BlueStone Jewellery’s initial public offering (IPO), which opened for subscription on Monday, August 11, aims to raise a total of ₹1,540.65 crore. The issue is structured as a combination of a fresh issue and an offer for sale. The fresh issue comprises 1.59 crore new shares valued at ₹820 crore, while the offer for sale involves 1.39 crore existing shares worth ₹720.65 crore. Investors will be able to place their bids until Wednesday, August 13. The allotment of shares is expected to be finalised on Thursday, August 14, and trading is scheduled to commence on the BSE and NSE from Tuesday, August 19.
The company has set a price band between ₹492 and ₹517 per share. Retail investors can subscribe with a minimum lot of 29 shares, requiring an investment of ₹14,268. Small non-institutional investors (SNII) must apply for at least 14 lots, equivalent to 406 shares, at a cost of ₹2,09,902. Large non-institutional investors (bNII) need to bid for at least 67 lots, or 1,943 shares, translating to an investment of ₹10,04,531. Axis Capital Limited is serving as the book-running lead manager, while Kfin Technologies Limited is acting as the registrar for the issue. As of August 11, the Grey Market Premium (GMP) stood at ₹9 per share, which implies a potential listing price of around ₹526, representing an estimated 1.74% gain over the IPO’s upper price band if the premium remains steady.
Brokerage views on the offering are divided. Swastika Investmart has advised investors to avoid the IPO for the time being. While acknowledging BlueStone’s status as India’s second-largest digital-first omni-channel jewellery retailer and its strengths in technology integration, design capabilities, and supply chain management, Swastika flagged significant concerns. These include high inventory levels, exposure to seasonal sales cycles, margin pressures, and the fact that the company is currently loss-making. The brokerage noted that although the price-to-book ratio of 2.01 times suggests moderate pricing on book value, competitive intensity in the jewellery market remains high.
In contrast, SBI Securities has issued a long-term subscription recommendation. It highlighted BlueStone’s strong position in the omnichannel casual jewellery market, where it holds a 28–32% share, and praised the company’s emphasis on quality and design, which has supported higher gross margins. SBI also pointed to a significant increase in repeat customer revenue, which reached 44.6% in FY25, signalling high customer loyalty. Valuing the company at 4.5 times enterprise value-to-sales — a premium to peers — SBI believes BlueStone’s recent aggressive store expansion and consistent sales growth put it in a favourable position to capitalise on the increasing demand for lightweight jewellery in India’s evolving retail landscape.
