Bluestone Jewellery and Lifestyle Limited, founded in 2011, is one of India’s premier fine jewellery brands, known for its striking designs, craftsmanship, and customer-centric approach. It offers over 8,000 unique designs and has rapidly built a loyal consumer base both in India and abroad.

The company is now stepping into the public market with its much-anticipated Initial Public Offering (IPO). The Bluestone IPO is expected to generate considerable interest, especially from retail and HNI investors. However, the financials and market sentiment are mixed. Here’s everything investors need to know.

IPO Structure and Details

The Bluestone Jewellery and Lifestyle IPO is a Book Built Issue worth ₹1,540.64 Crores. It comprises:

• A Fresh Issue of 1.58 crore shares aggregating to ₹819.99 Crores

• An Offer for Sale (OFS) of 1.39 crore shares worth ₹720.65 Crores

The IPO opens for subscription on August 11, 2025, and closes on August 13, 2025. The allotment is likely to be finalized on August 14, 2025, and the tentative listing date is August 19, 2025, on both BSE and NSE.

The price band has been fixed at ₹492 to ₹517 per equity share.

Market Capitalisation and Investment Size

At the upper end of the price band, the market capitalisation of Bluestone will be approximately ₹7,823.26 Crores.

The lot size of the IPO is 29 shares.

• Retail investors need a minimum investment of ₹14,993 (29 shares).

• HNIs (High Net-Worth Individuals) need to apply for a minimum of 14 lots (406 shares), amounting to ₹2,09,902.

Lead Managers and Registrar

The Book Running Lead Managers (BRLMs) for the IPO are:

• Axis Capital Limited

• IIFL Capital Services Limited

• Kotak Mahindra Capital Company Limited

The registrar for the issue is KFin Technologies Limited.

Grey Market Premium (GMP) Status

The Grey Market Premium (GMP) for the Bluestone IPO is currently at ₹0, which means no expected listing gain as of now.

Investors must understand that GMP is unofficial and unregulated, based on unorganized market trades, and should be treated as informational only, not advisory.

The current flat GMP suggests low speculative interest or uncertainty in demand, especially for short-term listing gains.

Promoter and Leadership

Bluestone is led by its promoter, Gaurav Singh Kushwaha, an IIT Delhi graduate in Computer Science & Engineering. He has prior experience with:

• Amazon Development Centre (India) Pvt Ltd

• Tavant Technologies Pvt Ltd

• Chakpak Media Pvt Ltd

His tech and retail background has helped the company build a strong online and offline hybrid business model.

Financial Performance Analysis

Bluestone’s revenue growth has been steady, but profits remain elusive. Here’s a summary of its performance over the last three fiscal years:

Revenue from Operations:

• FY23: ₹7,878.94 Million

• FY24: ₹13,034.91 Million

• FY25: ₹18,300.36 Million

This reflects a compounded growth in business scale and customer reach.

EBITDA:

• FY23: ₹ -388.65 Million (Loss)

• FY24: ₹ 907.01 Million

• FY25: ₹ 1,331.97 Million

EBITDA turned positive in FY24 and improved in FY25, indicating operational efficiency.

Profit After Tax (PAT):

• FY23: ₹ -1,672.44 Million

• FY24: ₹ -1,422.36 Million

• FY25: ₹ -2,218.37 Million

Despite revenue and EBITDA growth, the company continues to post net losses, raising concerns over sustainability.

Valuation and Financial Metrics

Some important financial metrics:

• Pre-issue EPS: ₹ -79.74

• Post-issue EPS: ₹ -14.65

• Pre-issue P/E Ratio: -6.48x

• Post-issue P/E Ratio: -35.29x

• Industry P/E: ~55x

The company’s ROCE for FY24 is -3.67%, ROE is -34.53%, and RoNW is -24.45%.

These numbers indicate negative returns, which make the IPO look fully priced or overvalued.

Should You Apply?

Based on current GMP (₹0), ongoing losses, and high valuation, most analysts recommend avoiding the Bluestone IPO for listing gains.

While the brand has strong recall and decent revenue growth, the lack of profitability and high P/E multiples pose risk for short-term investors.

However, long-term investors who believe in the company’s lifestyle expansion story and market positioning may consider watching the stock post-listing for better entry points.

Key Takeaways for Investors

• Strong brand with wide recognition and modern outlook in jewellery space.

• Consistent revenue growth, but yet to achieve net profitability.

• IPO is fully priced with no current premium in the grey market.

• High lot size investment may deter small investors seeking quick gains.

• Apply only if you have long-term conviction in the jewellery retail sector.

  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.

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  The Upcoming IPOs in this week and coming weeks are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast.

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  The Current active IPO are ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products, Highway Infrastructure.

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