery across categories including gold, diamond, platinum, and solitaires. As of March 31, 2025, it has a network of 275 stores across 117 cities in 26 states and union territories, catering to over 12,600 pin codes. The store network includes 200 company-owned and 75 franchisee outlets, with a total retail space exceeding 605,000 sq. ft.
BlueStone operates on a vertically integrated business model with in-house technology architecture and advanced manufacturing capabilities. As of March 31, 2025, the brand offered 91 themed collections, catering to a wide variety of consumer segments and price points. Its strong brand identity, design differentiation, and expanding footprint across Tier I, II, and III cities position it for long-term growth.
The IPO proceeds are intended to fund working capital requirements and general corporate purposes. A total of ₹750 crore from the fresh issue will be used for working capital needs, allowing the company to scale operations and strengthen inventory and supply chain.
BlueStone Jewellery Limited exhibits solid financial fundamentals with a market capitalization of ₹5,799.86 crores. The company’s capital efficiency is evident through its Return on Equity (RoE) of 24.41% and Return on Capital Employed (RoCE) of 24.33%. A moderate Debt-to-Equity ratio of 0.56 reflects prudent financial leverage, indicating the company is not overburdened by debt.
For FY25, the company reported a Return on Net Worth (RoNW) of 21.68% and a Price-to-Book Value (P/BV) of 4.70. Profit After Tax (PAT) grew by 116.8% year-on-year, while revenue rose by 30.2%, highlighting consistent growth momentum. The PAT margin stood at 5.65%. The Earnings Per Share (EPS) before the IPO is ₹18.66 and post-IPO is expected at ₹15.42, suggesting a reasonable dilution in line with expansion plans.
| Period Ended | June 30, 2025 | March 31, 2025 | March 31, 2024 |
| Total Income | 1,830.04 | 1,303.49 | 787.89 |
| Assets | 3,532.28 | 2,453.49 | 1,255.49 |
| EBITDA | 73.16 | 53.05 | -56.03 |
| Profit After Tax | -221.84 | -142.24 | -167.24 |
| Total Borrowing | 728.62 | 430.43 | 228.42 |
Amount in ₹ crores
BlueStone Jewellery & Lifestyle Limited is well-positioned as a digitally native jewellery brand that has successfully transitioned into omni-channel retail. Its pan-India presence with 275 stores and strong backend manufacturing capabilities provide operational scalability. The company’s use of in-house technology infrastructure enhances efficiency across inventory, supply chain, and design processes.
The brand’s differentiated design collections and strong unit economics offer a compelling proposition. Backed by marquee investors and a founder-led leadership team, BlueStone is poised for expansion across new markets, both geographically and in product depth. Its vertically integrated model ensures better control over cost and quality, while the digital-first strategy helps in tapping the growing e-commerce base in India.
Despite its growth in revenue, BlueStone continues to report negative PAT, indicating profitability challenges. High working capital requirements, rising debt levels, and negative RoE and RoNW figures raise concerns about financial sustainability. The company's EBITDA margin is modest at 4.13%, and profitability may be impacted by high operating costs and competitive pressures.
Additionally, the jewellery retail space is intensely competitive with both organized and unorganized players. BlueStone's dependence on external funding, rising borrowings, and pressure on margins can affect future growth. Regulatory risks and fluctuations in gold prices can further add to the volatility in operational performance.
The BlueStone Jewellery IPO provides exposure to a brand-driven jewellery business with strong digital and physical reach. While the top-line performance is encouraging, consistent losses and weak return ratios raise red flags. Investors should weigh the brand potential and long-term growth story against the current financial health and profitability issues. As with any IPO, one should evaluate alignment with personal financial goals and risk appetite before investing.
What is the BlueStone Jewellery IPO?
The BlueStone Jewellery & Lifestyle Limited IPO is a main-board offering consisting of a fresh issue of 1.59 crore equity shares and an offer for sale of 1.39 crore shares with a face value of ₹1 per share, aiming to raise a total of ₹1,540.65 crores. The share price is set between ₹492 and ₹517, with a minimum order quantity of 29 shares. This IPO will be open for subscription from August 11, 2025, to August 13, 2025. Kfin Technologies Limited is the registrar while Axis Capital Limited is the book-running lead manager.
When will the BlueStone Jewellery IPO open?
The BlueStone Jewellery Limited IPO will open for subscription on August 11, 2025, and will close on August 13, 2025.
When is the BlueStone Jewellery IPO listing date?
The tentative listing date for the BlueStone Jewellery Limited IPO is Tuesday, August 19, 2025.
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