The public issue, which was open for subscription between September 15-20, had received muted demand.
The IPO was subscribed 2.72 times at close, with demand led by Qualified Institutional Buyers (QIBs) who subscribed 4.25 times their allotted portion. The retail portion was booked 1.38 times, while Non-Institutional Investors (NIIs) subscribed just 0.57 times.The company raised up to ₹1,540.65 crore through a combination of fresh issue and an offer for sale (OFS).
BlueStone Jewellery had already raised ₹693.29 crore from anchor investors like Goldman Sachs, Société Générale, SBI Life Insurance, Nippon India Mutual Fund, ACM Global Fund VCC, Axis Mutual Fund, among others.
Proceeds from the fresh issue will primarily be used to fund working capital requirements (₹750 crore) and for general corporate purposes.Company overview
Founded in 2011, BlueStone specialises in gold, diamond, gemstone, and platinum jewellery, operating with an in-house design, manufacturing, and retail model. It delivers through both online platforms and physical stores, offering over 8,000 unique designs.
As of 2025, BlueStone has expanded its retail footprint to 275 outlets across 117 cities.
The company’s revenue grew at a CAGR of nearly 52% over the past three fiscal years, rising from ₹771 crore in FY23 to ₹1,770 crore in FY25. However, it reported a net loss of ₹222 crore in FY25, widening from ₹14 crore in the previous year, due to expansion and marketing expenses. Gross margins improved to 37.94% in FY25 from 31.87% in FY23.
On the losses, the business has seen tremendous amount of growth, said Rumit Dugar, CFO of BlueStone Jewellery & Lifestyle. “We have been investing quite aggressively in the business to build scale. As you can see, we have almost 275 stores, and we are at a point in time if you look at our EBITDA margins, our EBITDA margins are already close to 7% and lot of the capital investment has gone in in the last two to three years. Thus, we are coming to a market at a time where a lot of the investments have gone the growth is still very high. So, there is tremendous amount of operating leverage that is flowing in the business.”
Axis Capital, IIFL Capital Services (formerly IIFL Securities), and Kotak Mahindra Capital Company were the book-running lead managers, while KFin Technologies was the registrar to the offer.
