BlueStone Jewellery IPO Listing: Shares Open at Discount but Gain Strong Momentum
BlueStone Jewellery & Lifestyle made a modest market debut on August 19, 2025, opening at a discount to its issue price of ₹517 per share. The stock listed at ₹510 on the NSE and ₹508.80 on the BSE. However, despite the muted opening, BlueStone shares quickly gained traction in early trade. By 1:40 PM IST, the stock surged and hit an intraday high of ₹556.8 on the NSE, signaling positive investor sentiment after the initial dip.
Market Debut and Stock Movement
Although the shares debuted at a 1.35% discount, BlueStone Jewellery quickly bounced back, recording highs of ₹556.8 by early afternoon on the NSE. This sharp recovery reflects investor optimism about the company’s long-term growth potential in the Indian jewellery sector, driven by its omnichannel presence and expanding product portfolio.
IPO Size and Fund Utilisation
The BlueStone Jewellery IPO was valued at ₹1,540.65 crore, consisting of a fresh issue worth ₹820 crore and an offer-for-sale of ₹720.65 crore. The proceeds will primarily be utilised for working capital requirements and general corporate purposes, ensuring the brand’s continued expansion across India’s competitive jewellery retail market.
Subscription Details and Investor Response
The IPO, open between August 11 and August 13, 2025, received overall subscription of 2.72 times. Qualified Institutional Buyers (QIBs) led the demand with a strong 4.25x subscription. Retail investors subscribed 1.38x of their quota, while Non-Institutional Investors (NIIs) showed relatively subdued interest with 0.57x subscription. Ahead of the issue, BlueStone successfully raised ₹693.29 crore from anchor investors, highlighting institutional trust in the brand.
IPO Pricing and Investment Structure
The issue price was fixed at ₹517 per equity share with a minimum lot size of 29 shares, requiring an investment of ₹14,993 for retail investors. The allocation included 75% of the issue for QIBs, 15% for NIIs, and 10% for retail investors. The IPO structure allowed both small and large investors to participate, making it a well-balanced offering.
Financial Performance of BlueStone Jewellery
For FY25, BlueStone reported strong revenue growth, with operating income rising 40% to ₹1,830.04 crore compared to ₹1,303.49 crore in FY24. EBITDA improved nearly 38% to ₹73.16 crore from ₹53.05 crore. However, the company reported a net loss of ₹221.84 crore in FY25, compared to a loss of ₹142.24 crore in the previous year, reflecting high investments in growth and expansion.
Competitive Landscape
As per the Red Herring Prospectus (RHP), BlueStone competes with other established jewellery players such as CaratLane, Kalyan Jewellers, Senco Gold, Titan’s Tanishq, PC Jeweller, and Thangamayil Jewellery. Despite strong competition, BlueStone has carved a niche as the second-largest digital-first omnichannel jewellery brand in India, backed by rapid expansion and strong consumer recall.
Conclusion: BlueStone’s Growth Story Continues
While the BlueStone Jewellery IPO debut was muted, the company’s robust fundamentals, wide retail footprint, and expanding digital-first strategy make it a strong contender in India’s competitive jewellery market. With increasing demand for branded diamond, gold, and platinum jewellery, BlueStone Jewellery’s listing marks the beginning of its next growth phase on Dalal Street.
About BlueStone Jewellery & Lifestyle
Founded in 2011 in Bengaluru, BlueStone Jewellery has emerged as one of India’s leading omnichannel jewellery retailers. The brand operates 275 stores across 117 cities in 26 states and Union Territories, covering over 12,600 PIN codes. It also runs three manufacturing facilities in Mumbai, Jaipur, and Surat, strengthening its production and supply chain capabilities.
Product Range and Market Position
BlueStone offers a wide variety of fine jewellery, including diamond, gold, platinum, and studded collections. Its portfolio spans rings, necklaces, bangles, bracelets, pendants, earrings, solitaires, and chains. The company is positioned as a modern digital-first jewellery brand, appealing to contemporary consumers seeking both online and offline shopping experiences.
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