India, Aug. 18 -- 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 ...