Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) / Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle</a> (BJL) is planning to raise about US$176m in its upcoming India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Inida ECM flows continued unabated with more deals being launched.</li>
<li>On the placements front as well, India saw over US$2bn worth of deals during the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.


ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), <a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)</a> is an omni-channel jewellery brand in India.</li>
<li>Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.</li>
<li>Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.</li>
</ul>


Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.


Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a few of the upcoming listings in Hong Kong.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> managed to do better than its last deal while <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> didn't do too well.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a few of the upcoming listings in Hong Kong.
On the placements front, Japan Post Bank (7182 JP) managed to do better than its last deal while Austal Ltd (ASB AU) didn't do too well.


ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)</a>(BJL) is planning to raise about US$118m in its upcoming India IPO. </li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand.</li>
<li>It is a digital-first direct-to-consumer (DTC) brand and is the second largest digital-first omni-channel jewellery brand in India in terms of revenue for FY24, as per RedSeer Report.</li>
</ul>



Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)(BJL) is planning to raise about US$118m in its upcoming India IPO. 
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand.
It is a digital-first direct-to-consumer (DTC) brand and is the second largest digital-first omni-channel jewellery brand in India in terms of revenue for FY24, as per RedSeer Report.


Bluestone Jewellery and Lifestyle Pre-IPO - Strong Growth but with Cash Flow Struggles

India

BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand.

Price Gauge
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Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bluestone Jewellery and Lifestyle Pre-IPO - Strong Growth but with Cash Flow Struggles

Bluestone Jewellery (BJL) to raise $118m in India IPO, known for contemporary lifestyle diamond, gold, and platinum jewellery as second largest...

Rosita Fernandes

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

​Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bluestone Jewellery and Lifestyle Pre-IPO - Strong Growth but with Cash Flow Struggles

​Bluestone Jewellery (BJL) to raise $118m in India IPO, known for contemporary lifestyle diamond, gold, and platinum jewellery as second largest...

Rosita Fernandes

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Bluestone Jewellery (BJL) to raise $118m in India IPO, known for contemporary lifestyle diamond, gold, and platinum jewellery as second largest...