Bluestone Jewellery and Lifestyle Limited, established in 2011, is India’s leading destination for high-quality fine jewellery featuring strikingly exquisite designs. The company aims to revolutionize India’s fine jewellery and lifestyle segment by focusing on craftsmanship, quality, and delivering an excellent customer experience. In a relatively short time, Bluestone has built a large family of loyal customers both in India and abroad, offering over 8000 unique designs.

The company is launching a Book Built Issue IPO amounting to ₹1,540.64 Crores. This includes a fresh issue of 1.58 Crore shares valued at ₹819.99 Crores and an offer for sale of 1.39 Crore shares worth ₹720.65 Crores. The IPO subscription period opens on August 11, 2025, and closes on August 13, 2025. The allotment is expected to be finalized on or about August 14, 2025, with shares slated to list on the BSE and NSE around August 19, 2025.

The IPO’s price band is set between ₹492 and ₹517 per equity share. The market capitalization at the upper band of ₹517 will be approximately ₹7,823.26 Crores. The IPO lot size is 29 shares, requiring retail investors to invest a minimum of ₹14,993 for one lot. High-Net-Worth Individuals (HNIs) must apply for a minimum of 14 lots (406 shares), amounting to ₹2,09,902.

The IPO is managed by three lead managers — Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited, with KFin Technologies Limited acting as the registrar.

Currently, the Grey Market Premium (GMP) for Bluestone IPO stands at ₹0, reflecting no expected listing gains based on the company’s financials. It is important to note that GMP depends on unregulated demand-supply dynamics and is not an official indicator of listing price or gains.

Financially, Bluestone has demonstrated significant revenue growth but remains in losses. Revenues for the fiscal years ending March 31, 2025, 2024, and 2023 were ₹18,300.36 Million, ₹13,034.91 Million, and ₹7,878.94 Million, respectively. EBITDA improved from a loss of ₹388.65 Million in 2023 to a profit of ₹1,331.97 Million in 2025, indicating operational improvement. However, the company reported net losses for these years, with Profit After Tax of ₹-2,218.37 Million in 2025, ₹-1,422.36 Million in 2024, and ₹-1,672.44 Million in 2023.

Key metrics show a pre-issue EPS of -₹79.74 and a post-issue EPS of -₹14.65 for FY24. The Price-to-Earnings (P/E) ratios are negative due to losses, standing at -6.48x pre-issue and -35.29x post-issue, compared to an industry average P/E of 55x. The company’s Return on Capital Employed (ROCE) is -3.67%, Return on Equity (ROE) is -34.53%, and Return on Net Worth (RoNW) is -24.45%, highlighting ongoing financial challenges.

The IPO proceeds will primarily be used for funding working capital requirements and general corporate purposes, supporting the company’s growth ambitions.

Bluestone Jewellery is led by Promoter Gaurav Singh Kushwaha, a technology graduate from IIT Delhi with prior experience at Amazon and other firms. His leadership is focused on scaling the brand and enhancing customer experience.

Given the current financial losses and zero GMP, the IPO is fully priced with significant risks. Investors are advised to carefully assess the risk profile and financial health of the company before investing. This IPO might be suitable only for investors with a higher risk appetite looking to bet on long-term brand potential rather than immediate listing gains.

The Upcoming IPOs in this week and coming weeks are Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO 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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