Bluestone shares debut at a discount on stock exchange listing

Bluestone’s Rs 1,500 crore IPO witnessed a lukewarm response from investors, with the jewellery firm making its market debut at Rs 510 per share, a 1.3% discount compared to its issue price of Rs 517.

At the opening bell, the Sensex opened at 81,319 with a 45.36 premium points, while the Nifty50 rose 14.4 points to 24,891. According to exchange data, the Qualified Institutional Buyers (QIBs) portion was subscribed 4.09X, while Non-Institutional Investors (NIIs) bid only 0.53X. The Retail Individual Investors (RIIs) category managed 1.22X subscription. The company had fixed a price band of Rs 492–517 per share.

The proceeds from the IPO would be utilised to meet its working capital requirements and for general corporate purposes. Ahead of the issue opening, it raised Rs 693 crore from anchor investors early this month.

In FY25, Bluestone posted healthy revenue growth but continued to operate at single-digit EBITDA margins. Its omnichannel approach, online sales supported by over 250 physical stores, has helped scale up but also increased costs. The company has posted a revenue of Rs 1,770 crore with a net loss of Rs 222 crore during the previous fiscal year ended March 2025.

As of 10:54 AM today, Bluestone Jewellery shares stood at Rs 529.7, with a total market capitalization of Rs 8,036 crore or $930 million.

Though Bluestone is listed at a discount, the early rebound and its expanding omnichannel footprint indicate room for long-term growth. The company’s ability to improve margins will be key as it competes with CaratLane, Melorra, and Giva in the fast-growing jewellery market.