The BlueStone Jewellery IPO closes today, August 13, 2025, presenting investors with a final opportunity to subscribe to the issue. The IPO aims to raise ₹1,540.65 crore, a combination of a fresh issue of shares worth ₹820 crore and an offer for sale (OFS) of ₹720.65 crore.
Subscription Status
By the end of day 2, the IPO had been subscribed 0.53 times. More recent data from today, August 13, 2025, at 10:24 AM, indicates a subscription of 0.68 times. The retail portion has been booked 0.86 times, the QIB (excluding Anchor) portion 0.84 times, and the NII portion 0.25 times.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for BlueStone Jewellery shares is ₹9 today. This suggests a potential listing price of around ₹526 per share, based on the upper price band of ₹517, indicating a modest gain of about 1.74%. It's important to remember that the GMP is an unofficial indicator and can be volatile. Some sources state the GMP to be ₹11 as of today.
Price Band and Lot Size
The IPO price band is set at ₹492 to ₹517 per equity share. The minimum lot size is 29 shares, requiring a minimum investment of ₹14,268 for retail investors.
Financial Performance and Valuation
BlueStone Jewellery's revenue from operations grew by over 40% to ₹1830.04 crore in FY25, compared to ₹1303.49 crore in the previous fiscal year. However, the company reported a net loss of ₹221.84 crore for FY25, compared to a net loss of ₹142.24 crore in FY24. The company's EBITDA increased by nearly 38% to ₹73.16 crore in FY25.
BlueStone's price-to-sales (P/S) ratio stands at 4.83, which is higher than some of its competitors like Kalyan Jewellers (2.03), Senco Gold (0.84), and Thangamayil (1.16).
Objectives of the IPO
BlueStone Jewellery intends to use the net proceeds from the IPO to meet its growing working capital needs and for general corporate purposes.
Key Dates
Should You Apply?
BlueStone Jewellery has established itself as a prominent omni-channel jewellery retailer in India. The company's emphasis on design innovation and high product quality has supported robust gross margins. The company's repeat revenue ratio has increased, reflecting rising customer loyalty and satisfaction.
However, investors seem to be cautious due to the surging losses and rising debt. The GMP has also dropped.
Considering all factors, investors should carefully evaluate their risk appetite and investment goals before deciding whether to apply for the BlueStone Jewellery IPO.
