[Update] BlueStone IPO: Issue Closes With 2.7X Oversubscription

Update | August 13, 19:11 IST

The IPO of Bluestone closed with an oversubscription of 2.7X, with investors bidding for 4.46 Cr shares as against 1.65 Cr shares on offer. 

The portion for QIBs was subscribed the most at 4.28X, getting bids for 3.7 Cr Cr shares against the 88.6 Lakh shares on offer. In this, FIIs placed bids for 1.7 Cr shares and domestic financial institutions bid for 48.3 Lakh shares.

The retail investor portion saw 1.35X subscription, receiving bids for 41.2 Lakh shares against 30.6 Lakh shares on offer. 

The NII portion didn’t see a complete subscription. NIIs placed bids for 25.3 Lakh shares as against 45.9 Lakh shares reserved for them, translating to 55% subscription. 

Original | August 13, 16:11 IST

The IPO of omnichannel jewellery brand BlueStone witnessed bumper response from qualified institutional buyers (QIBs) and retail individual investors (RIIs) on the final day of bidding, with an overall oversubscription of 2.6X at 15:30 IST.

As per BSE data, the issue received cumulative bids for 4.41 Cr shares as against 1.65 Cr shares on offer.

The portion reserved for QIBs was oversubscribed 4.2X, with them placing bids for 3.7 Cr shares against 88.6 Lakh shares on offer. Of these, foreign institutional investors bid for 1.7 Cr shares and domestic institutional investors for 48.3 Lakh shares.

Trailing behind QIBs were RIIs, with an oversubscription of 1.24X. These investors bid for 37.9 Lakh shares against 30.6 Lakh shares earmarked for them.

Non-institutional investors (NIIs) placed bids for 24.8 Lakh shares against 45.9 Lakh shares on offer, translating to 54% subscription.

As a part of its IPO, BlueStone is raising INR 820 Cr via fresh issue. It has set a price range of INR 492 to INR 517 for its upcoming IPO. The startup reduced its fresh issue size from INR 1,000 Cr and has also brought down its offer for sale component to 1.4 Cr shares from 2.4 Cr shares. 

BlueStone, founded by Gaurav Singh Kushwaha and Vidya Nataraj in 2011, offers diamond, gold, platinum and studded jewellery through its online platform and from its stores. It initially started as an ecommerce platform and later expanded into offline stores. It currently has a network of 200 company-owned stores with 75 franchise outlets. 

On the financial front, its net loss widened 56% to INR 221.8 Cr in FY25 from INR 142.2 Cr a year ago. Operating revenue zoomed 39.9% to INR 1,770 Cr during the year from INR 1,265.8 Cr in FY24.