Bluestone Jewellery & Lifestyle Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Bluestone Jewellery & Lifestyle Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹517
Per ShareLot Size
29 Shares
Minimum Investment
₹14,993
Issue Size
₹1,540.65 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Bluestone Jewellery & Lifestyle Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
17.91%
Promoter Holding (Post-Issue)
16.36%
Issue Type
Book Building
ISIN
INE304W01038
About the Company
We offer contemporary lifestyle diamond, gold, platinum and studded jewellery under our flagship brand, BlueStone. We are an omni-channel jewellery brand and retail our products through our website www.bluestone.com and our mobile application available on iOS and Google Play Store, in addition to our pan-India network of stores. The BlueStone brand was launched in 2011 and as of March 31, 2025, we operated 275 stores in 117 cities, including Franchise Stores, across 26 States and Union Territories in India. We focus on designing jewellery for women, men and couples between the ages of 25 to 45 years who have a tendency to discover brands through social media or online channels. We generate revenues from the sale of our jewellery products.
Industry Overview
The Indian jewellery market has grown a CAGR of 13% - 15% between 2021 to 2024 and currently stands at approximately Rs. 6,340 billion and is projected to reach Rs. 11,000 billion - Rs. 12,000 billion by 2029, growing at a CAGR of 12% - 14% between 2024 and 2029. Organised retail drove approximately 37% of the Indian jewellery market in 2024. The organised segment's contribution is projected to grow to 43% - 47% of the overall jewellery market, growing at a CAGR of 16% - 18% till 2029.
Company History
Our Company was originally incorporated as "New Age E Commerce Services Private Limited", a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, Karnataka ("RoC") on July 22, 2011. Subsequently, the name of our Company was changed to "BlueStone Jewellery and Lifestyle Private Limited", pursuant to a fresh certificate of incorporation issued by the RoC on November 25, 2013. Thereafter, our Company was converted to a public limited company and the name of our Company was changed to `BlueStone Jewellery and Lifestyle Limited' pursuant to a fresh certificate of incorporation dated November 8, 2024.
Products & Services
- The Company offers contemporary lifestyle diamond, gold, platinum and studded jewellery under its flagship brand, BlueStone.
Growth Strategy
- Expand our Omni-Channel Presence.
- Focus on Becoming a Lifecycle Jeweller.
- Invest in Brand Building Initiatives.
- Continue to Leverage Technology.
- Scale our Old Gold Exchange Program.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 2 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY25 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 29,799,798 equity shares of face value of Re. 1/- each ("Equity Shares") of Bluestone Jewellery and Lifestyle Limited (the "Company" or the "Company" or the "Issuer") for cash at a price of Rs. 517/- per equity share (the "Offer Price") aggregating to Rs. 1540.65 crores (the "Offer") comprising a fresh issue of 15,860,735 equity shares of face value of Re. 1/- each by the company aggregating to Rs. 820.00 crores (the "Fresh Issue") and an offer for sale of 13,939,063 equity shares of face value of Re. 1/- each ("Offer for Sale") aggregating to Rs. 720.65 crores, comprising 2,603,915 equity shares of face value of Re. 1/- each aggregating to Rs. 134.62 crores by accel India III (Mauritius) Ltd, 4,100,970 equity shares of face value of Re. 1/- each aggregating to Rs. 212.02 crores by Saama Capital II, Ltd., 3,536,990 equity shares of face value of Re. 1/- each aggregating to Rs. 182.86 crores by Kalaari Capital Partners II, LLC, 452,145 equity shares of face value of Re. 1/- each aggregating to Rs. 23.38 crores by Kalaari Capital Partners Ppportunity Fund, LLC, 821,085 equity shares of face value of Re. 1/- each aggregating to Rs. 42.45 crores by Iron Pillar Fund I Ltd, 493,958 equity shares of face value of Re. 1/- each aggregating to Rs. 25.54 crores by Iron Pillar India Fund I, to 1,930,000 equity shares of face value of Re. 1/- each aggregating to Rs. 99.78 crores by Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) (Together, the "Selling Shareholders", and such equity shares, the "Offered Shares"). The offer constitutes 19.69% of the post offer paid-up equity share capital of the company. The face value of the equity share is Re. 1/- each and the offer price is 517 times the face value of equity share.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Second largest digital-first jewellery brands in India in terms of revenues in Fiscal 2024 offering an omnichannel retail experience across website, mobile application and stores;
- In-house technology architecture driving end-to-end business operations from design, online rendering, merchandizing, manufacturing and retail.
- Differentiated approach to product and design catering to women, men and couples between the ages of 25 to 45 with an extensive range and variety of products.
- Advanced manufacturing capabilities across three facilities with vertically integrated operations covering raw material procurement, design, production and marketing and sales.
- Pan-India presence across tier-I, tier-II and tier-III cities operating through a combination of Company Stores and Franchisee stores with healthy unit economics.
- The company has not generated any profits since inception. The company has experienced loss of Rs. 2,218.37 million, Rs. 1,422.36 million and Rs. 1,672.44 million in Fiscal 2025, 2024 and 2023, respectively and had negative total equity of Rs. 718.26 million in Fiscal 2023. Any loss or negative total equity in future periods could adversely affect its operations, financial conditions, and the trading price of the company Equity Shares.
- There have been certain instances of non-compliances, including with respect to certain secretarial/ regulatory filings for corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties for any such non-compliance and the company business, financial condition and reputation may be adversely affected.
- Its Repeat Revenue Ratio (defined as revenue generated by sales to repeat customers, i.e., customers who place an order more than once at any time previously) was 44.61%, 39.83% and 34.67% in Fiscal 2025, 2024 and 2023, respectively. If the company fails to convert existing customers into repeat customers or acquire new customers or fails to do so in a cost-effective manner, its may not be able to increase revenue or maintain profitability. Further, if the company fails maintain Average Order Value levels, which was Rs. 47,671.26, Rs. 41,204.71 and Rs. 32,038.38 in Fiscal 2025, 2024 and 2023, respectively, its may not be able to sustain the company revenue base and margins, which would have a material adverse effect on its business and results of operations.
- The company purchase and manufacture inventory in anticipation of sales. Its inventory was Rs. 16,525.47 million, Rs. 9,912.21 million and Rs. 3,953.17 million as of March 31, 2025, 2024 and 2023, respectively. If the company fails to manage its inventory effectively, the company business and results of operations could be adversely affected.
- Its Promoter, Gaurav Singh Kushwaha, has pledged certain of his Equity Shares with certain lenders. Any exercise of such pledge by the lender could dilute his shareholding, which may adversely affect its business and future prospectus.