Bluestone Jewellery & Lifestyle IPO opens today: Should you subscribe to it?

The initial public offering (IPO) of Bluestone Jewellery & Lifestyle kicks-off for bidding on Monday, August 11. The company is offering its shares in the range of Rs 492-517 apiece, with a lot size of 29 equity shares and its multiples thereafter. Investors can subscribe to the issue until Wednesday, August 13.

Bluestone Jewellery is looking to raise a total of Rs 1,540.65 crore via IPO, which includes a fresh share sale of Rs 820 crore and an offer-for-sale (OFS) of up to 1,39,39,063 equity shares worth Rs 720.65 crore. Net proceeds from the issue shall be utilized towards funding its working capital requirements and general corporate purposes.

Bengaluru-based BlueStone Jewellery and Lifestyle manufactures and provides diamond, gold, platinum and studded jewellery under its flagship brand, BlueStone. It has a pan-India presence with 275 stores across 117 cities in 26 States and Union Territories in India, as of March 31, 2025, servicing over 12,600 PIN codes across India.

Bluestone Jewellery and Lifestyle raised Rs 693.3 crore from 20 anchor investors as it finalised allocation of 1.34 crore shares at Rs 517 apiece. Its anchor book included names like 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 and more.

For the financial year ended on March 31, 2025, Bluestone Jewellery reported a net loss of Rs 221.84 crore with a revenue of Rs 1,830.04 crore. The company clocked a net loss of Rs 142.24 crore with a revenue of Rs 1,303.49 crore for the year 2023-24. The market capitalization of BlueStone Jewellery IPO stands at Rs 7,823.26 crore at the IPO price.

Bluestone Jewellery has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the allocations. Retail investors will have the remaining 10 per cent of the issue. Last heard, the company was commanding a grey market premium of Rs 9-10 apiece, suggesting 2 per cent listing gains for the investors.

Axis Capital, Kotak Mahindra Capital Company and IIFS Capital Services is the book-running lead manager of the BlueStone Jewellery IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, August 19. Here's what a host brokerage firms say about the IPO of BlueStone Jewellery:
 

SBI Securities
Rating: Subscribe for long-term
BlueStone is a leading omni-channel jewellery retailer in India with market share of 28-32 per cent in the omnichannel casual jewellery segment. Its focus on design and product quality has enabled it to earn higher gross margins. The repeat revenue ratio has grown to 44.6 per cent in FY25, reflecting greater customer satisfaction with its designs and product quality, said SBI Securities.

"BlueStone is valued at 4.5 times EV/sales which is at a premium to its listed peers. Looking at the aggressive store expansion during the last two years and well-established track record of delivering robust sales growth, we believe BlueStone is well placed to encash on the fast growing & high margin lightweight jewellery segment," it said with a 'subscribe for long-term' tag for the IPO.
 

Arihant Capital Markets
Rating: Subscribe for long-term
Bluestone Jewellery is the second-largest digital-first omnichannel jewellery brand in India, has demonstrated robust revenue growth, increasing by 40 per cent in FY25, driven by a blended online and offline sales strategy, said Arihant Capital Markets in its IPO note.

"However, despite this strong top-line performance, it faces significant risks, including persistent net losses and a reliance on debt as its debt-to-equity ratio at 0.66 The issue is valued at an EV/Ebitda of 114.3 times, based on FY25 and price to sales of 4.3 times. We are recommending a 'subscribe for long term' rating for this issue," it added.
 

Swastika Investmart
Rating: Avoid
Bluestone is India’s second-largest digital-first omni-channel jewellery brand, backed by strong in-house tech, design, and supply chain integration. Its high inventory levels and seasonal business cycles present working capital and margin risks, said Swastika Invesmart.

The P/B ratio of issue is 2.01 times, indicating a moderately priced offering on book value and one can avoid for now, it added. "Despite strong brand backing and aggressive expansion, BlueStone is still loss-making, has high inventory exposure, and faces tough competition"
 

Ventura Securities
Rating: Subscribe
BlueStone's competitive advantage lies in blending a modern, tech-enabled shopping experience with the trust and touch of physical retail—setting it apart from legacy jewellers and newer online-only players, said Ventura. "Its emphasis on innovation, craftsmanship, and trend-driven collections reinforces customer loyalty and positions it as a preferred brand among modern Indian consumers," it said with a 'subscribe' rating.