Bluestone Jewellery And Lifestyle limited IPO

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BlueStone is a contemporary, design-led, digital-first direct-to-consumer (DTC) brand offering a wide variety of diamond, gold, platinum, and studded jewellery. Established in 2011, it is now the second-largest digital-first omni-channel jewellery brand in India by revenue in FY24, with a strong focus on a seamless omni-channel shopping experience.

Omni-Channel Retail Strategy

BlueStone operates through an integrated network of online and offline channels. Its products are sold via the official website (www.bluestone.com), mobile apps (iOS and Android), and a pan-India network of 275 stores across 117 cities in 26 states and union territories. As of March 31, 2025, this includes 200 company-owned stores and 75 franchisee stores.

The omni-channel experience allows customers to browse online, consult in-store, and transact across channels. Features like ‘Try at Home’, real-time inventory tracking, and customized recommendations personalize the buying journey. The brand recorded nearly 299 million unique online sessions in FY25.

In-House Manufacturing and Design

BlueStone operates three manufacturing facilities located in Mumbai, Jaipur, and Surat. Over 75% of the jewellery is produced in-house, allowing faster design-to-market timelines, better quality control, and inventory optimization. Capacity utilization is high across facilities, supported by modern techniques such as 3D printing and dedicated prototype studios. An additional facility in Jaipur is under construction.

Pan-India Presence 

BlueStone has a presence in Tier I, II, and III cities with over 605,000 sq. ft. retail space. All stores are company-operated, including those under franchise ownership, enabling full control over customer experience and inventory. The brand primarily targets customers aged 25-45 who value modern, stylish, and unique jewellery designs. It offers a wide product range including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains across 91 curated collections. The share of studded jewellery in revenue was ~68% in recent fiscals

Competitive Strengths

i) Second-largest digital-first omni-channel jewellery brand in India (Source: RedSeer Report)
ii) Fully integrated tech and manufacturing infrastructure
iii) High operational control through in-house processes and data-driven merchandising
iv) Fast product innovation cycle driven by market feedback
v) Pan-India reach across metro and non-metro cities

Objects of the Bluestone Jewellery And Lifestyle limited IPO:

Company proposes to utilize the Net Proceeds towards funding of the following objects: i) Funding working capital requirements (₹750 cr) ii) General corporate purposes
DRHP of Bluestone Jewellery And Lifestyle limited IPO
RHP of Bluestone Jewellery And Lifestyle limited IPO

Bluestone Jewellery And Lifestyle limited IPO Details:

Open Date: Aug 11 2025
Close Date: Aug 13 2025
Total Shares: 2,97,99,798
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Building
Issue Size: 1540.65 Cr.
Lot Size: 29 Shares
Issue Price: ₹ 492-517 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Gaurav Singh Kushwaha serves as the Chairman, Managing Director, and Chief Executive Officer of the Company. He holds a Bachelor’s degree in Technology in Computer Science and Engineering from the Indian Institute of Technology (IIT), Delhi. He brings with him a wealth of experience from his prior associations with Tavant Technologies (India) Private Limited, Amazon Development Centre (India) Private Limited, and Chakpak Media Private Limited. 2. Prashanth Prakash is a Non-Executive Nominee Director of the Company. He holds a Bachelor’s degree in Engineering with a specialization in Computer Science and Technology from Bangalore University, a Master’s degree in Science from the University of Delaware, and an honorary Doctorate of Science from the University of Mysore. He has been associated with Accel India Management LLP (formerly Accel India Management Private Limited) since August 2008 and has played a significant role in the Indian venture capital ecosystem. 3. Sameer Dileep Nath is a Non-Executive Nominee Director. He holds a degree in political science from Middlebury College and an MBA from the University of Chicago. With over seven years of experience in venture capital, he currently serves as CIO and Head of Venture Capital & Private Equity at 360 ONE Asset.

Financials of Bluestone Jewellery And Lifestyle limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 1,770.00 1,265.80 770.70
EBITDA 73.1 53 -56
EBITDA Margins 4.13% 4.19% -7.27%
PAT -221.8 -142.2 -167.2
PAT Margins -12.53% -11.24% -21.70%
ROCE -3.67% -3.39% -31.16%
Debt to Equity Ratio(In Times) 0.66 0.87 -2.72
Operating Cash Flows -665.8 -181.11 27.1

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Bluestone Jewellery and Lifestyle Limited 1,770.00 4.13% -12.53% -3.67% 0.66 To be Updated Shortly. To be Updated Shortly
Titan Company Limited 60456 9% 5.50% 19.10% 1.79 3,04,400 91.2
Kalyan Jewellers India Limited 25045 6% 2.80% 14.30% 1.03 61,759 86.5
Senco Gold Limited 6259 6% 2.60% 10% 1.03 5541 33.5
Thangamayil Jewellery Ltd 4911 4% 2.19% 13.70% 0.72 5977 55.4
PC Jeweller Limited 2245 18% 25.70% 6.53% 0.35 9423 16.2

Lead Manager of Bluestone Jewellery And Lifestyle limited IPO:

  1. Axis Capital Limited
  2. IIFL Securities Ltd
  3. Kotak Mahindra Capital Company Limited

Registrar of Bluestone Jewellery And Lifestyle limited IPO:

  1. Kfin Technology Private Limited

Discussion on Bluestone Jewellery And Lifestyle limited IPO:

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