Just before hitting the stock market, fancy jewelry brand Bluestone is shrinking its IPO to ₹820 Cr, according to their latest filing on August 4, 2025.
This big name in Indian online retail isn’t just cutting back on new shares, but also reducing the number of shares existing investors will sell by over 42%—seems like they’re being careful about how much money they bring in.
Originally, they wanted ₹1,000 Cr, but now it’s ₹820 Cr from new shares. The number of shares being sold by early investors is dropping from 2.4 Cr to 1.39 Cr. So, backers like Accel, Saama Capital, and others will be selling fewer shares than planned.
The IPO is set to kick off on August 11 and wrap up on August 13, with big investors getting a head start on August 8. It’ll be listed on the NSE and BSE, with Axis Capital, Kotak Mahindra Capital, and IIFL Capital running the show.
Started in 2011 by Gaurav Singh Kushwaha, Bluestone is a well-known online brand that mixes tech, craftsmanship, and easy shopping. They’ve got a mix of online and offline stores, with 275 locations in 80+ cities. Even though only a small portion of their sales (6.66%) came from online in FY25, their approach combines online and offline shopping.
The filing says Bluestone’s income grew by 40% YoY, reaching ₹1,770 Cr in FY25, which is good for an online brand. Still, they lost more money—₹218 Cr in FY25 compared to ₹142 Cr in FY24—because they’re putting money into growing and getting new customers.
This brand has a solid name for bringing cool designs, clear pricing, and techy shopping to city and town shoppers. With an average order of ₹47,671 and each store making ₹6.1 Cr on average, Bluestone shows how well specific online fashion and lifestyle companies can do.
Even with a smaller IPO, Bluestone’s decision fits with the way things are going in online retail in 2025, where brands want steady growth instead of just grabbing as much cash as possible. The listing should help Bluestone stand out as a leader in the Indian online market.
With support from famous investors like Accel (13.8%) and Hero Enterprise (5.61%), the company is a good example of how venture capital-backed online brands can make their way into the public market.
Bluestone’s IPO is a big one to watch this year as it shows how much investors like successful online businesses that are making money and can keep growing.
