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BlueStone Jewellery & Lifestyle IPO
2.70xsubscribed

BlueStone Jewellery & Lifestyle IPO

Diamond & Jewellery
listed
â‚ą14,268Min. investment

BlueStone Jewellery & Lifestyle Limited IPO Details

SectorDiamond & Jewellery
Price range₹492 – ₹517
IPO type
Regular
Lot size29 shares
Issue sizeâ‚ą1,540Cr
Red Herring Prospectus
Read
Market cap
â‚ą7,823CrHigher than sector avg
RevenueApr 2024 - Mar 2025
â‚ą1,770CrLower than sector avg
Growth rate3Y CAGR
31.90%Higher than sector avg

BlueStone Jewellery & Lifestyle 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

As on 11-Aug-25, 5:30 PM

BlueStone Jewellery & Lifestyle IPO Timeline

  1. Pre-apply
    8 Aug 2025
  2. Bid start
    11 Aug 2025
  3. Bid end
    13 Aug 2025
  4. Allotment
    14 Aug 2025
  5. Release of funds
    18 Aug 2025
  6. Demat transfer
    18 Aug 2025
  7. Listing
    19 Aug 2025

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 â‚ą820 crore and an offer for sale of â‚ą720.65 crore. The total issue size of the IPO is â‚ą1,540.65 crore. Its shares will be listed on the NSE and BSE.

Bluestone Jewellery And Lifestyle Limited IPO Analysis

IPO REVIEW

BlueStone Jewellery & Lifestyle IPO | Analysis Video

Should you apply?

Watch our analysts break down the Bluestone Jewellery And Lifestyle Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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

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.

Objectives of Bluestone Jewellery And Lifestyle Limited IPO

Working capitall
91.46%
The company will utilise â‚ą750 crore to fund its working capital requirements.
General corporate purposes
8.60%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capD/E ratio
This IPOâ‚ą1,770Cr31.90%-â‚ą221.8Crâ‚ą7,823Cr0.80
This sector (avg.)â‚ą7,172.77Cr0.03%â‚ą66.45Crâ‚ą7,398.94Cr0.57
â‚ą60,456Cr---â‚ą3,337Crâ‚ą3,52,813.4Cr1.79
â‚ą25,045.07Cr---â‚ą714.17Crâ‚ą37,346.24Cr1.03
â‚ą4,910.58Cr---â‚ą118.71Crâ‚ą10,321.1Cr0.72

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

BlueStone Jewellery & Lifestyle IPO Contact Details

Company NameBlueStone Jewellery & Lifestyle Limited

How to apply for BlueStone Jewellery & Lifestyle IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Bluestone Jewellery And Lifestyle Limited IPO FAQs

Investors can apply for the BlueStone Jewellery & Lifestyle IPO through their Demat account via the stock exchange or through their broker.
The issue size of the BlueStone Jewellery & Lifestyle IPO is 1540 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
BlueStone Jewellery & Lifestyle IPO will be open between 2025-08-11 and 2025-08-13.
BlueStone Jewellery & Lifestyle IPO allotment date is 2025-08-18. For BlueStone Jewellery & Lifestyle IPO allotment status check, you can visit the website of the registrar of the IPO.
For BlueStone Jewellery & Lifestyle IPO, the IPO registrar is KFin Technologies Limited . You can check BlueStone Jewellery & Lifestyle IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The BlueStone Jewellery & Lifestyle IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The BlueStone Jewellery & Lifestyle IPO lot size is 29 and minimum order quantity is 29.
BlueStone Jewellery & Lifestyle IPO has set the price band for its IPO at 517 per equity share with a face value of 1.