BlueStone IPO: Price Band Set At INR 492-517, Eyes $890 Mn Valuation

New-age jewellery company Bluestone has set a price range of INR 492 to INR 517 for its upcoming IPO. With this, the company which was reported to have been eyeing the unicorn tag in the run up to its IPO, is targeting a valuation of about INR 7,800 Cr ($890 Mn) at the upper end of the price band.

In June, it was reported that BlueStone was targeting a unicorn valuation of INR 11,500 Cr ($1.15 Bn) in its pre-IPO round. However, this round didn’t materialise. 

The IPO valuation is also an over 8% cut from the jewellery brand’s last private valuation. The company attained a valuation of $970 Mn in August 2024 when it raised INR 900 Cr from investors like Peak XV Partners, Prosus, among others. 

BlueStone has also undertaken a cut in its IPO size, reducing the fresh issue size from INR 1,000 Cr to INR 820 Cr. Besides, its existing investors reduced the size of the OFS component to 1.4 Cr shares from 2.4 Cr shares earlier. 

While VC firm IvyCap Ventures has decided to not sell any shares, other investors like Kalaari Capital, Accel, Hero Enterprise chairman Sunil Kant Munjal, among others, have cut the number of shares they plan to sell. 

In the run up to its IPO, which opens on Monday (August 11), BlueStone continued to grapple with burgeoning loss. Its net loss soared 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr in the previous year due to rapid expansion of its retail network, distribution channels, and advertising and marketing costs.

The offline push also resulted in a near 40% increase in the company’s operating revenue to INR 1,770 Cr from INR 1,265.8 Cr in FY24. 

According to the company’s RHP, 93.3% of its revenue in FY25 came from the offline channel and online sales accounted for a mere 6.7% revenue. This marked a shift from FY23, when online sales made up 15.6% of its revenue.