BlueStone Jewellery shares make a muted debut on D-Street, list at 2% discount

Shares of BlueStone Jewellery & Lifestyle debuted with 1.6% discount on the stock exchanges on Tuesday. The stock opened at Rs 510 on NSE and Rs 508.80 on BSE against its issue price of Rs 517 per share.

The company’s Rs 1,541 crore IPO opened for subscription between August 11–13 and was subscribed 2.72 times overall, with strong demand from Qualified Institutional Buyers (QIBs) who subscribed 4.25 times their allotted portion.

The retail portion was booked 1.38 times, while Non-Institutional Investors (NIIs) subscribed just 0.57 times.

Ahead of the IPO, the company raised Rs 693 crore from anchor investors on August 8, with marquee institutions participating in the anchor book.

IPO details

The issue comprised a fresh issue worth Rs 820 crore and an offer for sale (OFS) of Rs 720.65 crore, aggregating to 2.98 crore shares.

Company profile

Founded in 2011, BlueStone Jewellery retails diamond, gold, platinum, and studded jewellery under its flagship BlueStone brand. As of March 2025, it had 275 stores across 117 cities, comprising 200 company-owned outlets and 75 franchise stores.

The company reported Rs 1,830 crore in revenue in FY25, up 40% year-on-year. However, it posted a net loss of Rs 222 crore for the same period, compared to a loss of Rs 142 crore in FY24, as higher finance costs and ESOP expenses weighed on profitability.

While BlueStone enjoys strong brand recall and a pan-India presence, concerns remain over its continued losses and competition in the jewellery retail market. With the GMP flat at 0%, market watchers suggest the stock could see a tepid listing, with performance hinging on its ability to chart a path to profitability.

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