IPO Details
Issue Opening Date: August 11, 2025
Issue Closing Date:August 13, 2025
Issue Size: ₹ 1,540.65 Cr. (@ upper price band of ₹ 517)
Fresh Issue: ₹ 820 Cr.
Offer for Sale (OFS): ₹ 720.45 Cr.
Our View: Cautious
Price Band: ₹ 492 to ₹ 517 per Equity Share
Face Value: ₹ 1
Lot Size: 29 Shares & multiples thereafter
Minimum Application Amount: ₹ 14,993/- (29 Shares)
Maximum Application Amount: ₹ 1,94,909/- (377 Shares)
Small HNI: ₹ 2,09,902/- (406 Shares)
Big HNI: ₹ 10,04,531/- (1,943 Shares)
Company Overview
Bluestone Jewellery and Lifestyle Limited (Bluestone) offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand, BlueStone. The company targets customers between the ages of 25 to 45 years and operates as a digital-first, direct-to-consumer (DTC) brand with a seamless omnichannel experience.
As of March 31, 2025, Bluestone has:
A presence across 275 stores in 117 cities across 26 states and union territories.
Serviced over 12,600 PIN codes in India.
91 themed jewellery collections and a wide range of products including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains.
Three manufacturing facilities (Mumbai, Jaipur, Surat) producing over 75% of its jewellery in-house.
23 in-house designers and a design studio capable of launching 6–12 collections annually.
Ranked among the top 5 jewellery retailers in India in terms of total designs listed as of May 28, 2025.
Key Highlights
2nd largest digital-first jewellery brand in India with omnichannel presence.
In-house technology architecture supporting end-to-end business operations.
Innovative product and design approach.
Vertically integrated operations with advanced manufacturing capabilities.
Extensive pan-India presence across Tier-I, Tier-II, and Tier-III cities.
Objects of the Issue
Funding working capital requirements (₹750 Cr.).
General corporate purposes.
Our View
Incorporated in 2011, Bluestone Jewellery has become a prominent digital-first jewellery retailer in India, emphasizing unique, contemporary designs rather than traditional wedding jewellery. The company maintains strong design capabilities with in-house manufacturing and frequent new launches.
However, several risks need consideration:
Highly regulated sector.
Loss-making since inception with widening losses in FY25 (Net Loss ₹221 Cr.).
Geographic revenue concentration and high debt levels.
Potential challenges in omnichannel execution and brand perception management.
Inventory-heavy operations with 273 inventory days in FY25.
Financially, while revenue grew at a CAGR of ~52% from FY23-FY25 and EBITDA turned positive (₹73 Cr. in FY25), profitability remains a concern. The IPO is priced at a P/BV of 2.01 with negative P/E, reflecting the loss-making status.
Conclusion: Given the valuation, execution risks, and current financial performance, investors may consider waiting for operational improvements before taking a long-term position.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ‘25 |
FY ’24 |
FY ‘23 |
| Total Income |
18,300.36 |
13,034.91 |
7,878.94 |
| Total Expenditure |
20,499.29 |
14,457.27 |
9,551.38 |
| EBITDA |
731.64 |
530.49 |
(560.34) |
| Profit/Loss before Tax |
(2,218.37) |
(1,422.36) |
(1,672.44) |
| Profit/Loss after Tax |
(2,218.37) |
(1,422.36) |
(1,672.44) |
| E.P.S. (Diluted) |
(79.74) |
(78.36) |
(92.14) |
| P/E (x) (Diluted) |
- |
- |
- |
| RONW (%) |
(24.45) |
(38.01) |
- |
PRICE CHART (@ ₹ 517) (Retail Category)
| LOT SIZE |
| Amount |
| 29 |
14,993 |
| 58 |
29,986 |
| 87 |
44,979 |
| 116 |
59,972 |
| 145 |
74,965 |
| 174 |
89,958 |
| 203 |
104,951 |
| 232 |
119,944 |
| 261 |
134,937 |
| 290 |
149,930 |
| 319 |
164,923 |
| 348 |
179,916 |
| 377 |
194,909 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
406 |
209,902 |
| Big HNI |
1,943 |
1,004,531 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
14/8/2025 |
| Initiation of refunds/unblocking ASBA Fund |
18/8/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
18/8/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
19/8/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
