BlueStone Raises ₹693.3 Cr from Anchor Investors Ahead of IPO Launch

Omnichannel jewellery brand bluestone has secured ₹693.3 crore from 20 anchor investors ahead of its initial public offering (IPO), which opens for bidding on August 11 and will close on August 13.

The company allocated 1.34 crore equity shares at ₹517 per share, the upper end of its IPO price band of ₹492–₹517. Major anchor investors in the pre-IPO round include Goldman Sachs, Societe Generale, Nippon India, New York State Teachers Retirement System, Amansa Holdings, and top domestic players like Aditya Birla Sun Life Trustee, Motilal Oswal, HDFC Life Insurance, and Mirae Asset Management.

Of the total anchor allotment, 36.56 lakh shares (27.27%) were allocated to six domestic mutual funds across 11 schemes.

BlueStone IPO Structure & Valuation

As per the company’s Red Herring Prospectus (RHP), the public issue will consist of:

• A fresh issue of shares worth up to ₹820 crore

• An offer for sale (OFS) of up to 1.4 crore shares by existing shareholders

Key selling shareholders include early backers like Kalaari Capital, Accel, and Sunil Kant Munjal, chairman of Hero Enterprise.

At the top of the price range, BlueStone is aiming for a valuation of approximately $890 million, marking an 8% drop from its last funding round valuation of $970 million in August 2024.

BlueStone IPO Proceeds & Listing

The company plans to use the IPO proceeds to:

• Fund working capital needs

• Support day-to-day operations

• Cover general corporate expenses

BlueStone’s shares are slated to list on the BSE and NSE on August 19, 2025.

BlueStone Business & Financial Overview

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone operates as an omnichannel jewellery retailer, offering gold and studded jewellery through its website, mobile app, and a growing offline retail network across India. It targets consumers aged 25–45, across both male and female segments.

Financially, the company reported:

• Revenue growth of 39.9% YoY to ₹1,770 crore in FY25 (from ₹1,265.8 crore in FY24)

• A widened net loss of ₹221.8 crore in FY25, up 56% from ₹142.2 crore in the previous year

Despite the losses, BlueStone’s revenue momentum and strong anchor backing reflect continued investor interest in the jewellery and lifestyle retail space.