Shares of BlueStone Jewellery and Lifestyle Ltd surged more than 6% on their first day of trading on Tuesday, bouncing back from a soft opening and offering modest gains to investors in line with pre-listing grey market projections. On the BSE, the stock debuted at ₹508.80, 1.6% below its IPO price, while on the NSE, it opened at ₹510, a 1.4% discount. Following the initial trade, the share price climbed to an intraday high of ₹542 on both exchanges, reflecting gains of 6.5% on the BSE and 6.3% on the NSE from the opening levels.
The listing performance closely mirrored the grey market premium of ₹519, which had suggested modestly negative returns relative to the issue price.
IPO Subscription and Anchor Investors
BlueStone’s ₹1,541 crore IPO, open for subscription from August 11–13, attracted an overall bid of 2.72 times. Qualified Institutional Buyers (QIBs) led demand, subscribing 4.25 times their allocation. The retail portion was subscribed 1.38 times, while Non-Institutional Investors (NIIs) subscribed 0.57 times. Ahead of the IPO, the company raised ₹693 crore from anchor investors on August 8, with marquee institutions participating.
The issue comprised a fresh issue of ₹820 crore and an offer for sale of ₹720.65 crore, totaling 2.98 crore shares. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital acted as book-running lead managers, while Kfin Technologies served as registrar.
Company Financials
Founded in 2011, BlueStone Jewellery operates diamond, gold, platinum, and studded jewellery retail outlets under its flagship brand. As of March 2025, it had 275 stores across 117 cities, including 200 company-owned outlets and 75 franchises.
For FY25, the company reported revenue of ₹1,830 crore, a 40% increase from FY24, while net losses widened to ₹222 crore from ₹142 crore the previous year, impacted by higher finance costs and employee stock option expenses. Over the last three years, revenue has grown at a CAGR of 52%, rising from ₹771 crore in FY23 to ₹1,770 crore in FY25. Gross margins also improved to 37.94%, up from 31.87% in FY23.
Use of IPO Funds
BlueStone plans to allocate ₹750 crore of the IPO proceeds for working capital requirements, with the remaining funds reserved for general corporate purposes.
Disclaimer: This article is for informational and educational purposes only. It does not constitute financial or investment advice. Investors should consult a certified financial advisor before making any investment decisions.
