IPO-bound Bluestone Jewelry raises ₹820 crore, m-cap hits ₹8,548cr
Bluestone Jewelry, a Bengaluru-based digital-first retailer, raised ₹820 crore in its recent IPO.
The stock started slow at ₹509.25 on the BSE and ₹510 on the NSE on August 19 but has since climbed to ₹564.9 as of September 4, bumping Bluestone's market cap up to ₹8,548 crore.
Bluestone's rapid growth and expansion
Bluestone designs and makes over 75% of its jewelry in-house across Mumbai, Jaipur, and Surat.
In just the first quarter of FY25 (April-June 2025), it grew revenue by a solid 41% year-on-year to ₹492.6 crore and cut net losses nearly in half to ₹34.7 crore—even with rising expenses.
The brand is also expanding fast offline: it added 17 new stores this quarter for a total of 292 outlets across 117 cities.
Secondary share sales and fresh IPO funds
Before going public, Bluestone saw secondary share sales worth up to ₹350 crore. The fresh IPO funds are set aside for working capital and general corporate needs.
Despite a modest start on the stock exchange, the quick price rebound shows investors are optimistic about Bluestone's tech-driven approach and growing retail presence in India's competitive jewelry scene.