BlueStone Jewellery IPO: Kalaari-Backed Jeweller Files RHP; Issue To Open For Subscription On Aug 11

BlueStone Jewellery IPO: BlueStone Jewellery and Lifestyle filed its red herring prospectus (RHP) to raise funds and launch its upcoming initial public offering (IPO). The mainboard issue Bengaluru-based company will hit India's primary market and open for subscription on Aug. 11, 2025.

The domestic jeweller, which offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand 'BlueStone', will launch its IPO via a fresh issue and an offer-for-sale (OFS) component. The issue will open for a three-day window and close for bidding on Aug. 13.

According to the RHP, the fresh issue size is Rs 820 crore while the offer for sale size is up to 13,939,063 or 1.39 crore equity shares. The BlueStone Jewellery IPO price bands are yet to be announced. The allotment for the BlueStone Jewellery IPO is expected to be finalized on Thursday, August 14, 2025.

After the conclusion of the IPO, shares of BlueStone Jewellery will debut on BSE, NSE with a tentative listing date fixed as Tuesday, August 19, 2025. Axis Capital Limited is the book-running lead manager of the BlueStone Jewellery IPO, while Kfin Technologies Limited is the registrar for the issue.

The proceeds from the fresh issue to the extent of Rs 750 crore will be used to fund its working capital requirements and general corporate purposes. Gaurav Singh Kushwaha is the promoter of BlueStone Jewellery.

Accel India, IvyCap Ventures, Sunil Munjal (with other partners of Hero Enterprise Partner Ventures), Kalaari Capital, Saama Capital, Iron Pillar, are among the prominent investors. Those selling shares through the OFS are -- Accel Partners, Saama Capital, Kalaari Capital, IvyCap Ventures, IronPillar Fund, Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures).

Among them, Accel, Sunil Kant Munjal and Kalaari Capital are the three biggest shareholders. BlueStone Jewellery is the second largest digital-first jewellery brand in India offering an omni-channel retail experience. The company introduced its 'BlueStone' brand in 2011 and has since grown as a leading jeweller retailer in the country. 

It has a pan-India presence with 203 stores across 86 cities in 26 states and Union Territories, as of June 30, 2024, servicing over 12,600 PIN codes. As of June 30, 2024, the company's network of stores comprises 110 owned stores and 93 franchisee stores with an aggregate area of over 350,000 square feet.

The company offers a wide range of product offerings including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains that cater to diverse customer segments and are retailed at varied price points. As of June 30, 2024, BlueStone had 95 collections (defined as a set of jewellery designs created with a specific theme) of jewellery products.

BlueStone Jewellery & Lifestyle Ltd.'s revenue increased by 40% and profit after tax (PAT) dropped by 56% between FY25 and FY24. The company's revenue from operations increased 64.24% to Rs 1,265.84 crore in FY24 from Rs 770.73 crore in FY23. For the six months ended June 2024, revenue from operations stood at Rs 348.24 crore.