Bluestone Jewellery ₹1,540-cr IPO kicks off today; should you apply or not?

Bluestone Jewellery IPO comprises a fresh issue of 15.9 million equity shares and an offer for sale of 13.9 million equity shares

Bluestone Jewellery IPO: The initial public offering (IPO) of digital-first jewellery brand, Bluestone Jewellery and Lifestyle, opens for public subscription today, August 11, 2025. At the upper end of the price band of ₹492 to ₹517, the company aims to raise ₹1,540.65 crore. The mainline offering comprises a fresh issue of 15.9 million equity shares and an offer for sale (OFS) of 13.9 million equity shares. 

 

On Friday, August 8, the company raised ₹693.29 crore from the anchor investors. Bluestone Jewellery has allotted 13.4 million equity shares to 20 institutional investors at ₹517 per share. Amansa Holdings, Goldman Sachs, Societe Generale, Amundi Funds, SBI Life Insurance, Nippon Life India, Aditya Birla Sun Life AMC, HDFC Life Insurance, Mirae Asset, DSP Mutual Fund, PGIM India, Axis Mutual Fund, and Motilal Oswal AMC were the institutions that participated in the anchor round, according to an exchange filing.

 

Bluestone Jewellery IPO grey market premium (GMP)

On Monday, the unlisted shares of Bluestone Jewellery were trading at ₹526 in the grey market, up ₹9 or 1.7 per cent from the upper end price, according to sources tracking unofficial market activities.   Track Stock Market LIVE Updates

Should you subscribe to the Bluestone Jewellery IPO?

Arihant Capital - Subscribe for long term

According to analysts at Anand Rathi, Bluestone Jewellery has demonstrated robust revenue growth, increasing by 40 per cent in FY25 to ₹1,830 crore, driven by a blended online and offline sales strategy. However, despite this strong top-line performance, the company faces significant risks, including persistent net losses, which expanded to ₹221.83 crore in FY25 and a reliance on debt, as reflected in a net debt-to-equity ratio of 0.66.

 

"At the upper band of INR 517, the issue is valued at an EV/Ebitda of 114.3x, based on FY25 and Price to sales of 4.3x. We are recommending a 'Subscribe for Long Term' rating for this issue," the brokerage said in a note.

Here are the key details of the Bluestone Jewellery IPO:

Bluestone Jewellery IPO is available at a price band of ₹492 to ₹517 per share, with a lot size of 29 shares. Accordingly, investors can bid for a minimum of one lot or 29 shares of Bluestone Jewellery and Lifestyle and in multiples thereof.

 

The minimum amount required by a retail investor to bid for the IPO is ₹14,993 at the upper end price. A retail investor can bid for a maximum of 13 lots or 377 shares, amounting to ₹1,94,909.

 

The three-day subscription window to bid for the issue will conclude on Wednesday, August 13, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Thursday, August 14, 2025. Shares of Bluestone Jewellery are scheduled to make their D-street debut on Tuesday, August 19, by listing on the BSE and NSE.

 

Kfin Technologies is the registrar of the issue. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to use the net fresh issue proceeds for working capital requirements and general corporate purposes.