BlueStone Jewellery cuts fresh-equity IPO raise to ₹820 cr in revised red herring prospectus
Pre-IPO valuation trimmed to ₹7,800 cr, 4% below its August 2024 funding round
Offer-for-sale allocation slashed from 2.4 cr to 1.39 cr shares for existing investors
FY25 revenue grew 40% to ₹1,770 cr, while net losses widened to ₹218 cr
Bengaluru-based BlueStone Jewellery & Lifestyle on Tuesday filed a revised red herring prospectus, cutting its initial public offering (IPO) fresh-equity raise from ₹1,000 crore to ₹820 crore. The decision comes days ahead of the IPO launch on August 11 and reflects a more cautious approach amid broader market volatility in growth-oriented consumer offerings.
The company is targeting a pre-IPO valuation of roughly ₹7,800 crore, about 4% below the ₹8,100 crore valuation secured in its August 2024 funding round. That earlier infusion, led by marquee backers including Accel, Kalaari Capital and Iron Pillar, positioned BlueStone among India’s best-capitalised jewellery start-ups.
Offer-for-Sale Component Cut by Over 40%
BlueStone has also cut its offer-for-sale (OFS) portion from 2.4 crore shares to 1.39 crore shares. Early-stage investors Accel, Kalaari, Iron Pillar and Sunil Kant Munjal of the Hero group will now offload smaller stakes, while IvyCap Ventures has opted out of the OFS entirely.
The trimmed OFS underscores a balanced exit strategy, enabling founders and existing backers to realise partial liquidity without flooding the market.
The IPO timetable includes anchor-investor bidding on August 8 with the public offer open from August 11 to 13, 2025. The issue will list on both the National Stock Exchange and BSE. Axis Capital, Kotak Mahindra Capital and IIFL Capital have been appointed as book-running lead managers. Secondary deals arranged by 360 One and Centrum Wealth in June moved ₹300–350 crore of shares among private investors.
Revenue Growth, Widening Losses
For the fiscal year ending March 2025, BlueStone reported operating revenues of ₹1,770 crore, up 40% year-on-year. However, net losses widened by 56% to ₹218 crore from ₹142 crore in FY 24, driven by an expanded retail footprint and marketing investments. Online sales accounted for just 6.7% of total revenue, underscoring the company’s reliance on its experiential store network.
Founded in 2011 by Gaurav Singh Kushwaha, BlueStone now operates 275 stores across more than 80 cities. The average revenue per store stood at ₹6.1 crore in FY 25, while average online order values reached ₹47 671. Founder Kushwaha remains the largest individual shareholder with 17.7%, followed by Accel India III (13.8%) and Hero Enterprise (5.6%).
Investor enthusiasm for organised jewellery has strengthened since Tata Group’s full acquisition of CaratLane at a ₹17,000 crore valuation. Peer start-up Giva is also in advanced talks for a ₹450 crore funding round. BlueStone’s moderated IPO suggests a calibrated entry to public markets, balancing the sector’s bullish long-term outlook against near-term valuation pressures.
