Bluestone Jewellery and Lifestyle Limited, established in 2011, is a leading name in India’s fine jewellery segment, offering over 8,000 unique designs. Known for its craftsmanship, quality, and customer experience, the brand has expanded its loyal customer base both domestically and internationally.

The company launched its Book Built Issue IPO amounting to ₹1,540.64 crore, comprising a fresh issue of 1.58 crore shares worth ₹819.99 crore and an offer for sale of 1.39 crore shares totalling ₹720.65 crore. The IPO opened on August 11, 2025, and closed on August 13, 2025.

The share price band was set at ₹492–₹517 per equity share, giving the company an estimated market capitalisation of ₹7,823.26 crore at the upper band. The lot size stood at 29 shares, meaning a retail investor’s minimum application amount was ₹14,993, while HNIs had to apply for a minimum of 14 lots (406 shares) amounting to ₹2,09,902.

Axis Capital Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited served as the book running lead managers, with KFin Technologies Limited acting as registrar.

As of 11:00 AM on August 13, 2025, the live subscription data from the BSE revealed the IPO had been subscribed 0.53 times, indicating weak investor appetite. Anchor investors had earlier committed ₹693.29 crore at ₹517 per share, with 1,34,09,910 shares allotted to them.

The Grey Market Premium (GMP) stood at ₹0, suggesting no expected listing gains. Experts attribute this to the company’s negative profitability, with losses of ₹-2,218.37 million in FY25, ₹-1,422.36 million in FY24, and ₹-1,672.44 million in FY23.

While revenues have grown from ₹7,878.94 million in FY23 to ₹18,300.36 million in FY25, profitability remains elusive. The EBITDA improved to ₹1,331.97 million in FY25, but the Return on Equity (ROE) stood at -34.53% in FY24 and Return on Capital Employed (ROCE) at -3.67%.

The pre-issue EPS was -79.74 and post-issue EPS is estimated at -14.65. The post-issue P/E ratio of -35.29x is well below the industry P/E of 55x, but the persistent losses raise valuation concerns.

Given these financial metrics and the flat GMP, analysts have issued a recommendation to avoid the IPO for short-term listing gains, although long-term investors may monitor future profitability improvements.

In conclusion, despite Bluestone’s strong brand, design portfolio, and market positioning, the IPO’s muted response and weak financials indicate that cautious investors may prefer to wait until consistent profitability is demonstrated.

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 Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions.

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