BlueStone Jewellery IPO opens on August 11: A look at its strengths, risks and financials

BlueStone Jewellery IPO: Fine jewellery maker BlueStone Jewellery & Lifestyle's initial public offering will go live on Monday, August 11. The issue will conclude on August 13. The price band has been fixed at ₹492 to ₹517 per share.

The initial share sale seeks to raise ₹1,540.65 crore via a fresh issuance of shares valued at ₹820 crore as well as an offer for sale (OFS) of 1.39 crore shares.

Under the OFS, Accel India III (Mauritius) Ltd, Kalaari Capital Partners II LLC, Saama Capital II Ltd, Kalaari Capital Partners Opportunity Fund LLC, Iron Pillar India Fund I, Iron Pillar Fund I Ltd and Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) will offload their stake.

BlueStone Jewellery IPO: Objectives

The net proceeds from the fresh issuance will be utilised for funding working capital requirements and general corporate purposes.

BlueStone Jewellery IPO timeline: Check allotment and listing dates

Axis Capital, Kotak Mahindra Capital Company and IIFL Capital Services are the issue's book-running lead managers, while KFin Technologies is the registrar.

The company's shares will be listed on August 19.

BlueStone Jewellery offers contemporary lifestyle diamond, platinum, gold and studded jewellery under its flagship brand BlueStone.

BlueStone IPO: A look at its strengths

• BlueStone Jewellery is India's second-largest digital-first omni-channel jewellery brand in terms of revenues in the financial year 2023-24, according to the RedSeer Report.
• The company has advanced manufacturing capabilities with vertically integrated operations, giving it control of raw material procurement, design, production and marketing to sales.
• Apart from online presence, the jewellery manufacturer has pan-India presence across Tier-I, Tier-II and Tier-III cities with 275 stores.

BlueStone IPO: A look at risk factors

• The company has not generated any profit since inception. In the financial year 2024-25 (FY25) and FY24, it had experienced a loss of ₹221.83 crore and ₹142.23 crore, respectively.
• Its repeat revenue ratio (revenue generated from repeat customers) was 44.61% and 39.83% in FY25 and FY24, respectively. If it fails to convert existing customers into repeat customers, the company may not be able to maintain profitability or increase revenue.
• BlueStone purchases and manufactures inventory in anticipation of sales. Its inventory was ₹1,652.54 crore and ₹991.22 crore as of March 31, 2025 and 2024, respectively. Failing to manage inventory effectively can affect business.

BlueStone Jewellery IPO: Financials

BlueStone Jewellery & Lifestyle's net loss attributable to owners of the company stood at ₹221.66 crore in FY25, compared to a loss of ₹142.23 crore a year back.

Its revenue from operations climbed 39.82% to ₹1,770 crore in the fiscal year 2025 vs ₹1,265.83 crore in the financial year 2023-24.