BlueStone Jewellery IPO: A ₹7,800 Crore Milestone in India’s Luxury Retail Market

This IPO marks a major turning point not just for BlueStone, but for India’s growing class of digitally native consumer brands. BlueStone's transition from a startup to a publicly listed company reflects the maturing landscape of omnichannel retail in India.

IPO Structure

• Fresh issue of shares: ₹820 crore (revised from ₹1,000 crore in earlier drafts)

• Offer for Sale (OFS): ₹720.65 crore, with early investors including Accel, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal selling part of their stakes

• Total issue size: ₹1,540.65 crore

• Investor allocation: 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors

• Lot size: 29 shares per lot (₹14,268 at the upper price band)

• Timeline:

  • Anchor book opens: August 8

  • Allotment: August 14

  • Refunds and demat credit: August 18

  • Listing on NSE and BSE: August 19

Company Overview

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone began as a digital-first jewellery brand, disrupting a space dominated by traditional offline players. Over the years, it has grown into one of India’s leading omnichannel jewellery retailers, integrating online shopping with a premium in-store experience.

As of March 2025, BlueStone has established 275 stores across 117 cities, with plans to cross 300 stores by the time of its listing. Its stores span over 605,000 sq ft of retail space, with a mix of company-owned and franchise models.

The company manufactures over 75% of its jewellery in-house at production units in Mumbai, Jaipur, and Surat, giving it tighter control over design, quality, and delivery timelines. BlueStone uses advanced design software, rapid prototyping, and vertical integration to support its fast-changing product lines.

Financial Performance

BlueStone’s revenue has grown rapidly over the last few years:

• FY23: ₹770 crore

• FY24: ₹1,265 crore

• FY25: ₹1,770 crore (estimated)

However, growth has come with rising expenses. The company reported a net loss of ₹218–₹221 crore in FY25, up from ₹142 crore the previous year, due to aggressive expansion and marketing spends. Despite the losses, repeat purchase rates hover around 44–45%, a strong sign of customer loyalty in the high-value jewellery segment.

Market Position

BlueStone is now the second-largest digitally native jewellery brand in India by revenue. It holds an estimated 26–30% share of the omnichannel jewellery market. Its growth strategy includes rapid expansion in Tier 2 and Tier 3 cities, leveraging modular store formats and asset-light models.

What sets BlueStone apart is its technology-driven approach. The brand integrates AI-based inventory management, personalized CRM engagement, virtual try-on tools, and appointment-based store experiences. This tech stack helps reduce acquisition costs and increases conversion rates — crucial advantages in a low-margin, high-ticket category.

Strategic Significance of the IPO

The BlueStone IPO is notable for several reasons:

1. Valuation Recalibration: The IPO values the company slightly below the ₹8,100 crore valuation it received during its last private funding round in August 2024 — signaling a pragmatic adjustment to current market conditions.

2. Exit for Early Investors: Prominent early backers like Accel and Kalaari Capital are partially exiting, unlocking returns in a market that has been cautious on consumer IPOs over the past year.

3. Pre-IPO Demand: Private secondary transactions worth ₹300–₹350 crore ahead of the IPO show continued investor interest, particularly from wealth management firms.

4. Trend Representation: BlueStone exemplifies the evolution of Indian D2C and consumer startups — starting online, building brand equity, scaling through offline expansion, and finally entering public markets.

Final Thoughts

BlueStone’s IPO is more than a financial event — it’s a strategic inflection point in India’s modern retail story. It demonstrates how a tech-enabled, design-driven, and customer-focused brand can grow from a startup to a household name and now, a publicly traded company.

As public investors evaluate BlueStone’s fundamentals, growth story, and market potential, this IPO could serve as a blueprint for the next wave of Indian D2C brands preparing to take their shot at the markets.