Bluestone Jewellery Shares Lists at 1.35% Discount; Makes a Muted Market Debut
The much-awaited Bluestone Jewellery IPO made its debut in 2025, but to the surprise of many investors, Bluestone Jewellery shares listed at a 1.35% discount. This muted market debut on the BSE and NSE reflects cautious investor sentiment despite strong institutional backing.
Bluestone’s listing highlights the challenges of IPO investing in India—where excitement often collides with valuation realities. Let us break down how the IPO performed, what went wrong, and what investors can expect going forward.
Bluestone Jewellery Shares Listing Performance
- Issue Price: ₹517 per share
- BSE Opening: ₹508.80
- NSE Opening: ₹510
- Listing Discount: ~1.35%
- Intraday High: ₹538.10 (NSE at 11:27 AM)
Although the stock began its journey below expectations, a quick rebound showed that investors are still betting on Bluestone’s long-term growth story.
Bluestone Jewellery IPO Details
The IPO was worth ₹1,540.65 crores, structured as follows:
- ✅ Fresh Issue: ₹820.00 crores
- ✅ Offer for Sale (OFS): ₹720.65 crores
Subscription Status
- Qualified Institutional Buyers (QIBs): 4.28×
- Retail Investors: 1.35×
- Non-Institutional Investors (NIIs): 0.55×
(Clearly, QIBs showed strong confidence, but retail and HNI enthusiasm remained lukewarm.)
👉 IPO proceeds will primarily be used for working capital and general corporate purposes, giving Bluestone the financial muscle to strengthen its omnichannel retail strategy.
About Bluestone Jewellery
Bluestone is not just another jeweller—it represents India’s digital-first jewellery revolution.
- 🏬 275 stores across 117 cities in 26 states & UTs
- ⚙️ Manufacturing units in Mumbai, Jaipur, and Surat
- 💎 Offers diamond, gold, platinum & studded jewellery
- 📈 Ranked India’s second-largest digital-first omnichannel jewellery brand by revenue
Its direct-to-consumer (D2C) approach blends online convenience with offline trust, which appeals to India’s younger, tech-savvy jewellery buyers.
Why Bluestone Jewellery Shares Had a Muted Debut
- Valuation Concerns – Investors compared Bluestone’s IPO pricing with established peers like Titan Company and Kalyan Jewellers.
- Market Volatility – The overall mood of Indian equity markets influenced listing performance.
- Cautious Retail Participation – While institutions went strong, retail investors played safe.
Investor Outlook: Short-Term vs Long-Term
📉 Short-Term View
- Listing gains were disappointing.
- Volatility is expected as the market adjusts to fair valuations.
- TATA
📈 Long-Term View
- Strong omnichannel presence ensures sustainable growth.
- India’s cultural love for gold and diamonds supports steady demand.
- Bluestone is positioned to benefit from rising disposable income and urban lifestyle changes.
Comparison: Bluestone vs Peers
| Company | No. of Stores | FY24 Revenue | Market Position |
|---|---|---|---|
| Bluestone Jewellery | 275+ | Growing rapidly | 2nd largest omnichannel D2C brand |
| Titan Company | 2,500+ | ₹46,000+ crore | Industry leader (Tanishq) |
| Kalyan Jewellers | 250+ | ₹16,000+ crore | Strong regional dominance |
(This shows Bluestone is still smaller in scale but is rapidly catching up in brand presence.)
External Insights
📌 NSE India highlights that IPO performance depends heavily on valuation and subscription mix.
Final Thoughts
The Bluestone Jewellery shares listing at a 1.35% discount may seem underwhelming, but this should not overshadow its long-term story. India’s jewellery industry has always been resilient—as we say, “Sona kabhi purana nahi hota” (Gold never loses charm).
Key Takeaways:
- 🚩 Muted listing = cautious short-term view.
- 🚀 Strong fundamentals = promising long-term future.
- 💡 Lesson for investors = Don’t chase IPO hype, focus on fundamentals.
👉 Are you bullish on Bluestone’s growth, or do you prefer Titan and Kalyan as safer bets? Share your opinion in the comments!