Bluestone Jewellery and Lifestyle IPO – Complete Details

Company Overview
Bluestone Jewellery and Lifestyle, established in 2011, has emerged as India’s leading destination for high-quality fine jewellery known for its craftsmanship, quality, and customer experience. With over 8,000 unique designs, it caters to a loyal consumer base in India and abroad. The company has revolutionised the fine jewellery and lifestyle segment with a strong emphasis on design innovation and premium service.

IPO Structure and Dates
The Bluestone Jewellery and Lifestyle IPO is a Book Built Issue of ₹1,540.64 crore, consisting of:

• Fresh Issue: 1.58 crore shares worth ₹819.99 crore

• Offer for Sale (OFS): 1.39 crore shares worth ₹720.65 crore

Important Dates:

• Opening Date: August 11, 2025

• Closing Date: August 13, 2025

• Allotment Date: August 14, 2025

• Listing Date (tentative): August 19, 2025

• Stock Exchanges: BSE & NSE

IPO Price Band and Lot Size
The price band has been fixed at ₹492 to ₹517 per share.

• Lot Size: 29 shares

• Retail Investors: Minimum investment ₹14,993 (29 shares)

• HNIs: Minimum investment ₹2,09,902 (406 shares – 14 lots)

Market Capitalisation at Upper Band: ₹7,823.26 crore

Lead Managers & Registrar

• Book Running Lead Managers: Axis Capital Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited

• Registrar: KFin Technologies Limited

Financial Performance

Revenue from Operations:

• FY25: ₹18,300.36 million

• FY24: ₹13,034.91 million

• FY23: ₹7,878.94 million

EBITDA:

• FY25: ₹1,331.97 million

• FY24: ₹907.01 million

• FY23: ₹-388.65 million

Profit After Tax (PAT):

• FY25: ₹-2,218.37 million

• FY24: ₹-1,422.36 million

• FY23: ₹-1,672.44 million

These figures indicate steady revenue growth but continued losses, which raises concerns for investors seeking short-term gains.

Valuation Metrics

• Pre-issue EPS (FY24): ₹-79.74

• Post-issue EPS (FY24): ₹-14.65

• Pre-issue P/E ratio: -6.48x

• Post-issue P/E ratio: -35.29x

• Industry P/E ratio: 55x

• ROCE (FY24): -3.67%

• ROE (FY24): -34.53%

• RoNW: -24.45%

These metrics indicate that the IPO is fully priced despite ongoing losses.

Grey Market Premium (GMP)

• As of August 6, 2025, the GMP is ₹0, suggesting no expected listing gains.

• The GMP reflects unorganised market sentiment and should not be considered as an official indicator.

IPO Objectives

The net proceeds will be utilised for:

1. Funding working capital requirements (₹7,500 million)

2. General corporate purposes

Allotment Status Checking Guide

1. Visit the IPO allotment status page of the registrar (KFin Technologies).

2. Select Bluestone Jewellery and Lifestyle Limited IPO from the dropdown list.

3. Enter Application Number, PAN, or DP Client ID.

4. Submit to view the allotment result.

Expert Recommendation

Given the company's loss-making status, fully priced valuation, and zero GMP, analysts recommend avoiding this IPO for listing gains. However, long-term investors who believe in Bluestone's brand growth and expansion strategy may keep it on their watchlist

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

The Upcoming IPOs in this week and coming weeks are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions.

The Current active IPO are Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast, ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products.

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