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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding working capital requirements
The bulk of the fresh proceeds is earmarked for the company's working capital needs, chiefly the inventory a growing jewellery retail network has to carry.
General corporate purposes
The balance of the fresh proceeds, after issue expenses, is set aside for general corporate purposes.
(₹ in Crore)
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BlueStone Jewellery and Lifestyle Limited designs, makes and sells fine jewellery in diamond, gold, platinum and studded categories under its own BlueStone label. The business began online and still leans on that origin, pairing its website and mobile app with a growing chain of physical showrooms so that a shopper can browse, try on and buy through whichever channel suits them. Its catalogue runs to several thousand designs grouped into themed collections spanning rings, earrings, pendants, necklaces, solitaires, bangles, bracelets and chains, aimed largely at younger urban buyers who tend to find brands through digital channels. The company was founded in 2011 and has grown from a purely online seller into a national retailer. As of 31 March 2025 it ran 275 showrooms across 117 cities in 26 states and union territories, a mix of company-operated outlets and franchise partners, while its delivery footprint reached well over 12,000 PIN codes. Design and manufacturing are handled largely in house, with an internal design team and vertically integrated production feeding the retail network, and the firm reports itself as the second largest digital-first omnichannel jewellery brand in India by revenue for fiscal 2024. Growth has come from adding stores, widening the design catalogue and deepening repeat purchases, with returning customers contributing a steadily larger share of sales across the three years to fiscal 2025 and average order values rising over the same period. The company remains loss making: revenue roughly doubled between fiscal 2023 and fiscal 2025, but losses persisted, driven by store expansion, financing costs, employee stock compensation and a large working capital build in inventory. It competes against long-established national jewellers as well as regional chains and unorganised local jewellers.
Ahead of the issue opening, the company raised about Rs 693.29 crore on 8 August 2025 by allotting 1,34,09,910 equity shares at Rs 517 apiece, the upper end of the band, to 20 anchor investors. Amansa Holdings took the largest slice of the anchor book, followed by SBI Life Insurance and a Nippon Life India trustee entity. Other participants included Goldman Sachs, Societe Generale, and the mutual fund arms of Aditya Birla Sun Life, DSP, PGIM India, Axis and Motilal Oswal, along with HDFC Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Digital-first brand with a national store network
The company built its following online and then layered a physical chain on top, reaching 275 showrooms across 117 cities by March 2025. That combination lets it acquire customers cheaply through digital channels while still offering the in-person trial that high-value jewellery buyers expect.
Large in-house design library
An internal design team maintains a catalogue running into thousands of active designs across dozens of collections, refreshed regularly. Breadth of design is a meaningful differentiator in a category where most competition is on selection rather than price.
Vertically integrated manufacturing
The company controls much of its own production rather than relying entirely on third-party jobbers, which gives it tighter grip on cost, quality and how quickly a new design can move from sketch to shelf.
Rising share of repeat business
Revenue from returning customers grew as a proportion of the total across the three years to fiscal 2025, and average order values climbed over the same stretch, suggesting the brand is retaining buyers rather than only chasing new ones.
Sustained losses and negative returns
The company lost money in each of the three financial years to March 2025, with the fiscal 2025 loss widening, and both earnings per share and return on net worth were negative. There is no assurance the business turns profitable on any particular timeline.
Heavy inventory and cash burn
Jewellery retail ties up a great deal of capital in stock, and inventory at March 2025 was worth close to the company's full year of operating revenue. Operating cash flow was negative in both fiscal 2024 and fiscal 2025, so growth continues to consume cash.
Exposure to gold and diamond prices
Raw material costs swing with commodity markets, and sharp moves in gold or diamond prices can squeeze margins or dampen customer demand, neither of which the company controls.
BlueStone Jewellery and Lifestyle Limited
Site No. 89/2, Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bengaluru 560037, Karnataka, India
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Dependence on physical showrooms
Despite the digital-first positioning, a large share of sales now runs through the store network, so store economics, rent and footfall matter a great deal, and further expansion carries execution risk.
Promoter shares pledged
A substantial portion of the promoter's pre-offer holding was pledged to lenders. Any enforcement of that pledge could affect the shareholding structure and weigh on the stock.
No dividend record
The company has not paid a dividend in the reported periods, and given the losses and cash needs of the business, there is no guarantee it will begin doing so.