The stock debuted at Rs 508.80 on the BSE, 1.6% below its IPO price, and at Rs 510 on the NSE, a 1.4% discount to the issue price. After listing, shares rose to an intraday high of Rs 542 on both exchanges, up 6.5% and 6.3% from the opening levels on BSE and NSE, respectively.
The performance was broadly in line with the grey market price of Rs 519 seen ahead of listing, which had implied modestly negative gains on the issue price.
IPO subscription and anchor investors
BlueStone’s Rs 1,541 crore initial public offering was open for subscription between August 11–13 and drew overall bids of 2.72 times. Demand was led by Qualified Institutional Buyers (QIBs), who subscribed 4.25 times their allotted quota. The retail portion was booked 1.38 times, while Non-Institutional Investors subscribed 0.57 times.
Ahead of the IPO, the company raised Rs 693 crore from anchor investors on August 8, with marquee institutions participating in the book. The issue comprised a fresh issue of shares worth Rs 820 crore and an offer for sale of Rs 720.65 crore, aggregating to 2.98 crore shares.
Company financials
Founded in 2011, BlueStone Jewellery retails diamond, gold, platinum, and studded jewellery under its flagship brand. As of March 2025, it had 275 stores across 117 cities, including 200 company-owned outlets and 75 franchise stores.The company reported revenue of Rs 1,830 crore in FY25, up 40% from a year earlier, while net losses widened to Rs 222 crore from Rs 142 crore in FY24. Rising finance costs and employee stock option expenses weighed on profitability.Over the past three years, revenue has grown at a compound annual growth rate of nearly 52%, rising from Rs 771 crore in FY23 to Rs 1,770 crore in FY25. Gross margins improved to 37.94% in FY25, up from 31.87% in FY23.
Use of funds
BlueStone plans to deploy Rs 750 crore of the IPO proceeds toward working capital requirements, with the balance set aside for general corporate purposes.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital acted as book-running lead managers to the issue, while Kfin Technologies served as registrar.
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