BlueStone Jewellery Limited, India, opened its ₹1,540.65 crore IPO today, with shares priced at ₹492–₹517 each. The subscription window closes on 13 August 2025, as the company seeks funds for store expansion and working capital.
India’s BlueStone Jewellery Limited has launched its Initial Public Offering (IPO) today, aiming to raise ₹1,540.65 crore through a combination of fresh equity issuance and an offer for sale. The IPO will remain open for bidding until 13 August 2025, with a price band set between ₹492 and ₹517 per share.
The offering structure includes ₹820 crore through fresh share issuance, intended to fund new store rollouts and working capital requirements, while ₹720.65 crore is allocated for the offer for sale component. Investors can apply in multiples of 29 shares per lot, with trading expected to commence on 19 August 2025.
Market activity ahead of the IPO has shown a ₹16 per share premium in the grey market, suggesting moderate investor interest. The valuation places BlueStone among the higher-priced retail offerings this year, raising attention to both its growth potential and its cost of entry for investors.
Also Read: From Startup to ₹7,850 Cr IPO: Bluestone’s Remarkable Journey
Financially, BlueStone has shown significant top-line growth in recent years, transitioning from losses to reporting ₹35 crore profit after tax in the first nine months of FY24. Revenue expansion has been driven by the company’s omni-channel model and increasing store network, with a target of over 300 outlets. Its gross margins stand at a healthy 32%, supported by branding and product positioning in India’s competitive jewellery retail segment.
However, challenges remain. The jewellery business is capital-intensive, with thin EBITDA margins near 8%, and expansion costs could pressure near-term earnings. Established competitors in the market also maintain strong brand loyalty. The proceeds from the IPO are expected to enhance market penetration, particularly in urban retail clusters where premium jewellery demand is rising.
While short-term performance may be influenced by operational costs and market sentiment, the IPO positions BlueStone to benefit from India’s growing discretionary spending and evolving jewellery retail landscape.
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