BlueStone Jewellery to launch IPO on August 11; sets price band at Rs 492-517 per share

BlueStone Jewellery & Lifestyle Limited, the omnichannel jewellery retailer operating under the BlueStone brand, is set to launch its initial public offering (IPO) next week, targeting a valuation of approximately Rs 7,800 crore (around $888 million), according to the company’s red herring prospectus.

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The IPO is scheduled to open for public subscription on August 11 and close on August 13, with the anchor book slated for August 8. The offering comprises a fresh issue of shares worth Rs 820 crore and an offer for sale (OFS) of up to 13,939,063 equity shares, down from the 24 million shares originally planned for sale. The company had initially aimed to raise Rs 1,000 crore in primary capital.

Several early-stage investors including Accel Partners, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal-led Hero Enterprise Partner Ventures will participate in the OFS. IvyCap Ventures, which was earlier slated to sell 3.1 million shares, is no longer part of the OFS, as per the revised prospectus. Other major investors, including Info Edge Ventures, Peak XV, Steadview, Prosus, and Think Investments, will retain their holdings.

The Bengaluru-based company, founded by IIT Delhi alumnus and former Amazon executive Gaurav Singh Kushwaha, plans to use the net proceeds primarily for working capital and general corporate purposes. Kushwaha, the promoter, holds a 17.7% stake in the company.

BlueStone’s IPO comes against the backdrop of increased investor interest in the jewellery sector, catalyzed in part by Tata Group’s full acquisition of CaratLane at a Rs 17,000 crore valuation. BlueStone, which retails diamond, gold, platinum and studded jewellery, has expanded its footprint to 225 stores across 117 cities as of March 2025, alongside online channels including its website and mobile applications.

Despite strong revenue growth, operating revenue rose 40% year-on-year to Rs 1,770 crore in FY25, the company remains loss-making, with net losses widening to Rs 222 crore in FY25 from Rs 142 crore the previous year.

Axis Capital, Kotak Mahindra Capital, and IIFL Capital are managing the IPO. Trilegal is acting as legal counsel.