Bluestone IPO: Updated Size and Structure for 2025

Bluestone, the jewellery brand backed by Accel, has decreased its IPO size and adjusted both the fresh issue and Offer for Sale (OFS) components, as outlined in its Red Herring Prospectus (RHP) dated August 4, 2025. This adjustment comes just days before the anticipated public issue launch scheduled for August 11.

Details on the Revised IPO Size

The company plans to generate Rs 820 crore through fresh equity, a reduction from the previously suggested Rs 1,000 crore indicated in its Draft Red Herring Prospectus (DRHP). The size of the OFS has also seen a significant cut by over 42%, now standing at 1.39 crore shares down from 2.4 crore shares.

Stake Reductions by Early Backers

The revised OFS includes early investors such as Accel, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal from Hero Enterprise who will part-exit with smaller stake holdings. Accel is set to sell 26 lakh shares, Saama 41 lakh shares, Kalaari entities will collectively offload about 40 lakh shares, while Iron Pillar and Munjal are slated to sell 13 lakh and 19.3 lakh shares, respectively.

IPO Timeline and Management

The Bluestone IPO will be open from August 11 to August 13, with anchor investor bidding scheduled for August 8. The shares will be listed on the NSE and BSE. The book-running lead managers appointed for this IPO are Axis Capital, Kotak Mahindra Capital, and IIFL Capital.

Company Overview and Financial Performance

Established in 2011 by Gaurav Singh Kushwaha, Bluestone employs a hybrid retail model and operates 275 stores across more than 80 cities, complemented by a robust online presence. According to the company, the average revenue per store is reported at Rs 6.1 crore, while the average order value stands at Rs 47,671 for FY25.

Shareholding Structure

According to the RHP, founder Gaurav Singh Kushwaha is the primary individual shareholder with 17.7%, trailed by Accel India III at 13.8%, Hero Enterprise with 5.61%, and Kalaari Capital holding 5.12%. Other notable investors include MIH Investments, 360 One, IE Venture Fund, Iron Pillar, Peak XV Partners, and Steadview Capital.

Revenue and Losses

Bluestone reported a 40% year-on-year increase in revenue, reaching Rs 1,770 crore in FY25. Conversely, the company’s losses surged by 56.3%, amounting to Rs 218 crore in the last fiscal year (FY25) compared to Rs 142 crore in FY24. The RHP indicates that online sales contributed just 6.66% of total sales, with the bulk of revenue coming from physical stores and other channels.