New Delhi, Aug. 11 -- BlueStone, India's second-largest digital-first omni-channel jewellery brand, is stepping into the public markets with an initial public offering (IPO) that is notably cheaper than the Rs.578 per share its promoters paid just eight months ago. Priced at Rs.492- Rs.517, the Rs.1,540.65 crore issue raises the question: does this discount outweigh the risks of steep valuations and ongoing net losses?

The offer, which opened today, comprises a fresh issue of Rs.820 crore and an offer-for-sale worth Rs.720.65 crore. Selling shareholders include Accel India, Saama Capital, and Kalaari Capital, each locking in substantial returns of 480%-962% on their early bets. With 275 stores across 117 cities, BlueStone sells contempor...