Bluestone Jewellery IPO opens on August 11: Check price band, financials and other key details of the ₹1,540.6 crore public issue

Bluestone Jewellery and Lifestyle will launch its ₹1,540.6-crore initial public offering (IPO) on August 11. The IPO will remain open for subscription till August 13. The IPO is a combination of a fresh issue and an offer-for-sale of over 2.97 crore shares.

Bluestone Jewellery and Lifestyle 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 and operates as a digital-first direct-to-consumer (DTC) brand.

Bluestone Jewellery IPO details

Bluestone Jewellery IPO aims to raise ₹1,540.6 crore through its public issue. The issue is 100% book-built and made up of a fresh issuance of 1.58 crore shares worth ₹820 crore and an offer-for-sale (OFS) component worth ₹720.6 crore.

The company has fixed the price band of the issue at ₹492 to ₹517 per share. The lot size, or the minimum bid quantity to apply for the issue, is 29 shares. This equates to a minimum investment amount of ₹14,993 per lot at the upper end of the price band for retail investors.

Bluestone Jewellery has appointed Axis Capital as the book-running lead managers of the IPO, while Kfin Technologies is the registrar for the issue.

Bluestone Jewellery IPO: Important dates

Bluestone Jewellery IPO will remain open for bidding from 11 to 13 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 14.

Successful bidders can expect the shares to be credited to their demat accounts by August 18, with others receiving refunds on the same day. Bluestone Jewellery shares are scheduled to list on the BSE and NSE on August 19.

Bluestone Jewellery IPO objective

• Working capital: The company will utilise ₹750 crore to fund its working capital requirements.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes.

Financial snapshot

About the company

Bluestone Jewellery 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 3 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.

Strengths and opportunities

• Leading omni-channel digital jewellery brand: Bluestone is the second-largest digital-first omni-channel jewellery brand in India by revenue in FY24, with a 28–32% market share among omni-channel players. 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.

Risks and threats

• Weak inventory efficiency: The company reported inventory losses from melting amounting to ₹35.59 crores in FY25, equivalent to 2.07% of its total material costs. Additionally, its inventory turnover ratio declined from 2.75x in FY23 to 1.34x in FY25. This drop reflects slower inventory movement, resulting in increased working capital requirements and higher carrying costs.
• Seasonal revenue dependence: Bluestone’s business is subject to significant seasonality, with revenue concentrated in the 2nd and 4th quarters due to the festive and wedding seasons. Any disruption in consumer demand during these key periods could materially impact revenue and profitability for the full year.