The BlueStone Jewellery IPO is one of 2025’s most anticipated public offerings in India’s retail jewellery sector. With its blend of digital-first innovation and expanding physical presence, BlueStone aims to raise ₹1,540.65 crores through this IPO. Below is a detailed, SEO-optimized analysis covering GMP trends, financials, risks, and investment recommendations.
About IPO Details
Issue Type: Book-Built IPO (Combination of Fresh Issue + Offer for Sale)
Total Issue Size: ₹1,540.65 Crores
- Fresh Issue: ₹820 Crores (1.59 Crore Shares)
- Offer for Sale (OFS): ₹720.65 Crores (1.39 Crore Shares by Promoters/Investors)
Price Band: ₹492 – ₹517 per share
Face Value: ₹1 per share
Lot Size: 29 Shares
Minimum Investment: ₹14,268 (1 Lot at Lower Band)
Listing Exchanges: BSE, NSE
Pre-IPO Shares Outstanding: 13.55 Crore
Post-IPO Shares Outstanding: 15.13 Crore
About BlueStone Jewellery & Lifestyle Ltd.
Business Model: Omni-channel jewellery retailer specializing in diamonds, gold, platinum, and gemstone-studded designs.
Key Strengths:
- Pan-India Reach: 275 stores (200 owned + 75 franchises) across 117 cities.
- Product Diversity: 91 collections spanning rings, necklaces, solitaires, and more.
- Tech-Driven Operations: End-to-end in-house tech stack for design, inventory, and sales.
- Vertically Integrated: Controls design, manufacturing, and retail.
- Investor Backing: Supported by Ratan Tata, Accel, and IvyCap Ventures.
Competitors: CaratLane (Tata), Tanishq (Titan), Kalyan Jewellers.
IPO GMP (Grey Market Premium) & Expected Listing Gain
- Current GMP: ₹100 – ₹110
- Indicative Listing Price: ₹607 – ₹627
- Expected Listing Gain: 19.3% – 21.3% (at upper price band)
Market Sentiment: Strong demand due to brand recall and expansion plans. GMP is volatile—monitor daily updates.
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
IPO Company Financial Data (Restated Consolidated)
(Values in ₹ Crores)
| Metric | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| Total Assets | 3,532.28 | 2,453.49 | 1,255.49 |
| Total Revenue | 1,830.04 | 1,303.49 | 787.89 |
| PAT | -221.84 | -142.24 | -167.24 |
| EBITDA | 73.16 | 53.05 | -56.03 |
| Reserves | 877.12 | 346.28 | -81.06 |
| Total Borrowings | 728.62 | 430.43 | 228.42 |
Key Observations:
- Revenue grew 40.4% YoY (FY25) and 65.4% (FY24).
- Losses widened due to store expansion costs and working capital pressure.
- Debt rose to fund retail footprint growth.
IPO Application & Lot Size Details
Lot Size: 29 Shares
Investment Breakup:
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 29 | 14,268 – 14,993 |
| Retail (Max) | 13 | 377 | 1,85,484 – 1,94,909 |
| S-HNI | 14 | 406 | 2,00,088 – 2,09,902 |
| B-HNI | 67 | 1,943 | 9,56,164 – 10,04,531 |
IPO Reservation Quota
| Category | Reservation |
|---|---|
| QIB | 75% of Net Issue |
| Retail Investors (RII) | 10% of Net Issue |
| NII (HNI) | 15% of Net Issue |
| Anchor Investors | 60% of QIB Portion |
IPO Promoter Holding Details
- Promoter: Gaurav Singh Kushwaha
- Pre-IPO Holding: 18.28%
- Post-IPO Holding: 16.07% (Dilution due to OFS)
IPO Objective of the Issue
- Working Capital: ₹750 Crores.
- General Corporate Purposes: ₹70 Crores.
Note: OFS proceeds go to selling shareholders, not the company.
IPO Timeline (Tentative)
| Event | Date | Day |
|---|---|---|
| IPO Opens | Aug 11, 2025 | Monday |
| IPO Closes | Aug 13, 2025 | Wednesday |
| Allotment Finalization | Aug 14, 2025 | Thursday |
| Refund Initiation | Aug 18, 2025 | Monday |
| Demat Credit | Aug 18, 2025 | Monday |
| Listing Date | Aug 19, 2025 | Tuesday |
UPI Mandate Cut-off: 5 PM on August 13, 2025.
Retail, HNI, QIB Investment Limits
- Retail: Max ₹2 Lakhs (13 Lots).
- NII (HNI): No upper limit.
- QIB: Primarily for institutions.
IPO Anchor Investors
Names to be disclosed on August 10, 2025. Expected participation from:
- Mutual Funds (SBI MF, ICICI Pru)
- Foreign Portfolio Investors (FPIs)
- Insurance Companies.
Key Performance Indicators (KPIs)
| KPI | Value (Mar 2025) |
|---|---|
| ROE | -34.53% |
| ROCE | -3.67% |
| RONW | -24.45% |
| PAT Margin | -12.53% |
| EBITDA Margin | 4.13% |
| Debt/Equity | 0.80 |
| Price/Book | 2.01 |
Analysis: Negative ROE/ROCE due to losses, but EBITDA margin improving.
IPO Risk Factors
- Business & Operations:
- Sensitivity to gold/diamond prices.
- High working capital needs.
- Execution risks in store expansion.
- Industry & Regulatory:
- Intense competition (Tanishq, Kalyan).
- Hallmarking compliance (BIS).
- GST/duty changes.
- Financial:
- Sustained losses (₹221 Cr in FY25).
- Rising debt (₹728 Cr in FY25).
Company Contact Details
BlueStone Jewellery & Lifestyle Ltd.
Site No. 89/2, Lava Kusha Arcade,
Munnekolal Village, Outer Ring Road,
Marathahalli, Bangalore – 560037
Phone: +91 22 4515 2729
Email: investor.relations@bluestone.com
Website: www.bluestone.com
IPO Registrar Details
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: bluestone.ipo@kfintech.com
Website: https://kosmic.kfintech.com
IPO Recommendation: Buy or Avoid?
Pros:
✅ Strong revenue growth (40% CAGR).
✅ Omni-channel leadership in branded jewellery.
✅ Scalable store economics (275+ outlets).
Cons:
❌ Persistent losses (negative PAT since FY23).
❌ High valuation (P/B 2.01 despite losses).
❌ Debt-driven expansion.
Verdict: Neutral to Avoid for long-term investors. High-risk appetite traders may target listing gains (GMP ~20%). Monitor post-IPO profitability.
IPO Allotment & Refunds
- Check Allotment: Via KFin Tech portal (link) using PAN or application number.
- Refund Timeline: By August 18, 2025 (if not allotted).
- Payment Method: ASBA (Blocked Amount).
- After Allotment:
- Hold: Only if confident in profitability turnaround.
- Sell on Listing: To capture GMP-driven gains (recommended for short-term).
IPO RHP/DRHP
- Download Draft DRHP: BlueStone Jewellery IPO DRHP
- Download Final RHP: BlueStone Jewellery IPO RHP
IPO Review: Pros & Cons
| Pros | Cons |
|---|---|
| Digital + Physical Scalability | Consistent Net Losses |
| Premium Brand Positioning | High Debt (D/E 0.8) |
| Marquee Investor Backing | Valuation Rich vs. Peers |
| ₹750 Cr for Working Capital | Regulatory Gold Price Risks |
FAQs: BlueStone Jewellery IPO
- Q: What is BlueStone IPO GMP today?
A: ₹100–110 (as of Aug 5, 2025). - Q: How to apply for BlueStone IPO via Zerodha?
A: Login → Console → IPO → Select BlueStone → UPI/Bank ASBA. - Q: IPO opening/closing date?
A: Aug 11–13, 2025. - Q: Lot size and minimum investment?
A: 29 shares/lot. Min: ₹14,268. - Q: Allotment date?
A: Aug 14, 2025. - Q: Listing date?
A: Aug 19, 2025 (Tentative). - Q: Why is BlueStone loss-making?
A: High expansion costs and working capital strain. - Q: Promoter holding pre/post-IPO?
A: 18.28% → 16.07%. - Q: Key IPO risk factors?
A: Losses, debt, gold price volatility. - Q: Should I invest long-term?
A: Wait for profitability signals; short-term gains possible via listing pop.
