BlueStone IPO Allotment Finalized – Will Listing Day Shine or Fade?

BlueStone Jewellery & Lifestyle Ltd., one of India’s leading omnichannel fine jewellery retailers, has successfully closed its ₹1,540.65 crore IPO. The issue, which opened on 11 August 2025 and closed on 13 August 2025, received an overall subscription of around 2.7 times, with strong interest from Qualified Institutional Buyers (QIBs) and moderate participation from retail investors.

IPO Details at a Glance

• IPO Opened: 11 August 2025

• IPO Closed: 13 August 2025

• Allotment Date: 14 August 2025

• Shares Credited to Demat: 18 August 2025

• Listing Date: 19 August 2025 (BSE & NSE)

• Price Band: ₹492 – ₹517 per share

• Lot Size: 29 shares

• Minimum Investment: ₹14,993 (Upper Band)

• Total Issue Size: ₹1,540.65 crore

  • Fresh Issue: ₹820 crore

  • Offer for Sale: ₹720.65 crore

Subscription Status

The subscription pattern shows robust institutional demand, while retail participation was steady but not aggressive. Non-institutional interest remained subdued, possibly due to valuation concerns and soft grey market cues.

Grey Market Premium (GMP) Trend

• Initial GMP: ₹9 (~1.7% premium)

• Final GMP before allotment: ₹2 (~0.4% premium)

The sharp fall in GMP indicates cautious listing sentiment. Analysts attribute this to the company’s loss-making position in recent years despite strong brand recall and market presence.

Company Overview

Founded in 2011, BlueStone Jewellery has built a strong presence in both online and offline segments, offering a wide range of gold, diamond, and gemstone jewellery. With over 200 stores across India, the brand is known for modern designs, transparency in pricing, and a technology-driven retail experience. The company aims to use the fresh issue proceeds for store expansion, working capital, capital expenditure, and general corporate purposes.

Valuation & Market Outlook

• Estimated Valuation at Upper Band: ~₹7,800 crore

• Target: Strengthen omnichannel presence and aim for sustainable profitability

While the jewellery retail market in India is poised for growth, competitive intensity from players like Tanishq, CaratLane, and regional brands may keep margins under pressure. Post-listing performance will depend on the company’s ability to improve profitability and operational efficiency.

Market Impact & Retail Investor View

For retail investors, the IPO presents a brand-backed consumer story with a long-term growth angle. However, given the thin GMP and moderate subscription from non-institutional categories, short-term listing gains might be limited. Long-term investors may focus on the company’s ability to turn profitable while expanding its store network efficiently.

Key Risks

• Sustained net losses in recent years

• High competition from established national and regional jewellery brands

• Sensitivity to gold price fluctuations and consumer demand cycles

Final Take

BlueStone Jewellery’s IPO has created a buzz in the lifestyle retail space, but cautious grey market trends suggest that listing gains may be marginal. Investors with a long-term horizon and confidence in the brand’s growth strategy may consider holding, while short-term players should watch the listing price closely on 19 August 2025.

Step-by-Step Guide to Check Allotment

Option 1 – Through Registrar Website (Kfintech)

1. Visit the registrar’s allotment page: Kfintech

2. Select ‘Public Issue’ from the dropdown menu.

3. Choose ‘BlueStone Jewellery & Lifestyle Ltd.’ from the list of companies.

4. Enter any one of the following:

   • PAN Number

   • Application Number

   • DP Client ID

5. Click on ‘Search’.

6. Your allotment status will be displayed on the screen.

Option 2 – Through NSE Website

1. Go to the NSE IPO allotment page: https://www.nseindia.com/invest

2. Select ‘Equity’ and choose ‘BlueStone Jewellery & Lifestyle Ltd.’.

3. Enter your application number or PAN.

4. Complete the captcha and click on ‘Search’.

5. Check your allotment details.

Option 3 – Through Broker/Demat Account

Most brokers like Zerodha, Groww, Angel One, Upstox, and ICICI Direct update allotment details within their IPO section. Log in to your broker account and check the IPO status.

Key Notes for Investors

• If you are allotted shares, they will be credited to your demat account by 18 August 2025.

• If not allotted, the refund or unblocking of funds (ASBA/UPI) will be initiated by the same date.

• Keep an eye on market sentiment and listing trends before deciding on listing day trades.

💡 Investor Note: Those who applied can check allotment status through BSE SME or Kfin Technologies by entering their PAN or application details.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before making any investment decisions.