Synopsis:
BlueStone Jewellery Limited has launched its Rs. 1,540.65 crore IPO, offering shares at Rs. 492 to Rs. 517 each, with proceeds aimed at expansion and working capital. The subscription window is open from 11 to 13 August 2025.
GMP of BlueStone Jewellery Limited IPO and Subscription Status
Ahead of the IPO launch, market observers reported that BlueStone shares were trading in the grey market at a Rs. 16 premium. As of now, the issue has been subscribed 0.06 times overall. The retail investor portion was subscribed 0.27 times, the Non-Institutional Investor (NII) category 0.02 times, while the Qualified Institutional Buyer (QIB) category remained unsubscribed at 0.00 times.
Overview of BlueStone Jewellery Limited
BlueStone Jewellery’s IPO opens with a Rs. 16 grey market premium but slow early subscription. Analysts are divided; some flag high valuations and losses, while others see strong growth potential, brand strength, and long-term market opportunity.
BlueStone Jewellery & Lifestyle Limited designs, manufactures, and retails diamond, gold, platinum, and studded jewellery under its flagship brand BlueStone. As of March 31, 2025, the company operated 275 stores across 117 cities in 26 States and Union Territories, reaching customers in over 12,600 PIN codes nationwide.
Its retail network consists of 200 company-owned outlets and 75 franchise stores, together spanning more than 605,000 square feet. BlueStone’s product range includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains, catering to a wide variety of customer preferences and price points.
Key Details
BlueStone Jewellery Limited has opened its Initial Public Offering (IPO) today, which will remain available for bidding until 13 August 2025. The company has set a price band of Rs. 492 to Rs. 517 per share, targeting to raise Rs. 1,540.65 crore. Of this, Rs. 820 crore will be raised through fresh equity issuance, while Rs. 720.65 crore will come via the Offer for Sale (OFS) route. One lot consists of 29 shares, and Kfin Technologies Limited is the registrar.
Lead Managers of BlueStone Jewellery Limited IPO
The lead managers include Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital. Allotment is expected on 14 August 2025, with listing likely on 19 August 2025, after the 15 August market holiday.
Objectives of the IPO Offer
The company intends to utilise the proceeds from its IPO primarily to meet its working capital requirements, allocating Rs. 750 crore for this purpose, while the remaining funds will be deployed towards general corporate purposes to support overall business operations and growth initiatives.
Strengths of BlueStone Jewellery Limited
- India’s leading digital-first jewellery brand with an omni-channel retail presence.
- Proprietary technology infrastructure enabling seamless end-to-end business operations.
- Unique product and design philosophy offering distinct market differentiation.
- Advanced, vertically integrated manufacturing capabilities.
- Strong nationwide footprint across Tier-I, Tier-II, and Tier-III cities with robust unit economics.
- Founder-driven leadership, backed by a skilled professional management team and marquee investors.
Financials of BlueStone Jewellery Limited
As of March 31, 2025, the market capitalization of Bluestone Jewellery IPO is Rs. 7,823.26 Cr. The company’s financial key performance indicators show some areas of concern, with negative values for Return on Equity (ROE) at -34.53%, Return on Capital Employed (ROCE) at -3.67%, Return on Net Worth (RoNW) at -24.45%, and PAT Margin at -12.53%. However, it has a positive EBITDA margin of 4.13% and a Price to Book Value of 2.01, with a Debt to Equity ratio of 0.80.
Conclusion
The IPO will primarily be used for store expansion and working capital, positioning BlueStone to capture growth in India’s expanding jewellery market. While analysts expect short-term volatility, the long-term growth story remains promising for investors willing to take on higher near-term risks.
Written by Manideep Appana
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
