BlueStone Jewellery's Rs 1,541 crore IPO opens for subscription; GMP at 2%. Check all details

BlueStone Jewellery and Lifestyle launched its IPO on Monday, aiming to raise up to Rs 1,541 crore through a combination of fresh issue and offer for sale. The issue, priced in the range of Rs 492–517 per share, will close on August 13.

The IPO comprises a fresh issue of shares worth Rs 820 crore and an offer for sale of up to 1.39 crore shares by existing shareholders, including Accel India III (Mauritius), Saama Capital II, Kalaari Capital Partners, Iron Pillar funds, and Hero Enterprise’s Sunil Kant Munjal.

At the upper price band, the company will be valued at about Rs 7,823 crore.

Investors can bid for a minimum of 29 shares and in multiples thereafter. The allocation is structured with 75% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.

The shares are proposed to be listed on both BSE and NSE, with trading expected to commence on August 19.

Bengaluru-headquartered BlueStone is a digital-first omni-channel jewellery retailer offering diamond, gold, platinum, and studded jewellery under its flagship brand.

As of March 2025, it had 275 stores across 117 cities, along with an online platform featuring over 7,400 designs. Notably, more than 75% of its jewellery is manufactured in-house at facilities in Mumbai, Jaipur, and Surat.

The company’s revenue from operations grew at a CAGR of nearly 52% in the past three fiscal years, rising from Rs 771 crore in FY23 to Rs 1,770 crore in FY25.

However, it reported a loss of Rs 222 crore in FY25, widening from Rs 14 crore a year earlier, owing to expansion and marketing spends. Gross margins improved to 37.94% in FY25 from 31.87% in FY23.

Proceeds from the fresh issue will primarily be used to fund working capital requirements (Rs 750 crore) and for general corporate purposes.

Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital are the book running lead managers to the issue, and Kfin Technologies is the registrar.