India-based Bluestone Jewellery and Lifestyle Ltd has announced its IPO price band at ₹492–517 per share, offering early investors like its founder and private equity firms significant multi-fold returns. Despite being loss-making, the IPO has gained investor interest due to the company’s rapid retail expansion and digital-first model.
India’s Bluestone Jewellery and Lifestyle Ltd is preparing for its Initial Public Offering (IPO) from August 11 to August 13, 2025, with anchor bidding beginning August 8. The company has set the IPO price band at ₹492–517 per share, creating significant windfalls for early backers.
The ₹1,571 crore IPO comprises a fresh issue of ₹850 crore and an offer for sale worth ₹721 crore by existing shareholders and promoters. At the upper price band, the IPO values the Bengaluru-based jewellery firm at a post-issue market capitalisation of approximately ₹7,850 crore.
Bluestone’s founder holds a 17% stake acquired at an average price of ₹48 per share. With the upper band pricing, his holding is now valued at nearly ₹980 crore, marking a 10x return on the initial investment of ₹120 crore.
Early-stage equity holders have also seen substantial appreciation in their holdings. One backer with a 12% stake has gained over 7x, and another firm with a 3% stake has witnessed a tenfold increase, going from ₹20 crore to ₹212 crore in current value.
Other shareholders with 5–6% equity have also reaped 500–700% returns, underlining the IPO’s lucrative prospects for early-stage investors. Notably, one investor doubled their investment from ₹200 crore to ₹400 crore over time, holding around 5.7% equity in the company.
Despite reporting net losses, Bluestone’s strong digital-first strategy and aggressive offline expansion have bolstered investor confidence. The company operates 225 outlets in 117 cities and sells jewellery across platforms including its website and mobile applications.
Experts note that the IPO reflects growing investor appetite for digitally native brands with omnichannel models. Market analysts expect robust subscription, especially as the listing provides liquidity to long-term investors in a consumer-facing business amid India’s growing demand for branded jewellery.
Lead book-running managers for the issue include Axis Capital, Kotak Mahindra Capital, and IIFL Capital, providing strategic oversight and distribution reach for the offering.
As the IPO opens later this week, all eyes are on the subscription numbers and subsequent market performance of Bluestone—one of India’s prominent new-age retail brands making its public debut amid mixed profitability but strong growth signals.
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