Bluestone Jewellery IPO to open oon August 11; price band set at Rs 492-517

Bluestone Jewellery and Lifestyle is set to launch its initial public offering (IPO) from August 11 to August 13 with a price band of Rs 492 to Rs 517. The total issue size is Rs 1,540.65 crore, comprising a fresh issue worth Rs 820 crore and an offer for sale (OFS) of Rs 720.65 crore. The shares will be listed on the BSE and NSE on August 19. Axis Capital, Kotak Mahindra Capital, and IIFL Capital are the lead managers for this IPO.

Bluestone, a leading omni-channel jewellery firm, aims to utilise the IPO proceeds for working capital and general corporate purposes. The IPO structure includes 75% reservation for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 10% for retail investors. The company targets a valuation of around Rs 7,823 crore.

Founded by IIT Delhi alumnus and former Amazon executive Gaurav Singh Kushwaha, Bluestone retails contemporary jewellery through its website, mobile apps, and a network of 225 stores across 117 cities in India as of March 2025. The company’s major external shareholders include Accel (11.68%), Sunil Kant Munjal (5.61%), and Kalaari Capital (5.12%). Kushwaha himself holds a 17.7% stake in the company.

Bluestone's financial growth has been supported by substantial investment from firms like Info Edge Ventures, Peak XV, and Steadview, which will not be diluting their stakes in this IPO. The firm said the IPO proceeds will help meet its working capital requirements and fund general corporate purposes.

The jewellery market in India is competitive, with Bluestone positioned against major players like Titan Company, Kalyan Jewellers, and PC Jewellers. Recent market activities saw Chennai-based Lalithaa Jewellery Mart file for a Rs 1,700 crore IPO, while Shanti Gold International debuted at a 15% premium.

For Bluestone, anchor investors will allocate funds on August 8, ahead of the public subscription. As "the firm said," the fresh issue will cater to Bluestone’s operational and expansion plans. Investors are keenly observing the grey market premium trends, where the activity remains on the sidelines.

Shares of the company shall be listed on both BSE and NSE with Tuesday, August 19 as the tentative date of listing.  Kfin Technologies Limited is the registrar for the issue.