BlueStone Shares List At 1.5% Discount Over IPO Price

Omnichannel jewellery startup BlueStone made its stock market debut today, listing at a discount of INR 508.80 per share on the BSE, about 1.5% lower than its issue price of INR 517 apiece.

On the NSE, the stock opened at INR 510, registering a 1.3% discount over the IPO price.

The discounted listing was broadly in line with BlueStone’s grey market price on August 18, which stood at INR 0 (meaning no premium over issue price).

As of 9:50 AM, the stock was trading at INR 508.8 on the BSE, and the startup’s market capitalisation stood at INR 7,699.18 Cr at this point.

This debut follows BlueStone’s IPO, which closed on August 13 with an overall oversubscription of 2.7X, led primarily by QIBs. The QIB portion was subscribed 4.28X, while retail investors subscribed 1.35X and NIIs only 55%.

BlueStone’s IPO comprised a fresh issue worth up to INR 1,000 Cr along with an OFS of up to 2.4 Cr shares by existing investors, paving the way for some of its earliest backers to book multifold returns.

The company plans to use the INR 1,000 Cr fresh issue to expand its store network, strengthen working capital, upgrade technology, build its brand and for general corporate purposes.

Founded in 2011 by Kushwaha, BlueStone has evolved from an online-only fine jewellery platform to a vertically integrated omni-channel brand with over 200 stores across India.

The IPO comes at a time when India’s branded jewellery market is rapidly premiumising, with more consumers preferring organised players. BlueStone’s growth in recent years has been fuelled by new store launches and higher same-store sales, though profitability remains under pressure due to expansion costs.

On the financial front, BlueStone’s net loss widened 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr a year earlier, even as operating revenue rose 39.9% to INR 1,770 Cr from INR 1,265.8 Cr in FY24.

Offline sales dominated its business, contributing about 93% of total revenue in FY25, supported by the growing store footprint. The company also leans heavily on studded jewellery, which made up 67.8% of overall revenue during the year.

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