India’s jewellery market is about to witness a glittering new listing. BlueStone Jewellery & Lifestyle Limited, a rising star in the omni-channel jewellery segment, is all set to open its much-anticipated Initial Public Offering (IPO) next week. With a fresh issue and offer for sale, BlueStone is aiming for a dazzling valuation of ₹7,800 crore (~$888 million). But there’s more to this listing than meets the eye.
In this article, we’ll dive into the IPO structure, the company’s growth story, who’s buying and who’s selling, and why BlueStone could be one of the most exciting listings in India’s consumer space this year.
Credits: Moneycontrol
IPO Details: Date, Structure, and Target Valuation
According to BlueStone’s Red Herring Prospectus (RHP), the IPO will kick off with the anchor book opening on August 8, followed by the public subscription window from August 11 to August 13. The issue includes:
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A fresh issue worth ₹820 crore
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An offer for sale (OFS) of up to 1.39 crore equity shares
The fresh capital will be deployed to strengthen working capital and for general corporate purposes. The company is aiming for a valuation of ₹7,800 crore or approximately $888 million, making it one of the biggest jewellery listings in recent years.
The Brains Behind the Brand: Gaurav Singh Kushwaha
At the heart of BlueStone’s success story is Gaurav Singh Kushwaha, an IIT Delhi alumnus and former Amazon executive, who brings a rare mix of technical prowess and business acumen. With a 17.7% stake in the company, Kushwaha is the promoter and the visionary who transformed BlueStone from a digital startup to a national omni-channel brand.
Launched with a digital-first strategy, BlueStone was among the earliest players to blend technology with jewellery retail, offering consumers convenience, personalisation, and now, physical touchpoints across India.
From Clicks to Bricks: BlueStone’s Omni-Channel Expansion
What began as a pure-play online jewellery platform has today blossomed into a well-rounded retail giant. As of March 2025, BlueStone operates:
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225 stores across 117 cities
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A robust e-commerce platform (website and app)
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A unique “Try At Home” service for personalised customer experience
This hybrid model is what gives BlueStone a strong edge over traditional jewellers. It combines the trust and tangibility of offline retail with the speed, convenience, and scale of digital platforms.
And as urban millennials and Gen Z increasingly shift to branded jewellery, BlueStone finds itself in the sweet spot of India’s $80 billion jewellery market.
Backers, Sellers, and Holdouts: Who’s Doing What
This IPO also doubles as a partial exit for some of the earliest and biggest backers of the company. Here’s a snapshot:
Selling Shareholders in the OFS:
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Accel Partners – 11.68%
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Sunil Kant Munjal / Hero Enterprise – 5.61%
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Kalaari Capital – 5.12%
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Saama Capital, IvyCap Ventures, IronPillar Fund – minority stakes
These venture capital firms are reaping the rewards of their early belief in BlueStone’s potential.
Non-Selling Key Investors (Holding On):
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Info Edge Ventures
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Peak XV Partners (formerly Sequoia Capital India)
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Steadview Capital
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Prosus Ventures
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Think Investments
Their decision to hold onto their stakes is a strong signal of long-term conviction in the company’s prospects.
IPO Advisors and Legal Counsels
The IPO is being led by a seasoned trio of investment bankers:
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Axis Capital
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Kotak Mahindra Capital
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IIFL Capital
The legal advisor to the issue is Trilegal, a firm known for handling high-profile IPOs. With this team, BlueStone seems well-positioned for a smooth and compliant public offering.
A Rising Star in a Glittering Sector
BlueStone will be entering a space dominated by legacy names, but its model, tech DNA, and brand positioning set it apart. Among the top five listed players in India’s jewellery space by market cap are:
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Titan Company (Tanishq)
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Kalyan Jewellers
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PC Jeweller
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PN Gadgil Jewellers (PNG)
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IGIL
However, BlueStone’s contemporary, design-led jewellery, combined with tech-enabled convenience, allows it to target a younger, aspirational consumer base—one that’s fast outgrowing the traditional wedding-focused jewellery model.
