BlueStone Jewellery & Lifestyle IPO

About the company

Bluestone Jewellery and Lifestyle is a direct-to-consumer (DTC) jewellery retailer. The company manufactures and offers diamond, gold, platinum and studded jewellery products under its flagship brand name “Bluestone”. It is the second-largest digital-first omnichannel jewellery brand in India by FY24 revenues. As per the company, it has a market share between 28% and 32% in 2024 among omnichannel players in the jewellery industry. The company retails products through its website & mobile application. The company’s total stores increased from 155 in FY23 to 275 in FY25, spanning 117 towns and cities. The store network comprises 200 company-owned stores and 75 franchisee stores, covering an aggregate area of over 605,000 sq ft, with all franchisee stores operated directly by the company. Meanwhile, the average order value for the company improved from ₹32,038 in FY23 to ₹47,671 crore in FY25, while the customer count increased to 7.71 lakh during the same period. It showcases 7,400+ designs as of March 31, 2025, offering customers multiple interaction options, including 360-degree product views, contemporary design access, store location selection, and 'Try at Home' services at select locations. It offers a diverse range of jewellery products, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains across various price points to cater to different customer segments. As of March 31, 2025, the company maintained 91 collections of jewellery products. The company has consistently expanded its product range by launching 6, 12, and 10 new jewellery collections in FY25, FY24, and FY23, respectively. Studded jewellery contributed 67.88% of revenue from operations in FY25. The company operates three manufacturing facilities located in Mumbai (Maharashtra), Jaipur (Rajasthan), and Surat (Gujarat). It has in-house manufacturing capabilities, producing more than 75% of the total jewellery in-house. The Mumbai facility operated at a capacity utilisation of 98.57% in FY25; the Jaipur facility, which became operational during FY23, achieved capacity utilisation of 81.72% in the same period, while the Surat facility that commenced operations in May 2024 recorded 68.25% capacity utilisation in FY25. The Indian jewellery market, valued at approximately $75 billion in 2024, is the second largest globally, trailing only behind China. It is expected to grow at a CAGR of 12–14%, reaching $130–$140 billion by 2029, driven by rising discretionary incomes, a young urban population, increasing participation of working women, and a shift in preferences toward daily-wear and occasion-led jewellery. While wedding jewellery continues to dominate with a 53% share, daily wear and occasion-led jewellery are the fastest-growing segments, collectively expected to contribute nearly 60% of the market by 2029. Digital-first and omnichannel brands are expected to dominate the online jewellery landscape, with the e-commerce jewellery market projected to grow at a 20–25% CAGR. Organised retail currently accounts for 37% of the market and is expected to rise to 43–47% by 2029. This shift is supported by regulatory tailwinds such as mandatory hallmarking, increased tax transparency, and 100% FDI in the sector, which favours branded players over traditional unorganised jewellers. Unlike traditional jewellers focused on wedding wear, BlueStone targets the underpenetrated daily and occasion-led jewellery segments, which offer higher margins and customer lifetime value. Now, Bluestone Jewellery and Lifestyle is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹820 crore and an offer for sale of ₹720.65 crore. The total issue size of the IPO is ₹1,540.65 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   11 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   13 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   14 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   18 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   18 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   19 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.