BlueStone’s IPO did not set the market on fire like some other recent startup listings, but that’s no surprise.

Despite a track record of over 14 years, BlueStone is yet to crack a profit. Most recently, net loss jumped 56% in FY25 to INR 221.8 Cr from INR 142.2 Cr the year before. And in a market that’s increasingly wisening up to loss-making IPOs and their trajectories, BlueStone found out the hard way.

Even the fact that it is the first jewellery ecommerce player to list was enough to capture the imagination of the public markets. BlueStone managed to pull in a final subscription of 2.7X, largely thanks to keen interest from institutional investors.

The IPO was priced between INR 492 and INR 517 per share, and the grey market premium barely scraped past 2%, signalling a rather restrained investor mood. When the company lists on the exchanges later this week, BlueStone could very well disappoint the IPO investors based on these indicators.

Launched in 2011, the Prosus-backed startup also did not have any significant competitors as an ecommerce player other than Titan-backed Caratlane. But times have changed. Players like Giva have emerged, while traditional jewellers are also racing to build omnichannel presence and roll out sleek, low-cost designs.

BlueStone is stepping into the public market at a moment when its early mover advantage has lost its shine. The profitability trade-off it made in favour of aggressive growth and heavy marketing spends is a classic startup journey. Now, as it steps into the public markets, it needs to find a clear path to profitability.

Bluestone’s Offline Gamble

One way that BlueStone hopes to climb back into the black is through its offline stores. Ironically, this is the biggest focus area for the ecommerce player as the reality of online-only marketplaces........

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