Bluestone’s IPO: A Review of Market Response and Performance

Bluestone’s Rs 1,500 crore IPO experienced a modest reception from investors, as the jewellery firm made its market debut at Rs 510 per share, reflecting a 1.3% decrease from its issue price of Rs 517. At the beginning of trading, the Sensex opened at 81,319 with an increase of 45.36 points, while the Nifty50 gained 14.4 points, reaching 24,891. As per exchange statistics, the Qualified Institutional Buyers (QIBs) segment was subscribed 4.09 times, while Non-Institutional Investors (NIIs) registered a subscription of only 0.53 times. The Retail Individual Investors (RIIs) category achieved a subscription rate of 1.22 times. The company had established a price range of Rs 492–517 per share.

The funds raised from the IPO will be used to address its working capital needs and for various corporate purposes. Prior to the opening of the issue, Bluestone secured Rs 693 crore from anchor investors earlier this month.

Financial Performance Overview

In FY25, Bluestone reported encouraging revenue growth but continued to function with single-digit EBITDA margins. Its omnichannel strategy, which combines online sales with over 250 physical stores, has facilitated expansion but also contributed to increased costs. The company recorded a revenue of Rs 1,770 crore alongside a net loss of Rs 222 crore in the previous fiscal year ending March 2025.

Market Status and Future Prospects

As of 10:54 AM today, Bluestone Jewellery shares were priced at Rs 529.7, giving the company a market capitalization of Rs 8,036 crore or $930 million. Despite listing at a discount, the initial rebound and its growing omnichannel presence suggest potential for long-term advancement. The company’s capacity to enhance margins will be crucial as it faces competition from CaratLane, Melorra, and Giva in the rapidly expanding jewellery sector.