BlueStone Jewellery & Lifestyle IPO Price: ₹492 to ₹517 per share
IPO Dates: 11th August 2025 – 13th August 2025
Company Overview
BlueStone Jewellery and Lifestyle Limited was originally incorporated as “New Age E Commerce Services Pvt. Ltd” in Karnataka on July 22, 2011. The company underwent a name change in November 2013 to “BlueStone Jewellery and Lifestyle Pvt. Ltd,” and later converted into a public limited company under the name “BlueStone Jewellery and Lifestyle Limited” in November 2024. It offers a broad range of contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand, BlueStone.
As an omni-channel jewellery brand, the company retails products through its website, mobile application (available on iOS and Android), and a wide physical store network across India. As of March 31, 2025, BlueStone operated 275 stores, comprising 200 company-owned outlets and 75 franchisee stores, spread across 117 cities in 26 States and Union Territories. The brand targets style-conscious customers between the ages of 25 to 45 who appreciate modern designs and often discover products online or through social media.
Product Offerings
BlueStone provides a wide assortment of jewellery including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains, catering to various customer segments and occasions. These offerings are structured across 91 curated collections and over 7,400 jewellery designs, as of March 31, 2025. These collections span casual daily wear to exclusive themes such as Jodhpur, Greece Architecture, and seasonal collections like Rainforest and Missy. All jewellery is certified with BIS Hallmark, ensuring gold purity and trust.
Omni-Channel Experience
The company has established a seamless omni-channel retail model that integrates online and offline customer journeys. The digital platforms enable users to explore 360-degree views, check store inventories, and even book ‘Try at Home’ appointments in select cities. In FY 2025, BlueStone witnessed 298.87 million unique online sessions, highlighting its strong digital engagement. The online platforms are fully integrated with the physical stores, ensuring real-time visibility into product availability and unified customer experience across all touchpoints.
Store operations are tech-enabled with site analytics influencing location selection. Factors such as online cart activity, PIN code-based browsing trends, and regional design preferences are evaluated before opening new stores. Franchisee stores function as a capital-light model, with the company maintaining full control over operations, staffing, inventory, and leasing.
Manufacturing Capabilities
BlueStone is the only leading jewellery retailer in India with over 75% of its products manufactured in-house, ensuring high-quality standards and speed-to-market. The company operates three manufacturing units located in Mumbai (Maharashtra), Jaipur (Rajasthan), and Surat (Gujarat), with an additional unit under construction in Jaipur. These facilities are vertically integrated and house processes such as diamond sorting, electro-plating, polishing, and finishing, enabling better control over production. The manufacturing capabilities allow the company to respond quickly to design trends and customer preferences, while keeping costs competitive.
Design and Innovation
Innovation is central to BlueStone’s growth strategy. The company maintains in-house design studios staffed with 23 professional designers (as of March 31, 2025). They focus on creating exclusive, modern, and thematic jewellery collections tailored to evolving market tastes. The firm is ranked among the top five leading jewellery retailers in India in terms of number of designs listed online. It tracks design engagement and product performance across locations using real-time data analytics, helping refine offerings continuously.
Technology-Driven Operations
As a digitally native jewellery brand, BlueStone leverages technology across the entire business value chain. Its in-house technology stack drives omni-channel retailing, integrates inventory systems, and delivers personalised shopping experiences. The company has been a pioneer in adopting 3D rendering technology, allowing customers to view products in high detail before purchase. Data analytics further supports product development, customer targeting, and store-level inventory decisions.
Business Operations and Store Model
Each BlueStone store is carefully selected based on data-driven insights such as local search trends, conversion rates, and customer preferences. Stores are typically located in high-visibility areas and stock jewellery that aligns with regional tastes. Franchisee stores follow a unique model where franchisees provide capital but operations, staffing, leasing, and inventory remain under the company’s control. This allows BlueStone to expand rapidly without compromising on brand experience or profitability.
Competitive Strengths
BlueStone Jewellery and Lifestyle Limited has established strong positioning in the Indian jewellery retail market through several key strengths:
- Second-largest digital-first jewellery brand in India, offering a seamless omni-channel retail experience.
- Vertically integrated manufacturing operations allowing cost control, quality assurance, and faster delivery cycles.
- Robust in-house technology enabling end-to-end business operations and a unified customer view.
- Strong design differentiation, with frequent product launches and exclusive themed collections.
- Pan-India presence, spanning Tier-I, Tier-II, and Tier-III cities, supported by healthy unit economics and data-backed expansion.
Bidding Starts In
BlueStone Jewellery & Lifestyle IPO Specifics:
| IPO Date | August 11, 2025 to August 13, 2025 |
| Face Value | ₹11 per share |
| Price Band | ₹492 to ₹517 per share |
| Lot Size | 29 Shares |
| Total Issue Size | 2,97,99,798 shares (aggregating up to ₹1,540.65 Cr) |
| Fresh Issue | 1,58,60,735 shares (aggregating up to ₹820.00 Cr) |
| Offer For Sale | 1,39,39,063 shares (aggregating up to ₹720.65 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,54,59,637 shares |
| Share Holding Post Issue | 15,13,20,372 shares |
BlueStone Jewellery & Lifestyle IPO Timetable (Important Dates)
| IPO Open Date | Monday, August 11 2025 |
| IPO Close Date | Wednesday, August 13 2025 |
| Basis of Allotment | Thursday, August 14 2025 |
| Initiation of Refunds | Monday, August 18 2025 |
| Credit of Shares to Demat | Monday, August 18 2025 |
| Listing Date | Tuesday, August 19 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 |
BlueStone Jewellery & Lifestyle IPO Lot Size
Bidders have the opportunity to bid for a minimum of 29 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
BlueStone Jewellery & Lifestyle IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
BlueStone Jewellery & Lifestyle Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 1255.49 | 2453.49 | 3532.28 |
| Revenue | 787.89 | 1303.49 | 1830.04 |
| Profit After Tax | -167.24 | -142.24 | -221.84 |
| EBITDA | -56.03 | 53.05 | 73.16 |
| Reserves & Surplus | -81.06 | 346.28 | 877.12 |
| Total Borrowing | 228.42 | 430.43 | 728.62 |
Key Performance Indicator – BlueStone Jewellery & Lifestyle IPO
| KPI | Values |
|---|---|
| Market Cap | ₹7823.26 Cr |
| ROE | -34.53% |
| ROCE | -3.67% |
| PAT Margin | -12.53% |
| RoNW | -24.45% |
| Debt/Equity | 0.80 |
Objects of the Issue:
BlueStone Jewellery Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Funding Working Capital Requirements: An amount of ₹750.00 crore will be allocated to support the company’s working capital needs. This will help in managing inventory, expanding operations, and meeting day-to-day business expenses.
- General Corporate Purposes: The balance of the proceeds will be used for general corporate activities, including brand promotion, administrative costs, and other strategic initiatives to enhance business efficiency and growth.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
