Established in 2011, BlueStone has grown into India’s leading fine jewellery destination, offering high-quality and exquisite designs. The company has built its brand on craftsmanship, quality, and customer experience, serving a wide base of loyal customers across India and abroad. With over 8,000 unique jewellery designs, BlueStone caters to diverse tastes, ranging from daily wear to luxury segments.

The company has now come out with its ₹1,540.64 crore IPO, which consists of:

• Fresh Issue: 1.58 crore shares worth ₹819.99 crores.

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

The IPO opened on August 11, 2025 and closed on August 13, 2025. The price band was set at ₹492 – ₹517 per share with a lot size of 29 shares. This meant that retail investors needed a minimum investment of ₹14,993, while HNIs had to invest at least ₹2,09,902. The listing of the shares is scheduled for August 19, 2025 on the BSE and NSE.

IPO Subscription Status

On the final day, the Bluestone Jewellery and Lifestyle IPO was subscribed 1.96 times. This shows decent investor interest, but not very strong compared to some of the other high-profile IPOs in recent months.

Breakdown of subscription:

• Retail Investors: Moderate participation.

• HNIs and QIBs: Relatively higher demand but not overwhelming.

Despite the demand, market experts point out that the subscription figure is not extremely high, which signals cautious investor sentiment.

Anchor Investors’ Contribution

The company raised ₹693.29 crores from anchor investors by allocating 1,34,09,910 equity shares at ₹517 per share. Some reputed institutions participated, adding credibility to the issue. However, anchor investors’ interest does not always guarantee strong listing gains.

Financial Performance of Bluestone Jewellery

Bluestone has shown strong revenue growth, but its profitability remains a concern:

• Revenue:

  • FY23: ₹7,878.94 million

  • FY24: ₹13,034.91 million

  • FY25: ₹18,300.36 million

• EBITDA:

  • FY23: ₹-388.65 million (loss)

  • FY24: ₹907.01 million

  • FY25: ₹1,331.97 million

• Profit After Tax (PAT):

  • FY23: ₹-1,672.44 million

  • FY24: ₹-1,422.36 million

  • FY25: ₹-2,218.37 million

This clearly shows that while revenues are growing, the company continues to report net losses.

Valuation and Ratios

The company’s financial indicators suggest a stretched valuation:

• 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 Ratio: 55x

• ROCE FY24: -3.67%

• ROE FY24: -34.53%

• RoNW: -24.45%

These metrics highlight that Bluestone is still loss-making and its IPO is fully priced compared to industry standards.

Grey Market Premium (GMP) Status

As of now, the GMP is flat at ₹0, which indicates that no listing gains are expected. Experts believe that since demand and supply drive the grey market, the lack of premium shows weak short-term investor enthusiasm.

Should You Invest? Expert View

Given the company’s brand recognition, revenue growth, and strong market presence, Bluestone has long-term potential. However, the continuous losses, negative EPS, and lack of GMP suggest that the IPO is not attractive for those seeking listing gains.

• For listing gains: Analysts recommend AVOID.

• For long-term investors: Those who believe in the jewellery and lifestyle growth story may consider, but risks remain high.

Conclusion

The Bluestone Jewellery and Lifestyle IPO created excitement because of its brand name and strong consumer presence. However, with weak financials, negative returns, and no visible GMP, experts strongly recommend that investors avoid the IPO for listing gains. Only those with a long-term horizon and high-risk appetite may consider it.

The Upcoming IPOs in this week and coming weeks are Mangal Electrical Industries, LGT Business Connextions, Vikram Solar, Gem Aromatics, Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

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