BlueStone Jewellery IPO: Price, Analysis, And GMP

BlueStone Jewellery IPO - Company Analysis

BlueStone Jewellery IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 1,540.65 Cr (2.97 crore Shares) by BlueStone Jewellery Ltd., which was founded in 2011 and Diamond, gold, platinum, and studded jewelry are produced and sold by BlueStone Jewellery and Lifestyle Limited under its main brand, BlueStone. As of March 31, 2025, the company operated 275 outlets in 117 locations across 26 States and Union Territories, serving over 12,600 PIN codes nationwide.

As the second-largest digital-first omnichannel jewelry company in India by revenue in Fiscal 2024, this digital-first direct-to-consumer ("DTC") brand is committed to giving customers a flawless omnichannel experience. There are 275 outlets in the company's network.

The company offers a large variety of jewelry, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains, at varying price points, to cater to a diverse audience. BlueStone had 91 jewelry product collections as of March 31, 2025 (a collection is a group of jewelry designs made with a particular topic).

 

BlueStone Jewellery IPO Details

The BlueStone IPO open date is from Aug 11 to Aug 13, with IPO allotment on Aug 14, refund initiation on Aug 18, 2025.

The Rs. 1,540.65 crore mainline IPO comprises a combination of a fresh issue of 1.59 crore shares (Rs. 820 Cr) and an offer for sale (OFS) of 1.39 crore shares (Rs. 720.65 Cr)

The BlueStone Jewellery IPO listing date might be on Thursday, 19 August 2025, and it will be listed at the BSE and NSE. The BlueStone Jewellery IPO price band is Rs. 492 to Rs. 517 for each Share.

Events	Date
IPO Opening Date	Aug 11, 2025
IPO Closing Date	Aug 13, 2025
IPO Allotment Date	Aug 14, 2025
Refund Initiation	Aug 18, 2025
IPO Listing Date (Tentative)	Aug 19, 2025

 

 

Industry Outlook

The Indian jewelry market is currently valued at around USD 75 billion after growing gradually at a CAGR of 13% - 15% between 2021 and 2024 and is projected to grow at a  CAGR of 12% - 14% between 2024 and 2029 and reaching USD 130-140 billion by 2029.

 If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	3,532.28	2,453.49	1,255.49
Total Revenue	1,830.04	1,303.49	787.89
PAT	-221.84	-142.24	-167.24
EBITDA	73.16	53.05	-56.03
Reserves and Surplus	877.12	346.28	-81.06
Total Borrowing	728.62	430.43	228.42

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(6,658.28)	(1,811.64)	271.34
Net Cash Flow Investing Activities	(842.33)	(3,816.48)	(2,048.30)
Net Cash Flow Financing Activities	7,397.01	5,948.47	1,960.84

 

Revenue Bifurcation 

Revenue from Operations Breakdown

(Source RHP)

The Objective of The Issue

• Funding the working capital requirements. ~ Rs. 750 Cr.

• General corporate purposes.

 

Click to check the IPO application status.

Listed Peers of BlueStone Jewellery Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Kalyan Jewellers India Limited	10	6.93	84.10
Titan Company Limited	1	37.62	88.14
Senco Gold Limited	5	10.09	31.17
Thangamayil Jewellery Ltd.	10	42	45.47
PC Jeweller Limited	1	1.13	22.76

Valuation

Metric	Value
ROE	-34.53%
ROCE	-3.67%
Debt/Equity	0.80
PAT Margin	-12.53%
EBITDA	4.13%
Price to Book Value	2.01
RoNW	-24.45%

 

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. (79.74) from the last year, the resulting P/E ratio is NA. 

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IPO's Strengths 

• India's top digital-first jewelry company with a multi-channel shopping experience.

• The Internal Technology Framework directs all aspects of business operations.

• Distinct approach to design and product.

• Vertically integrated operations combined with advanced manufacturing capabilities.

• Presence in Tier I, Tier II, and Tier III cities in India with strong unit economies.
  
  

IPO’s Weaknesses

• Contracts with public-private partnerships (PPPs) account for a substantial amount of revenue. Government payment delays can cause issues for the company's working capital and cash flow.

• High-end technology is essential to diagnostic services. Star Imaging may lose business to more sophisticated rivals if it doesn't maintain or modernize its machinery.

• A large number of PPP contracts have deadlines. These are subject to government regulations or policies, which are beyond the company's control and may affect revenue continuity.

 

BlueStone Jewellery IPO GMP 

BlueStone Jewellery IPO GMP today is Rs. 16 as of 07 Aug 2025, while writing this information. Hence, the BlueStone Jewellery IPO listing price (estimated) might be Rs. 533 (upper price + current GMP or grey market premium).

BlueStone Jewellery Limited IPO Summary

IPO Opening & Closing Date	Aug 11, 2025 to Aug 13, 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 492 to Rs. 517
Lot Size	29 Shares
Issue Size	2,97,99,798 Shares (Rs. 1,540.65 Cr)
Offer for Sale	1,39,39,063 Shares (Rs. 720.65 Cr)
Fresh Issue	1,58,60,735 Shares (Rs. 820 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

 

 

BlueStone Jewellery IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (29 Shares) amounting to Rs. 14993 and 13 Lots (377 Shares) amounting to Rs. 194909, respectively, while for S-HNI investors, the minimum Lot is 14 (406 Shares) amounting to Rs. 209902.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	66 Lots
BHNI (Minimum)	67 Lots

BlueStone Jewellery IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

BlueStone Jewellery IPO Allotment Status

To check the BlueStone Jewellery IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website Kfintech IPO allotment status

Using BSE Website ​BSE IPO allotment status

 

Promoters And Management of BlueStone Jewellery Ltd.

Gaurav Singh Kushwaha.

Pre-Issue Promoter Shareholding	18.28%
Post-Issue Promoter Shareholding	16.07%

 

BlueStone Jewellery IPO Lead Managers

• Axis Capital Limited.

 

 

Dividend Policy

The company has not paid a dividend in the last three years.

Conclusion

With a strong brand presence and omnichannel strategy, BlueStone Jewellery IPO gives investors access to India's rapidly expanding digital-first jewelry retail industry. Consistent losses and negative margins raise worries despite strong sales growth and a national presence. Market sentiment and profitability turnaround are key factors in the IPO's success.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.