In the grey market, the response to the issue has been lukewarm, with the IPO trading at a modest premium of just 0.4% over its issue price of Rs 517 per share.
BlueStone Jewellery IPO GMP Today:
The latest Grey Market Premium (GMP) for BlueStone Jewellery’s IPO is hovering between Rs 2-4 above the issue price of Rs 517 per share. This points to a potential listing price of around Rs 520, implying a modest estimated gain of about 0.4% per share.However, it’s important to remember that the Grey Market Premium (GMP) reflects sentiment and demand in an unofficial, unregulated market where shares trade before listing.
BlueStone Jewellery IPO Subscription Status:
As of 10:10 AM on Day 2, BlueStone Jewellery’s IPO has achieved an overall subscription rate of 66% on the stock exchanges, reflecting a moderate level of investor interest so far.Retail Individual Investors (RIIs) have subscribed to 77% of their allotted 30.60 lakh shares. This indicates a cautious but noticeable participation from smaller investors, suggesting a measured confidence in the offering. Non-Institutional Investors (NIIs)—which include high-net-worth individuals and corporate investors—have subscribed to only 23% of the 45.90 lakh shares allocated to them. This shows a slower uptake from larger investors at this point.Meanwhile, the Qualified Institutional Buyers (QIBs), comprising mutual funds, insurance companies, and other institutional players, have demonstrated relatively stronger interest, subscribing to 85% of their 88.62 lakh share allocation.
BlueStone Jewellery IPO – Key Highlights
BlueStone Jewellery has announced its initial public offering (IPO) with a price band ranging from Rs 492 to Rs 517 per share. At the upper limit of this band, the company’s valuation is estimated to be around Rs 7,823 crore.
Ahead of the IPO launch, BlueStone secured Rs 693 crore from anchor investors.
The company aims to raise up to Rs 1,541 crore through the IPO, which includes a fresh equity issue worth Rs 820 crore and an offer for sale (OFS) of up to 1.39 crore shares by existing shareholders. Key participants in the OFS include Accel India III (Mauritius), Saama Capital II, Kalaari Capital Partners, Iron Pillar funds, and Sunil Kant Munjal of Hero Enterprise.
Investors can apply for a minimum of 29 shares and in multiples thereafter. The issue allocation is divided as 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors. BlueStone’s shares will be listed on both the BSE and NSE, with the listing date set for August 19.
Founded in Bengaluru, BlueStone is a digital-first, omni-channel jewellery retailer offering an extensive collection of diamond, gold, platinum, and studded jewellery.
BlueStone Jewellery Financial Overview
BlueStone has demonstrated robust revenue growth, with operating income rising at a compound annual growth rate (CAGR) of nearly 52%, from Rs 771 crore in FY23 to Rs 1,770 crore in FY25. However, it reported a net loss of Rs 222 crore in FY25, up from a Rs 14 crore loss in FY24, primarily due to increased marketing expenses and store expansion.
Funds raised from the fresh issue will mainly support working capital requirements of Rs 750 crore, with the remainder allocated toward general corporate purposes.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital are the book-running lead managers for the IPO, while Kfin Technologies will serve as the registrar.
SBI Securities Recommendation: SUBSCRIBE for the Long Term
BlueStone has solidified its position as a leading omnichannel jewellery retailer in India, commanding a notable 28–32% share of the omnichannel casual jewellery market. Its strong focus on design innovation and superior product quality has helped maintain healthy gross margins. Additionally, the company’s 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, BlueStone is valued at 4.5x EV/Sales, which is a premium compared to its publicly listed competitors. Nevertheless, its aggressive store expansion over the last two years, coupled with a proven track record of steady revenue growth, positions the company well to capitalise on the rapidly growing, high-margin lightweight jewellery segment.
Also read: Apollo Healthtech targets listing by Jan-Mar 2027
As newer stores mature and their sales align with the system-wide average, profitability is expected to improve. Considering these factors, we advise investors to SUBSCRIBE to the IPO at the cut-off price with a long-term investment outlook, 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)