Bluestone reduces IPO size to Rs 820 Cr; cuts OFS by 42%

Accel-backed jewellery brand Bluestone has scaled down its IPO size and trimmed both the fresh issue and Offer for Sale (OFS) component, according to its Red Herring Prospectus (RHP) dated August 4, 2025. The move comes days ahead of its planned public issue launch on August 11.

Bluestone will now raise Rs 820 crore via fresh equity, down from the earlier proposed Rs 1,000 crore in its Draft Red Herring Prospectus (DRHP). The company has also reduced its OFS size by over 42%, from 2.4 crore shares to 1.39 crore shares.

The trimmed OFS sees early backers such as Accel, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal (Hero Enterprise) part-exiting with reduced stakes. Accel plans to sell 26 lakhs shares, Saama 41 lakhs, Kalaari entities around 40 lakhs shares combined, while Iron Pillar and Munjal will offload 13 lakhs and 19.3 lakhs shares, respectively.

The Bluestone IPO will open on August 11 and close on August 13, with anchor investor bidding scheduled for August 8, and will be listed on both NSE and BSE. Axis Capital, Kotak Mahindra Capital, and IIFL Capital are appointed as book-running lead managers.

Founded in 2011 by Gaurav Singh Kushwaha, Bluestone operates a hybrid retail model with 275 stores in over 80 cities, supported by a strong online channel. As per the company, the average revenue per store stood at Rs 6.1 crore, while the average order value is at Rs 47,671 in FY25. 

As per RHP, founder Gaurav Singh Kushwaha remains the largest individual shareholder with 17.7%, followed by Accel India III (13.8%), Hero Enterprise (5.61%), and Kalaari Capital (5.12%). Other prominent backers include MIH Investments, 360 One, IE Venture Fund, Iron Pillar, Peak XV Partners, and Steadview Capital.

Bluestone recorded a 40% year-on-year growth in its revenue to Rs 1,770 crore in FY25. At the same time, its losses grew by 56.3% to Rs 218 crore in the last fiscal year (FY25) from Rs 142 crore in FY24. According to the RHP, online sales contributed only 6.66% of the total sales, while the rest of the income came from stores and other channels.