Bluestone Jewellery & Lifestyle
Mainboard₹1,541 Cr issue
-1.59%
Listing gain over issue price
Issue size
₹1,541 Cr
1 lot at cut-off
₹14,993
Lot size
29shares
Open
11 Aug 2025
Close
13 Aug 2025
Allotment
14 Aug 2025
Listing
19 Aug 2025
Listing performance
Issue price
₹517
Listed at
₹508.80
Listing-day close
₹546
Latest price
₹731.20
Close on 23 Oct 2026
Listing gain
-1.59%
Return since issue
+41.43%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Aug 2025 – 13 Aug 2025
- Listing date
- 19 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹517 per share
- Lot size
- 29 shares
- Total issue size
- ₹1,541 Cr
- Market cap at offer price
- ₹7,823 Cr
- Promoter holding
- 18.28% → 16.07% pre-issue → post-issue
- ISIN
- INE304W01038
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Site No.89/2, Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,34,09,910 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 29 shares per lot, in multiples, at ₹517
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 29 | ₹14,993 |
| Retail (max) | 13 | 377 | ₹1,94,909 |
| S-HNI (min) | 14 | 406 | ₹2,09,902 |
| S-HNI (max) | 66 | 1,914 | ₹9,89,538 |
| B-HNI (min) | 67 | 1,943 | ₹10,04,531 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,34,09,910
Anchor portion
₹693 Cr
at ₹517 per share
Valuation and performance
Valuation at offer price
₹517 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Price to book (×) | 2.01 | — |
| Market cap | — | ₹7,823 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- −24.45%
- ROCE
- −3.67%
- Debt / equity
- 0.80
- PAT margin
- −12.53%
- EBITDA margin
- 4.13%
- NAV per share
- ₹257.35
- Price to book
- 2.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bluestone Jewellery & Lifestyle
BlueStone Jewellery and Lifestyle Limited is an Indian jewellery retailer that designs and sells contemporary lifestyle jewellery targeting women, men and couples aged 25-45. Originally incorporated as 'New Age E Commerce Services Private Limited' in 2011 and renamed to BlueStone in 2013, the company operates through both online channels (website and mobile applications) and a pan-India network of 275 stores across 117 cities as of March 31, 2025. The company generates revenues from the sale of jewellery products. BlueStone's brand has been growing in the organised retail jewellery segment, which represented 37% of the Indian jewellery market in 2024 and is projected to reach 43%-47% by 2029. The company has experienced significant revenue growth (39.83% year-on-year in Fiscal 2025) but remains unprofitable as it invests heavily in expansion, marketing, inventory and working capital.
Company Analysis
from RHPBlueStone is an omni-channel jewellery retailer offering contemporary lifestyle diamond, gold, platinum and studded jewellery through online and retail store channels across India.
BlueStone Jewellery and Lifestyle Limited is an Indian jewellery retailer that designs and sells contemporary lifestyle jewellery targeting women, men and couples aged 25-45. Originally incorporated as 'New Age E Commerce Services Private Limited' in 2011 and renamed to BlueStone in 2013, the company operates through both online channels (website and mobile applications) and a pan-India network of 275 stores across 117 cities as of March 31, 2025. The company generates revenues from the sale of jewellery products. BlueStone's brand has been growing in the organised retail jewellery segment, which represented 37% of the Indian jewellery market in 2024 and is projected to reach 43%-47% by 2029. The company has experienced significant revenue growth (39.83% year-on-year in Fiscal 2025) but remains unprofitable as it invests heavily in expansion, marketing, inventory and working capital.
Jewellery retail and designE-commerceLuxury goods
Objects of the Issue
- Funding our working capital requirements ₹7,500.00 million p.24
- General corporate purposes [●] p.24
- Funding working capital requirements ₹7,500 million (from Net Proceeds) p.67
- General corporate purposes p.79
- Funding our working capital requirements ₹7,500 million p.156
- General corporate purposes p.156
- Funding working capital requirements ₹7,500.00 million p.158
- General corporate purposes p.160
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹ 8,200 million
- Offer for Sale
- Up to 13,939,063 Equity Shares of face value of ₹ 1 each aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 1 each
Business Model
BlueStone generates revenue from the sale of jewellery products through multiple channels: online platform (website and mobile applications) and retail stores. The company designs contemporary jewellery pieces and manufactures them through owned and third-party manufacturing facilities, then distributes through its omni-channel network. Revenue composition includes studded jewellery (67.88% of revenue in Fiscal 2025) and plain gold/platinum jewellery. The company focuses on repeat customers (44.61% of Fiscal 2025 revenue) and maintains average order value of ₹47,671.26.
Business Segments
Contemporary lifestyle diamond jewellery designed and sold under the BlueStone brand
Contemporary lifestyle gold jewellery designed and sold under the BlueStone brand
Contemporary lifestyle platinum jewellery designed and sold under the BlueStone brand
Jewellery pieces that prominently feature gemstones or precious stones such as diamonds and rubies set into jewellery to add colour and value
Jewellery sales through website and mobile application platforms
Jewellery sales through physical retail stores and other distribution channels
Retails diamond, gold, gemstone, and lifestyle jewelry through physical stores and online channels
Partners with franchisees to operate stores under the BlueStone brand
Lightweight jewellery ranging from 5-30 grams in weight for everyday wear, typically in 18k or 14k carat, including rings, earrings, chains, and bangles
Heavier intricate gold jewellery for bridal attire and wedding-related gifts, typically 22K or 24K gold, ranging from 30 to 250 grams per piece
Jewellery worn for festivals, birthdays, anniversaries, and other special events with design-led approach incorporating studded elements
Jewellery bejewelled with precious stones, gemstones or coloured stones including diamond studded pieces
Contemporary lightweight everyday and occasion-led jewellery pieces designed for women, men and couples
E-commerce sales of jewellery through website and mobile applications; expands reach across PIN codes and geographic regions
Operates exclusive brand outlets across multiple states for direct retail sale of jewellery and lifestyle products
Manufacturing of jewellery using precious and semi-precious metals and stones; facilities located in Mumbai and Jaipur
Sale of jewellery products through physical stores and online platform
Design, manufacture and sale of modern everyday and lifestyle diamond, gold, platinum, gemstone and pearl jewellery
SWOT Analysis
Strengths
- • Early-stage omni-channel jewellery brand with presence across 275 stores in 117 cities(p.23)
- • Strong revenue growth of 39.83% year-over-year in Fiscal 2025(p.27)
- • Improving customer repeat purchase ratio demonstrating brand loyalty(p.21)
- • High-margin studded jewellery segment representing 67.88% of revenue(p.27)
- • Expanding customer base with 771,845 lifetime unique customers as of FY2025(p.27)
- • Strong online platform with significant traffic growth(p.47)
- • Rapid store expansion and geographic presence(p.71)
- • High studded jewellery mix providing premium positioning(p.59)
- • Strong customer base and retention(p.59)
- • Significant revenue growth trajectory(p.54)
- • Established multi-channel retail and online presence in luxury jewellery(p.157)
- • Second-largest digital-first jewellery brand with omnichannel retail experience(p.165)
- • In-house technology architecture for end-to-end operations(p.165)
- • Differentiated product approach targeting women, men and couples aged 25-45(p.165)
- • Advanced manufacturing with vertically integrated operations across three facilities(p.165)
- • Pan-India presence across multiple city tiers with healthy store unit economics(p.165)
- • Founder-led with experienced professional management backed by renowned investors(p.165)
- • Second largest digital-first omnichannel jewellery brand in India by revenue(p.241)
- • Highest gross margins among leading jewellery retailers in Fiscal 2025(p.240)
- • Fastest growing jewellery retailer among leading peers (2021-2024)(p.229)
- • Highest GMROI among leading jewellery retailers(p.244)
- • In-house integrated technology stack covering entire omnichannel operations(p.244)
- • Pioneer in 3D rendering technology for online jewellery visualization(p.238)
- • 75% of stores achieve break-even within three months of opening(p.250)
- • Top 3 leading jewellery retailer by customer repeat rate(p.242)
- • Established omnichannel retail presence with physical stores and online platform(p.337)
- • Principal position in revenue arrangements with franchisees as agents(p.337)
- • Low credit risk exposure due to large, unrelated customer base(p.340)
Weaknesses
- • Continuous unprofitability since inception with losses increasing in Fiscal 2025(p.34)
- • Negative operating cash flows totalling ₹6,658.28 million in Fiscal 2025(p.21)
- • Significant inventory buildup creating working capital strain(p.21)
- • Declining inventory turnover ratio indicating slower sales velocity(p.27)
- • Promoter shareholding pledge creating dilution risk(p.21)
- • Regulatory non-compliance history including RBI and ED investigations(p.39)
- • Deteriorating gross margins from 40.41% in FY2024 to 37.94% in FY2025(p.27)
- • Substantial accumulated losses impacting financial position(p.65)
- • Continued operating losses year-over-year(p.53)
- • High reliance on working capital financing with delays in repayment(p.65)
- • Significant indebtedness and unsecured borrowings(p.54)
- • History of statutory dues payment delays(p.49)
- • Negative inventory turnover and declining gross margins(p.59)
- • High dependence on working capital financing from external sources including gold metal loans and non-convertible debentures(p.157)
- • Significant recurring operating losses and negative cash flows from operations(p.110)
- • Dependence on franchise partner funding for working capital in franchised stores(p.157)
- • Negative earnings per share and profitability(p.167)
- • Negative return on net worth(p.166)
- • Negative return on capital employed(p.167)
- • High net debt relative to equity(p.167)
- • Declining inventory turnover ratio indicating slower inventory movement(p.167)
- • Low ROCE of -3.67% indicating capital inefficiency(p.240)
- • Inventory turnover declining from 2.75 to 1.34 between Fiscal 2023 and 2025(p.240)
- • Online sales declining as percentage of revenue (from 15.63% to 6.66%)(p.251)
- • Adjusted EBITDA margin of only 7.22% in Fiscal 2025(p.240)
- • High rental expense growth reflecting store expansion costs(p.240)
- • Significant increase in net debt from ₹2,555 million to ₹6,094 million(p.240)
- • High attrition rate of 23.76% for non-retail employees(p.268)
- • Significant accumulated losses and negative retained earnings(p.365)
- • History of loan payment defaults and delays(p.370)
- • High dependence on external financing with multiple lenders(p.367)
- • Substantial lease obligations and committed future rental payments(p.352)
- • Significant gold-on-loan liability with commodity price exposure(p.372)
- • Significant ongoing losses and negative profitability despite revenue growth(p.418)
- • High debt-to-equity ratio indicating leverage concerns(p.417)
- • Negative return on equity and capital employed(p.403)
- • Deteriorating cash flow from operations(p.421)
- • Inventory concentration risk with material procurement dependence(p.400)
- • Outstanding regulatory and legal proceedings creating uncertainty(p.433)
Opportunities
- • Rapidly growing Indian jewellery market expanding at 12-14% CAGR through 2029(p.23)
- • Organised retail segment growing faster at 16-18% CAGR, projected to reach 43-47% market share(p.23)
- • Omni-channel expansion opportunity to serve customers across online and offline channels(p.23)
- • Geographic expansion opportunity with presence in only 117 cities across 26 States(p.23)
- • Customer base growth trajectory with expanding repeat purchase ratio(p.21)
- • Expansion into underperforming regions with growth potential(p.57)
- • Omnichannel strategy integration capturing online-to-offline demand(p.57)
- • Expansion into lab-grown diamond segment(p.69)
- • Strategic acquisitions and partnerships for growth(p.80)
- • Increasing market penetration with growing store count(p.71)
- • Growth of physical store network expansion with additional inventory requirements(p.157)
- • Utilization of IPO proceeds for working capital to support inventory expansion and store network growth(p.156)
- • India's jewellery market projected to reach ₹11,000-12,000 billion by 2029 at 12-14% CAGR(p.192)
- • Rapid growth in daily wear and studded jewellery segments(p.200)
- • Online jewellery market expanding rapidly at 24-26% CAGR to reach ₹1,300-1,400 billion by 2029(p.214)
- • Rising demand from Tier 3+ cities and emerging middle class(p.207)
- • Organised retail capturing market share from unorganised segment(p.210)
- • Increasing female participation in purchasing and financial independence(p.186)
- • Large TAM expansion from ₹2,980B to ₹6,300-6,900B by 2029(p.222)
- • Casual/daily wear segment growing at 2x pace of wedding segment(p.222)
- • Online penetration in India (5-7%) significantly below global standards(p.220)
- • Old gold exchange market contributing 15-20% of jewellery transactions(p.253)
- • Omnichannel market penetration at only ~2% with opportunity for growth(p.222)
- • Omnichannel jewellery market projected to grow at 31-35% CAGR (2024-2029)(p.221)
- • Potential to expand store network from 275 to capture larger markets(p.247)
- • Expansion of physical store footprint and franchise network(p.337)
- • Growth in e-commerce channel through online platform(p.337)
- • Leveraging IPO proceeds for working capital and expansion(p.357)
- • Scaling jewellery production capabilities and operational efficiency(p.354)
- • Significant expansion of offline retail footprint in untapped markets(p.400)
- • Growing omni-channel experience and digital integration(p.400)
- • Expanding product portfolio across jewelry categories and price ranges(p.400)
- • Consistent same-store sales growth demonstrating market strength(p.400)
- • Capturing untapped modern everyday jewelry market opportunity(p.401)
Threats
- • Seasonality of jewellery demand concentrating revenue in specific periods(p.21)
- • Dependence on third-party transportation providers for supply chain(p.21)
- • Manufacturing capacity utilization risk with underutilization across facilities(p.21)
- • Payment fraud and processing risks affecting operations(p.21)
- • Exposure to gold price volatility affecting raw material costs(p.42)
- • Extreme reliance on material costs and commodity price volatility(p.51)
- • Regulatory investigations and litigation risks(p.47)
- • Risk of omnichannel transition failure(p.47)
- • Intense competitive pressures in fragmented market(p.58)
- • Rising popularity of lab-grown and alternative diamonds(p.69)
- • Exposure to regional economic downturns(p.58)
- • Discretionary spending vulnerability to economic cycles(p.77)
- • Dependency on third-party service providers and payment processors(p.76)
- • Financial instability in other countries may cause increased volatility in Indian financial markets and adversely affect business(p.98)
- • Changing tax laws including capital gains taxation and dividend taxation on equity shares(p.101)
- • Risk that inflation may prevent the company from passing cost increases to customers, reducing margins(p.98)
- • Trading volume and market price of equity shares may be volatile following the IPO with no assurance of active market(p.102)
- • Foreign investment restrictions and regulatory approval requirements limiting foreign investor participation(p.102)
- • Highly sensitive to economic conditions and discretionary spending(p.195)
- • Gold and diamond price volatility impacting demand and margins(p.195)
- • Intense competition from domestic and international players(p.196)
- • Government regulations and import duties increasing costs(p.195)
- • Supply chain disruptions and logistics challenges(p.196)
- • Franchisee default risk affecting store expansion(p.196)
- • Intense competition from established brands with strong offline presence(p.216)
- • High return rates and higher costs for online jewellery retailers(p.216)
- • Trust deficit and hesitation to buy online without physical verification(p.216)
- • Complexity of omnichannel in jewellery sector with diverse SKUs(p.219)
- • Reliance on lease agreements for all physical properties(p.73)
- • Volatility of gold prices and raw material costs(p.263)
- • Demand cyclicality in discretionary jewellery purchases(p.230)
- • Exposure to gold commodity price volatility(p.391)
- • Foreign exchange risk from import transactions(p.390)
- • Interest rate risk on variable-rate borrowings(p.391)
- • Dependence on regulatory compliance for financial reporting and audit(p.345)
- • Significant dependence on precious metal and commodity prices(p.400)
- • Exposure to gold price fluctuations and commodity hedging risks(p.426)
- • Consumer spending dependent on macro-economic conditions and discretionary income(p.401)
- • Business seasonality creates quarterly volatility(p.427)
- • Competitive pressures from regional and national players in new markets(p.400)
- • Intellectual property and trademark infringement litigation risks(p.434)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gaurav Singh Kushwaha | Promoter | 18.06% | — |
| Arpita Tomar | Promoter Group | 0.22% | — |
| Gaurav Singh Kushwaha | Promoter | — | — |
| Gaurav Singh Kushwaha | Promoter | 18.06% | — |
| Arpita Tomar | Promoter Group | 0.21% | — |
| Gaurav Singh Kushwaha | Promoter | — | — |
| MIH Investments One B.V. | Promoter Group | — | — |
| Gaurav Singh Kushwaha | Promoter - Founded | — | — |
| Gaurav Singh Kushwaha | Promoter | 18.06% | — |
| Gaurav Singh Kushwaha | Promoter | 69% | — |
| Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) | Promoter Group | — | — |
Leadership
Gaurav Singh Kushwaha · Promoter/Chairman/Managing Director/CEO
Rumit Dugar · Chief Financial Officer
Vipin Sharma · Chief Merchandising Officer
Sudeep Nagar · Chief Operating Officer
Paras Shah · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Bluestone Jewellery & Lifestyle IPO FAQs
What is the lot size of Bluestone Jewellery & Lifestyle IPO?
The minimum lot size of Bluestone Jewellery & Lifestyle IPO is 29 shares. One lot costs ₹14,993 at the cut-off price.
When does Bluestone Jewellery & Lifestyle IPO open and close?
Bluestone Jewellery & Lifestyle IPO opened for subscription on 11 Aug 2025 and closed on 13 Aug 2025.
What is the listing date of Bluestone Jewellery & Lifestyle IPO?
Bluestone Jewellery & Lifestyle IPO listed on 19 Aug 2025.