BlueStone Jewellery and Lifestyle Ltd made a lukewarm debut on the stock exchanges on Tuesday, with shares listing at a discount to the issue price before staging a recovery during the early trading session.

On the BSE, the stock opened at ₹508, a 1.74% discount to its IPO price of ₹517. On the NSE, it listed at ₹510, down 1.35%. However, sentiment improved quickly—at 10:25 IST, the scrip was trading at ₹528.05, up 2.14% from the issue price. It touched an intraday high of ₹533.40 and a low of ₹508.60. Over 3.18 lakh shares changed hands on the BSE within the first hour of trade, giving the company a market capitalisation of ₹7,699.18 crore.

IPO Details

The ₹1,541 crore IPO of BlueStone Jewellery and Lifestyle was subscribed 2.7 times when it opened between 11–13 August at a price band of ₹492–517 per share. The offer comprised a fresh issue of equity shares worth ₹820 crore and an offer for sale (OFS) of over 1.39 crore shares, aggregating to ₹720.65 crore by investors including Accel India III (Mauritius), Saama Capital II, and Kalaari Capital Partners Opportunity Fund. Ahead of the IPO, the company raised ₹693.29 crore from anchor investors on 8 August.

Proceeds from the fresh issue will primarily be used to meet working capital requirements (₹750 crore), with the balance allocated for general corporate purposes. Post-IPO, promoter shareholding is expected to reduce from 18.28% to 16.36%.

“BlueStone Jewellery IPO listing arrives at the intersection of scale and scrutiny. The brand has established a formidable omnichannel presence, with over 275 stores complementing its digital-first identity. Yet, the market response leading into the IPO underscores a clear divergence between revenue visibility and profitability conviction,” said Bhavik Joshi, Business Head, INVasset PMS.

Brand & Expansion Plans

Founded in 2011, the Bengaluru-based company has positioned itself as a leading digital-first, omni-channel jewellery retailer. It offers over 7,400 designs across gold, diamond, platinum, and studded jewellery, catering primarily to customers in the 25–45 age group. As of March 2025, it operates 275 stores across 117 cities and 26 states and UTs, supported by three manufacturing facilities in Mumbai, Jaipur, and Surat. BlueStone has outlined aggressive expansion plans to add over 290 new stores by 2027.

Despite its scale, the company remains loss-making, reporting a consolidated net loss of ₹221.84 crore on revenues of ₹1,770 crore for FY25. Market watchers believe profitability will be key to sustaining investor confidence.