IPO at a Glance :
Key Detail | Information |
Price Band | ₹492 – ₹517 per share |
Total Issue Size | ₹1,540.65 crore (approx.) |
Fresh Capital | ₹820 crore |
Offer for Sale (OFS) | ₹720–721 crore by existing shareholders |
Why BlueStone Is IPO-Bound :
BlueStone, founded in 2011, has grown into a leading digital-first omnichannel jewellery brand in India. With over 275 stores across 117 cities, plus online, app, and “Try at Home” services, it’s positioned to cater to modern consumers in the ₹25–45 age group seeking lightweight, stylish jewellery.
What the Funds Will Be Used For :
• A major portion of the fresh issue (~₹750 crore) will fund working capital, essential for inventory-intensive operations.
• Remaining funds will support general corporate purposes, aiding growth and operational scaling.
Investor Confidence: Anchor Investment :
Ahead of the IPO, the company raised ₹693 crore from anchor investors on August 8, 2025, allocating 1.34 crore shares at the upper price band of ₹517. This reflects healthy institutional interest.
Strengths & Risks :
Strengths :
1. In‑house manufacturing: Over 75% of jewellery is produced internally, offering control over quality, cost, and agility.
2. Strong omnichannel model: Digital-first with a wide retail footprint and tech-driven operations, including AI merchandising and real-time inventory.
Risks :
• Still loss-making: Despite an impressive ~52% annual revenue growth from FY23 to FY25, net losses expanded from ₹167 crore to ₹222 crore.
• High inventory cycle: A 300-day inventory turnover ties up capital and poses markdown risks.
• Competitive market: Faces stiff competition from both established jewellery giants and well-funded brands.
Final Thoughts :
The BlueStone Jewellery IPO presents a compelling growth story—stylish digital-centric brand, tech-enabled operations, and a clear plan for IPO proceeds. But investing in companies yet to turn profitable carries risk, especially in fast-evolving consumer markets.
