BlueStone IPO 2025: Price Band, Lot Size, Key Dates & Investment Outlook

Mumbai, August 11 — BlueStone Jewellery Limited has opened its ₹1,540.65 crore Initial Public Offering (IPO) for subscription today, with bidding set to close on 13 August 2025. The IPO price band is fixed at ₹492–₹517 per equity share.

📌 IPO Structure:

♦ Fresh Issue: ₹820 crore

♦ Offer for Sale (OFS): ₹720.65 crore

According to market observers, BlueStone shares are trading at a ₹16 premium in the grey market today.

📊 Subscription Status (Day 1, 11:06 AM)

♦ Overall: 0.04x subscribed

♦ Retail Investors: 0.17x

♦ Non-Institutional Investors (NII): 0.01x

♦ Qualified Institutional Buyers (QIB): 0.00x

📅 Key IPO Details

1️⃣ GMP Today: ₹16 premium

2️⃣ Price Band: ₹492–₹517 per share

3️⃣ Open & Close Dates: Aug 11–Aug 13, 2025

4️⃣ Lot Size: 29 shares per lot

5️⃣ Allotment Date: Aug 14, 2025

6️⃣ Listing Date: Aug 19, 2025 (Note: Aug 15 holiday)

7️⃣ Registrar: Kfin Technologies Ltd

8️⃣ Lead Managers: Axis Capital, IIFL Capital Services, Kotak Mahindra Capital Company

📌 Expert Review — Good or Bad for Investors?

Gaurav Goel (Fynocrat Technologies):

⚠️ Caution — Strong topline growth but concerns over negative margins, high valuations, and deeply negative ROE. PAT may take 2–3 years to show meaningful improvement.

Anshul Jain (Lakshmishree Investment):

✅ Long-term Positive — Revenue surged from ₹576 crore in FY21 to ₹1,249 crore in FY23, with ₹1,155 crore in 9MFY24. Reported ₹35 crore PAT in 9MFY24, gross margins of 32%, and plans to expand to 300+ stores. However, the capital-intensive nature, thin EBITDA margins (~8%), and competition from Tanishq pose short-term risks.

💡 Conclusion: Proceeds will fund store expansion & working capital. Strong branding supports long-term growth, but short-term volatility expected.