BlueStone Jewellery and Lifestyle Ltd., a digital-first omnichannel jewellery brand, launched its initial public offering (IPO) on Monday, August 11. The company aims to raise ₹1,540.65 crore through a mix of fresh equity issuance and an offer for sale (OFS). The IPO is priced between ₹492 and ₹517 per share and will remain open for bidding until August 13. Investors must apply for at least 29 shares and in multiples thereafter.
In FY25, BlueStone reported a strong 40% revenue growth, reaching ₹1,830 crore, supported by its integrated online-offline strategy. However, it continues to incur net losses, widening to ₹221.8 crore, and maintains a net debt-to-equity ratio of 0.66. At the upper price band, the IPO is valued at an EV/EBITDA of 114.3x and a price-to-sales ratio of 4.3x. Arihant Capital has given a ‘Subscribe for Long Term’ rating.
Before the IPO opened, the company raised ₹693.29 crore from anchor investors, including SBI Life, Goldman Sachs, Nippon MF, and HDFC Life. Proceeds from the fresh issue, worth ₹820 crore, will mainly fund ₹750 crore of working capital and other general purposes.
