BlueStone Jewellery and Lifestyle IPO

Company Background BlueStone is a leading contemporary lifestyle jewellery brand and India’s second-largest digital-first jewellery company by FY24 revenue. Operating as a digital-first direct-to-consumer (DTC) brand, it combines online channels (website & app) with a strong offline footprint of 203 stores across 86 cities in 26 states/UTs as of 30 June 2024, covering over 12,600 PIN codes nationwide.

The brand is known for design-led, modern jewellery collections catering to women, men, and couples aged 25–45, with strong customer acquisition via social media and digital platforms.

Objects of Issue:

1. Capital expenditure: 750 Crs

2. General corporate purposes

Strengths

• Second-largest digital-first jewellery brand in India with a growing omnichannel presence.

• In-house technology integration supporting operations from design to delivery.

• Strong brand identity with diverse designs appealing to a wide age group.

• Vertically integrated manufacturing enabling quality control and faster turnaround.

Risks

• Continuous net losses for the last 3 years (₹167.24 crore in FY23, ₹142.24 crore in FY24, and ₹221.84 crore in FY25).

• Reliance on physical retail despite being a digital-first brand; store expansion increases operating costs.

• Exposure to volatility in gold and diamond prices affecting margins.

• High valuation risk considering loss-making status.

• Rising losses despite revenue growth may indicate high operating expenses or low gross margins.

• Competitive risk from established jewellery brands with deeper offline penetration and stronger balance sheets.

• Consumer spending in the jewellery segment is discretionary and sensitive to economic slowdowns.

BlueStone Jewellery IPO

• IPO Dates: 11 to 13 Aug 2025

• Price Band: ₹492 to ₹517 per share

• Lot Size: 29 Shares

• Total Issue Size: 1,540.65 Cr

• Fresh Issue: 820 Cr

• Offer for Sale: 720.65 Cr

• Retail Quota: 10%

• GMP: Nil (Only for Information)

• View: Avoid

Allotment Link

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