Bluestone Jewellery IPO Opens August 11: Price Band, Key Dates, Financials you need to know
- 7th August 2025
- 12:30:00 PM
- 3 min read
Mumbai | August 7 – The ₹1,540.6 crore Bluestone Jewellery and Lifestyle Limited IPO will open for subscription on August 11 and close on August 13, marking a notable public debut from one of India’s leading digital-first jewellery brands. The IPO comprises a fresh issue of ₹820 crore and an offer-for-sale (OFS) of ₹720.6 crore, aggregating to a total issue size of ₹1,540.6 crore.
The company has set the price band at ₹492 to ₹517 per equity share, with a minimum bid lot of 29 shares. At the upper price band, the minimum investment for retail investors stands at ₹14,993. Shares will be listed on BSE and NSE on August 19, with allotment likely by August 14. Axis Capital is the book-running lead manager, and KFin Technologies is the registrar to the issue.
IPO Snapshot
- Issue Opens:August 11, 2025
- Issue Closes:August 13, 2025
- Price Band:₹492 – ₹517 per share
- Total Issue Size:₹1,540.6 crore
- Fresh Issue:₹820 crore (1.58 crore shares)
- OFS:₹720.6 crore (2.97 crore shares)
- Lot Size:29 shares
- Retail Investment (upper band):₹14,993
- Listing Date:August 19, 2025
- Registrar:KFin Technologies
- Lead Manager:Axis Capital
Business Overview
Bluestone Jewellery and Lifestyle Ltd is a leading digital-first omni-channel jewellery brand, ranking second in India by revenue in FY24. The company has seen significant growth in its store network, operating 275 outlets across 117 cities and towns as of May 31, 2025—of which 200 are company-operated and 75 are franchise-owned.
Its diverse product portfolio includes over 7,400 unique designs spanning 91 curated collections for daily wear, wedding, and special occasions. These are sold via its website, mobile app, and physical stores.
Bluestone has an integrated manufacturing setup with three facilities located in Mumbai, Jaipur, and Surat, possessing a total installed capacity of 2,872 kg. These units operated at an average utilisation of 86% in FY25.
The net proceeds from the IPO will primarily be used to fund working capital requirements amounting to ₹750 crore, with the remaining capital allocated to general corporate purposes.
Financials Snapshot (FY23–FY25)
| Metric | FY23 | FY25 (Estimated) |
| Revenue from Operations | ₹9,250 mn | ₹17,700 mn |
| Adj. EBITDA | -₹273 mn | ₹1,278 mn |
| Net Loss | ₹1,672 mn | ₹2,218 mn |
| Average Order Value (AOV) | ₹ 32,038 | ₹ 47,671 |
Valuation
At the upper price band, Bluestone is valued at an EV/Sales of 4.9x FY25E and EV/EBITDA of 27.4x FY25E.
According to PL Capital, Bluestone has a robust omni-channel play and is gaining traction with faster-than-expected store rollouts and a growing presence in both metro and non-metro cities. The business model is vertically integrated, enabling quality control and efficient manufacturing.
The company operates in a category with low organised penetration, which presents significant headroom for growth. Its digital-first DNA, combined with an expanding physical footprint, puts it in a strong position to benefit from India’s evolving jewellery-buying patterns.
However, PL Capital highlights that losses continue to be high, and gross margin volatility persists. While the brand has shown positive unit-level contribution, it remains in investment mode, focusing on expansion rather than profitability in the near term.
There are no direct listed peers, and broader benchmarking may be limited. The brokerage has not assigned a rating but views the valuation as rich, given the persistent losses and uncertain visibility on profitability in the near term.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
