BlueStone's ₹1,541cr IPO opens today: Should you subscribe?
What's the story
Bengaluru-based jewelry retailer BlueStone has launched its initial public offering (IPO) today. The company aims to raise ₹1,541 crore through a combination of fresh issue and offer for sale. The IPO is priced between ₹492 and ₹517 per share and will close on August 13. At the upper price band, the company will be valued at about ₹7,823 crore.
Subscription specifics
Here's a look at the offer
The BlueStone IPO consists of a fresh issue of shares worth ₹820 crore and an offer for sale of up to 1.39 crore shares by existing shareholders. These include Accel India III (Mauritius), Saama Capital II, Kalaari Capital Partners, Iron Pillar funds, and Hero Enterprise's Sunil Kant Munjal. Investors can bid for a minimum of 29 shares in multiples thereafter with the allocation being split between qualified institutional buyers (75%), non-institutional investors (15%), and retail investors (10%).
Business overview
Digital-first jewelry retailer
BlueStone is a digital-first omni-channel jewelry retailer that sells diamond, gold, platinum, and studded jewelry under its flagship brand. As of March 2025, the company had 275 stores across 117 cities and an online platform with over 7,400 designs. The company manufactures more than 75% of its jewelry in-house at facilities in Mumbai, Jaipur, and Surat.
Revenue growth
Financials of the company
BlueStone's revenue from operations has grown at a CAGR of nearly 52% over the last three fiscal years, from ₹771 crore in FY23 to ₹1,770 crore in FY25. However, the company reported a loss of ₹222 crore in FY25 due to expansion and marketing spends. The proceeds from the fresh issue will mainly be used for working capital requirements (₹750 crore) and general corporate purposes.