BlueStone Jewellery IPO - Listing Performance & Details

BlueStone Jewellery and Lifestyle Limited was founded in 2011 by Gaurav Singh Kushwaha and is headquartered in Bengaluru, Karnataka. It works in the jewellery sector as a digital-first, omnichannel retailer of diamond, gold, platinum and studded jewellery.

The company designs, manufactures and sells jewellery including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains under its flagship "BlueStone" brand, with 91 jewellery collections as of March 2025. It operates a vertically integrated model with in-house technology and manufacturing, and had a pan-India presence with 275 stores across 117 cities in 26 states and union territories as of March 2025, comprising 200 company-owned and 75 franchisee stores spanning over 605,000 square feet, and servicing more than 12,600 pin codes. Offline sales accounted for about 93% of FY25 revenue, up from a smaller share in earlier years, as the company shifted from its initial online-led model. The promoter is Gaurav Singh Kushwaha, and major investors include Accel India, Peak XV Partners, Kalaari Capital and Saama Capital.

Revenue rose 39.9% to Rs 1,770 crore in FY25 from Rs 1,265.8 crore in FY24, while the company's net loss widened 56% to Rs 221.8 crore in FY25 from Rs 142.2 crore in FY24, as per the RHP filed on August 5, 2025. The IPO was a mainboard book-built issue of about Rs 1,540.65 crore on the NSE and BSE, comprising a fresh issue of Rs 820 crore and an offer for sale of about Rs 720.65 crore by selling shareholders including Kalaari Capital, Saama Capital and Sunil Kant Munjal, priced at Rs 492-517 per share, and it listed on 19 August 2025. Net proceeds from the fresh issue were earmarked for funding working capital requirements (Rs 750 crore), with the balance for general corporate purposes.