BlueStone Jewellery IPO GMP Today:
The latest Grey Market Premium (GMP) for BlueStone Jewellery’s IPO stood at Rs 9, against its issue price of Rs 517 per share. Based on this GMP, the estimated listing price is around Rs 526, indicating a potential gain of approximately 1.74% per share on listing.
However, investors must note that GMP is not an official or regulated indicator and should not be taken as a guaranteed predictor of the actual listing price.
BlueStone Jewellery IPO Subscription Status:
As of 10:21 AM on Day 1 of the IPO, overall subscription stands at 4%, indicating a cautious but early interest from investors.
Retail Individual Investors (RIIs) have subscribed to 18% of the 30.60 lakh shares allocated to them, reflecting a modest level of confidence from the retail segment in the offering.
In the Non-Institutional Investor (NII) category — which includes high-net-worth individuals and corporates — only 1% of the 45.90 lakh reserved shares have been subscribed so far, suggesting a slower start among larger investors.
Meanwhile, the Qualified Institutional Buyers (QIB) category, which has been allotted 88.62 lakh shares, has not seen any bids in the early hours. This, however, is typical, as institutional investors often wait until the final day or final hours of the subscription window to bid, usually after assessing the overall response and market conditions.
BlueStone Jewellery IPO Price Band:
The issue, priced in the range of Rs 492–517 per share. At the upper price band, the company will be valued at about Rs 7,823 crore.
BlueStone Jewellery IPO Anchor Investors:
BlueStone Jewellery has secured Rs 693 crore from anchor investors ahead of its initial public offering (IPO). Anchor investors are institutional investors who are allotted shares before the IPO opens to the public. Their early participation is seen as a sign of confidence in the company and often helps generate interest among other investors.
BlueStone Jewellery IPO Details:
BlueStone is looking to raise up to Rs 1,541 crore through its initial public offering (IPO), comprising a combination of fresh issue and an offer for sale (OFS). The IPO includes a fresh issue of shares worth Rs 820 crore and an OFS of up to 1.39 crore shares by existing investors such as Accel India III (Mauritius), Saama Capital II, Kalaari Capital Partners, Iron Pillar funds, and Sunil Kant Munjal of Hero Enterprise.
Investors can place bids for a minimum of 29 shares and in multiples thereafter. The issue allocation is divided as follows: 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.
The company plans to list its shares on both the BSE and NSE, with trading expected to begin on August 19.
Headquartered in Bengaluru, BlueStone is a digital-first, omni-channel jewellery retailer offering a wide range of diamond, gold, platinum, and studded jewellery under its flagship brand.
As of March 2025, the company operated 275 stores across 117 cities and maintained an online platform featuring over 7,400 designs. Notably, over 75% of its jewellery is produced in-house at its manufacturing units located in Mumbai, Jaipur, and Surat.
BlueStone Jewellery Financials
The company’s operating revenue has grown at a compound annual growth rate (CAGR) of nearly 52% over the last three fiscal years, increasing from Rs 771 crore in FY23 to Rs 1,770 crore in FY25.
Despite the strong revenue growth, the company posted a net loss of Rs 222 crore in FY25, a significant rise from Rs 14 crore in the previous year, primarily due to increased spending on expansion and marketing. Meanwhile, gross margins improved to 37.94% in FY25, up from 31.87% in FY23.
Net proceeds from the fresh issue will mainly be used to meet working capital requirements (Rs 750 crore) and for general corporate purposes.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital are acting as the book-running lead managers for the IPO, while Kfin Technologies has been appointed as the registrar.
Investment Outlook
SBI Securities Recommendation: SUBSCRIBE for the Long Term
According to SBI Securities, BlueStone stands out as a leading omnichannel jewellery retailer in India, commanding a 28–32% market share in the omnichannel casual jewellery segment. The company’s strong focus on design innovation and product quality has contributed to higher gross margins. Notably, its repeat revenue ratio rose to 44.6% in FY25 from 34.7% in FY23, indicating growing customer loyalty and satisfaction.
At the upper price band of Rs 517 per share, the company is valued at 4.5x EV/Sales, which is at a premium compared to its listed peers. However, considering BlueStone’s rapid store expansion over the past two years and its proven track record of robust revenue growth, it is well-positioned to capitalise on the fast-growing, high-margin lightweight jewellery segment.
As newer stores mature and reach the system-wide average in terms of sales, profitability is expected to improve. Given these factors, we recommend investors SUBSCRIBE to the IPO with a long-term investment horizon at the cut-off price, the brokerage said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)