BlueStone Jewellery IPO has officially opened for subscription today, marking its debut in the Indian primary market. Investors are closely watching its GMP, subscription trends, price band, and expert reviews to decide whether to invest or skip. The bidding window remains open until 13 August 2025, offering market participants an opportunity to evaluate this highly anticipated issue.
BlueStone Jewellery IPO GMP Today
As per market observers, BlueStone Jewellery shares are trading at a ₹16 premium in the grey market today. While the grey market premium (GMP) can be a sentiment indicator, it is not always a guaranteed predictor of listing gains. The current GMP reflects moderate interest from investors ahead of the subscription close.
Price Band, Issue Size, and Dates
- Price Band: ₹492 to ₹517 per equity share
- IPO Size: ₹1,540.65 crore
- Fresh Issue: ₹820 crore
- Offer for Sale (OFS): ₹720.65 crore
- IPO Dates: Opens on 11 August 2025 and closes on 13 August 2025
- Lot Size: 29 shares per lot
- Expected Allotment Date: 14 August 2025
- Listing Date: 19 August 2025 (due to a market holiday on 15 August)
- Registrar: Kfin Technologies Limited
- Lead Managers: Axis Capital, IIFL Capital Services, Kotak Mahindra Capital Company
Day 1 Subscription Status
By 1:12 PM on the first day of bidding, the IPO had received a subscription of 0.05 times. Here’s the breakdown:
- Retail Investors: 0.25 times
- Non-Institutional Investors (NII): 0.02 times
- Qualified Institutional Buyers (QIB): 0.00 times
While the initial subscription is lukewarm, investor interest often accelerates on the final day.
Company Overview
BlueStone Jewellery Limited is a leading omni-channel jewellery retailer known for its strong branding, premium product designs, and expanding store network. The company operates both online and offline, targeting India’s rapidly growing jewellery market.
Financial Performance
- Revenue surged from ₹576 crore in FY21 to ₹1,249 crore in FY23.
- In 9MFY24, revenue touched ₹1,155 crore.
- The company reported ₹35 crore PAT in 9MFY24, marking a turnaround from earlier losses.
- Healthy gross margins of 32%.
Expert Review — Should You Subscribe?
Concerns Highlighted:
Gaurav Goel, Founder & Director at Fynocrat Technologies, pointed out the following risks:
- Lack of sustained profitability in earlier years
- Negative margins in the past
- Expensive valuations compared to peers
- ROE remains deeply negative
- Meaningful profit after tax (PAT) could be 2–3 years away
Positive Outlook:
Anshul Jain, Head of Research at Lakshmishree Investment, assigned a ‘Subscribe for Long Term’ rating, citing:
- Strong topline growth and brand recall
- Expansion into 300+ stores, boosting market penetration
- Turnaround to profitability
- Rising demand in India’s jewellery sector
However, Jain also cautioned about:
- Capital-intensive nature of the business
- Thin EBITDA margins (~8%)
- Competition from established players like Tanishq
BlueStone Jewellery IPO: Good or Bad for Investors?
For short-term traders, the modest GMP and early subscription numbers suggest limited immediate listing gains. The capital-intensive model, thin margins, and high valuations could keep near-term performance volatile.
For long-term investors, BlueStone’s brand strength, revenue growth, and market expansion strategy offer promising upside. With proceeds directed towards store expansion and working capital, the company is well-positioned to capture future jewellery demand.
Verdict:
- Short Term: Cautious approach due to weak Day 1 subscription and moderate GMP
- Long Term: Positive outlook for patient investors who can withstand volatilit