[Update] BlueStone IPO: Issue Subscribed 65% On Day 2

Update | August 12, 20:02

The IPO of omnichannel jewellery brand Bluestone was subscribed 65% at the end of the second day of bidding. According to the BSE data, the public issue received cumulative bids for 1.07 Cr shares against the total offering of 1.65 Cr shares. 

Qualified institutional buyers (QIBs) showed the maximum interest, with the portion reserved for them seeing 85% subscription. They placed bids for 75 Lakh shares as against 88.62 Lakh shares on offer.

Retail investors’ portion was subscribed 73%, receiving bids for 22.36 Lakh shares against 30.6 Lakh shares on offer. 

Non-institutional investors (NIIs) placed bids for 10.42 Lakh shares against 45.9 Lakh shares on offer, translating to 23% subscription. 

Original | August 12, 11:56

After ending the first day of its IPO with an overall subscription of 39%, driven primarily by qualified institutional buyers (QIBs) and retail investors, omnichannel jewellery brand BlueStone saw a lukewarm start on Day 2 of bidding.

As of 11:20 AM, the issue was subscribed 43% on the second day, as per BSE data. 

The IPO received bids for 70 Lakh shares against 1.65 Cr shares on offer.

In the early hours of Day 2, retail investors showed some momentum, clocking a subscription rate similar to the QIB portion. 

The retail category was subscribed 55%, with bids for 16.94 Lakh shares against the 30.6 Lakh shares on offer. Meanwhile, the QIB category, which had already reached 57% subscription by Day 1’s close, saw no additional participation and remained unchanged at 57%.

Following retail investors and QIBs, the non-institutional investors (NIIs) showed muted interest, bidding for only 2.7 Lakh shares against the 45.9 Lakh shares reserved for them, a mere 6% 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