BlueStone Jewellery & Lifestyle IPO

2.70x

subscribed

BlueStone Jewellery & Lifestyle IPO

Diamond & Jewellery
listed
₹14,268Min. investment
  1. Pre-apply
    8 Aug
  2. Bid start
    11 Aug
  3. Bid end
    13 Aug
  4. Allotment
    14 Aug
  5. Release of funds
    18 Aug
  6. Demat transfer
    18 Aug
  7. Listing
    19 Aug

About BlueStone Jewellery & Lifestyle Limited

SectorDiamond & Jewellery
Price range₹492 – ₹517
IPO type
Regular
Lot size29 shares
Issue size₹1,540Cr
Red Herring Prospectus
Read
Market Cap
₹7,823CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,770CrLower than sector avg
Growth rate3Y CAGR
31.90%Higher than sector avg

BlueStone Jewellery & Lifestyle Limited IPO Overview

Bluestone Jewellery and Lifestyle Limited IPO date

Bluestone Jewellery and Lifestyle Limited IPO will open for subscription on August 11, 2025, and the closing date for the IPO is August 13, 2025. After this, investors are expected to be updated about the allotment status on August 14, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on August 18, 2025. The shares will be listed on the NSE and the BSE on Tuesday, August 19, 2025.

Bluestone Jewellery and Lifestyle Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹492 to ₹517 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹820 crore and an offer for sale of ₹720.65 crore.

Bluestone Jewellery and Lifestyle Limited IPO listing price will be determined on Aug 19, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Bluestone Jewellery and Lifestyle Limited IPO lot size

Bluestone Jewellery and Lifestyle Ltd IPO details have been declared. The minimum lot size for an application is 29 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹1,540.65 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Compare

Companies in this sector
Titan Company LtdTitan Company Ltd
Kalyan Jewellers India LtdKalyan Jewellers India Ltd
PC Jeweller LtdPC Jeweller Ltd
Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,770Cr
This sector
₹7,172.77Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
31.90%
This sector
0.03%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
-₹221.8Cr
This sector
₹66.45Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹7,823Cr
This sector
₹7,398.94Cr
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.80
This sector
0.57
Compare with companies

Objectives

Working capitall
91.46%
General corporate purposes
8.60%

Strength and Weakness

Leading omni-channel digital jewellery brand

Bluestone is the second-largest digital-first omni-channel jewellery brand in India by FY24 revenue, with a 28–32% market share among its peers. Repeat revenue contributed 44.61% in FY25, up from 34.67% in FY23, reflecting strong customer retention.

Strong in-house tech architecture

Bluestone’s proprietary tech stack integrates customer engagement, inventory, supply chain, and operations, enabling real-time insights and scalability. This has led to the highest gross margin return on investment (37.94% in FY25) among leading Indian jewellery retailers, highlighting its capital efficiency.

Differentiated product and design approach

The company follows a design-first strategy, backed by in-house studios in Bengaluru, Mumbai, and Jaipur, allowing it to launch over 7,400 unique SKUs across 91 curated collections. Its trend-aligned designs span daily wear to occasion pieces, supported by data-driven insights and rapid prototyping, enabling quicker refresh cycles and stronger customer engagement.

Advanced manufacturing capabilities

Bluestone leverages in-house manufacturing units equipped with CNC machines, 3D printing, and casting equipment, enabling rapid prototyping, design precision, and faster go-to-market. This vertically integrated setup supports high design throughput, efficient inventory turnover, and consistent product quality across its pan-India retail network.

Pan-India retail footprint

As of March 31, 2025, Bluestone operated 275 stores across 117 cities in 26 states and UTs, reflecting a strong pan-India presence. This includes a strategic mix of 200 company-operated and 75 franchise stores, enabling deep market penetration and scalable expansion.

About BlueStone Jewellery & Lifestyle Limited

Bluestone Jewellery and Lifestyle is a direct-to-consumer (DTC) jewellery retailer. The company manufactures and offers diamond, gold, platinum and studded jewellery products under its flagship brand name “Bluestone”. It is the second-largest digital-first omnichannel jewellery brand in India by FY24 revenues. As per the company, it has a market share between 28% and 32% in 2024 among omnichannel players in the jewellery industry.
The company retails products through its website & mobile application. The company’s total stores increased from 155 in FY23 to 275 in FY25, spanning 117 towns and cities. The store network comprises 200 company-owned stores and 75 franchisee stores, covering an aggregate area of over 605,000 sq ft, with all franchisee stores operated directly by the company. Meanwhile, the average order value for the company improved from ₹32,038 in FY23 to ₹47,671 crore in FY25, while the customer count increased to 7.71 lakh during the same period.
It showcases 7,400+ designs as of March 31, 2025, offering customers multiple interaction options, including 360-degree product views, contemporary design access, store location selection, and 'Try at Home' services at select locations. It offers a diverse range of jewellery products, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains across various price points to cater to different customer segments. As of March 31, 2025, the company maintained 91 collections of jewellery products. The company has consistently expanded its product range by launching 6, 12, and 10 new jewellery collections in FY25, FY24, and FY23, respectively. Studded jewellery contributed 67.88% of revenue from operations in FY25.
The company operates three manufacturing facilities located in Mumbai (Maharashtra), Jaipur (Rajasthan), and Surat (Gujarat). It has in-house manufacturing capabilities, producing more than 75% of the total jewellery in-house. The Mumbai facility operated at a capacity utilisation of 98.57% in FY25; the Jaipur facility, which became operational during FY23, achieved capacity utilisation of 81.72% in the same period, while the Surat facility that commenced operations in May 2024 recorded 68.25% capacity utilisation in FY25.
The Indian jewellery market, valued at approximately $75 billion in 2024, is the second largest globally, trailing only behind China. It is expected to grow at a CAGR of 12–14%, reaching $130–$140 billion by 2029, driven by rising discretionary incomes, a young urban population, increasing participation of working women, and a shift in preferences toward daily-wear and occasion-led jewellery. While wedding jewellery continues to dominate with a 53% share, daily wear and occasion-led jewellery are the fastest-growing segments, collectively expected to contribute nearly 60% of the market by 2029. Digital-first and omnichannel brands are expected to dominate the online jewellery landscape, with the e-commerce jewellery market projected to grow at a 20–25% CAGR.
Organised retail currently accounts for 37% of the market and is expected to rise to 43–47% by 2029. This shift is supported by regulatory tailwinds such as mandatory hallmarking, increased tax transparency, and 100% FDI in the sector, which favours branded players over traditional unorganised jewellers. Unlike traditional jewellers focused on wedding wear, BlueStone targets the underpenetrated daily and occasion-led jewellery segments, which offer higher margins and customer lifetime value.
Now, Bluestone Jewellery and Lifestyle is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹820 crore and an offer for sale of ₹720.65 crore. The total issue size of the IPO is ₹1,540.65 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

video thumbnail
IPO REVIEW
BlueStone Jewellery & Lifestyle IPO
Should you apply?

IPO Subscription Status

Date
QIB
NII
Retail
Total
11-Aug-25
0.57 times (X)
0.02 times (X)
0.41 times (X)
0.39 times (X)
12-Aug-25
0.85X
0.2X
0.78X
0.65X
13-Aug-25
0.98X
0.46X
1.32X
2.7X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of BlueStone Jewellery & Lifestyle IPO ?

The issue size of the BlueStone Jewellery & Lifestyle IPO is 1540 Cr.

What is 'pre-apply' for BlueStone Jewellery & Lifestyle IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will BlueStone Jewellery & Lifestyle IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.