Reduced IPO offering size announced by Bluestone Jewellry, a jewelry retailer backed by Accel
In a recent development, Bluestone Jewellery, a prominent player in India's jewellery market, has announced a reduction in its Initial Public Offering (IPO) size and valuation. The revised IPO size now stands at Rs 8.2 billion (about $93 million), a significant decrease from the initial Rs 30 billion.
The company is seeking a valuation of at least Rs 120 billion in the IPO, with the shares priced between Rs 492 and Rs 517 each. This move aims to raise around Rs 1,540 crore through a combination of Rs 820 crore fresh issue and Rs 720 crore offer-for-sale by existing investors. At the upper price band, the company is valued at approximately Rs 7,823 crore.
Bluestone Jewellery's IPO lot size is set at 29 shares, and the listing date is scheduled for August 19, 2025. The IPO launch will take place on August 11, with close bids on August 13. Anchor investors will bid on August 8.
The reduction in shares issued is from 24 million to 13.9 million. Proceeds from the offering will be used to fund working capital requirements and general corporate purposes.
Comparison with Competitors
Bluestone Jewellery competes with established players like Titan, Kalyan Jewellers, and Tribhovandas Bhimji Zaveri among listed firms in India.
| Company | Approximate Valuation (Rs crore) | Key IPO/Fundraising Details | Notes on Financials/Scale | |------------------------|---------------------------------|--------------------------------------------|--------------------------------------------| | BlueStone Jewellery | 7,823 (at upper IPO price) | Rs 1,540 crore total (Rs 820 cr fresh + Rs 720 cr OFS), lot size 29 shares | Operates 275 stores, strong online presence; net losses widened recently; promoter share down to 16.4% post-IPO[1][3][5] | | Titan Company Limited | Market cap significantly higher (Titan is a large listed company, market cap typically valued in lakhs of crores) | Established premium brand Tanishq and CaratLane, strong financials, no current IPO | Titan is a mature, dominant industry leader with high inventory turnover; debt Rs 21,648 cr, debt/equity 2.22[2] | | Kalyan Jewellers | Estimated IPO valuation around Rs 12,000+ crore (approx. $1.37 billion) in previous IPO attempt | Valuation target reported as Rs 12,000+ crore; live share price fluctuates in market | Debt Rs 4,550 cr, debt/equity 1.04; more established offline presence; IPO already done or planned earlier[2][4] | | Tribhovandas Bhimji Zaveri (TBZ) | Not currently public, no recent IPO data found | No recent IPO data; a legacy jeweller | Traditional jeweller, generally smaller scale than Titan or Kalyan |
Key Points in Comparison
- Valuation: BlueStone’s IPO valuation (~Rs 7,823 crore) positions it as a mid-sized player compared to larger incumbents like Titan and Kalyan, whose valuations are substantially higher.
- Share Size & Pricing: BlueStone’s share price band (Rs 492 - 517) and lot size (29 shares) reflect an accessible retail participation level.
- Business Model: BlueStone’s digital-first, omni-channel approach contrasts with the more traditional retail and franchise models of Titan and Kalyan Jewellers.
- Financials: BlueStone is still reporting losses and expanding rapidly, whereas Titan has strong profits and high inventory turnover, and Kalyan has a moderate debt profile but is well-established.
- Market Presence: BlueStone has 275 stores and a notable online portfolio, Titan’s scale is significantly larger, and Kalyan is a strong offline and regional player; TBZ remains a traditional jeweller without recent public market data.
In this context, Bluestone is positioned as a growing, newer player with a premium digital presence raising capital to expand, while Titan and Kalyan represent more mature, larger valuation competitors in the Indian jewellery market[1][2][3][4][5].
It is also worth noting that several investors may face paper losses as Bluestone cuts its IPO valuation ask. Additionally, the company may issue specified securities in a pre-IPO placement, aggregating up to 2 billion rupees.
[1] Business Standard: Link to the article [2] Economic Times: Link to the article [3] Moneycontrol: Link to the article [4] Live Mint: Link to the article [5] The Hindu BusinessLine: Link to the article
Bluestone Jewellery, despite the reduction in its Initial Public Offering (IPO) size and valuation, aims to raise around Rs 1,540 crore through a combination of finance from fresh issue and existing investors. The company is currently valued at approximately Rs 7,823 crore, positioning it as a mid-sized player compared to larger incumbents like Titan and Kalyan, whose valuations are substantially higher.
Investors may face paper losses as Bluestone cuts its IPO valuation ask, and the company may issue specified securities in a pre-IPO placement, aggregating up to 2 billion rupees. The digital-first, omni-channel approach of Bluestone Jewellery contrasts with the more traditional retail and franchise models of Titan and Kalyan Jewellers.
