Omnichannel jewellery retailer Bluestone is likely to list on the exchanges on Tuesday after completing allotment of shares last week. The company’s initial public offering (IPO) saw ample demand from institutional buyers and retail investors, but high-net-worth individuals (HNIs) were not enthused with the offer.
During its three-day run, the Bluestone IPO saw its qualified institutional buyer (QIB) portion subscribed 4.28 times, while retail investors bid 1.35 times the number of shares reserved for them. However, only 55% of the non-institutional investor (NII) portion was subscribed. The IPO was subscribed 2.7 times.
In the grey market, Bluestone shares are trading at nil premium.
The allotment of shares was completed last Thursday, with the transfer of shares and refund to unsuccessful bidders being finalised on Monday.
Before the company lists on the exchanges, here’s a look at the Bluestone IPO:
Bluestone IPO: Key details
Bluestone entered the market to raise over Rs 1,540 crore via the IPO, with Rs 820 crore in a fresh issue of shares and the rest from existing investors selling part-stakes. At its issue price of Rs 517, the company is likely to go public at a valuation of around Rs 7,800 crore.
BlueStone saw its operating income rise at a compound annual growth rate (CAGR) of nearly 52%, from Rs 771 crore in FY23 to Rs 1,770 crore in FY25. However, it reported a net loss of Rs 222 crore in FY25, up from a Rs 14 crore loss in FY24, primarily due to increased marketing expenses and store expansion.
Objects of offer
Out of the funds raised from the fresh issue, Rs 750 crore will be deployed to support the working capital requirements of the company. The remainder will be allocated towards general corporate purposes.
During its three-day run, the Bluestone IPO saw its qualified institutional buyer (QIB) portion subscribed 4.28 times, while retail investors bid 1.35 times the number of shares reserved for them. However, only 55% of the non-institutional investor (NII) portion was subscribed. The IPO was subscribed 2.7 times.
In the grey market, Bluestone shares are trading at nil premium.
The allotment of shares was completed last Thursday, with the transfer of shares and refund to unsuccessful bidders being finalised on Monday.
Before the company lists on the exchanges, here’s a look at the Bluestone IPO:
Bluestone IPO: Key details
Bluestone entered the market to raise over Rs 1,540 crore via the IPO, with Rs 820 crore in a fresh issue of shares and the rest from existing investors selling part-stakes. At its issue price of Rs 517, the company is likely to go public at a valuation of around Rs 7,800 crore.
BlueStone saw its operating income rise at a compound annual growth rate (CAGR) of nearly 52%, from Rs 771 crore in FY23 to Rs 1,770 crore in FY25. However, it reported a net loss of Rs 222 crore in FY25, up from a Rs 14 crore loss in FY24, primarily due to increased marketing expenses and store expansion.
Objects of offer
Out of the funds raised from the fresh issue, Rs 750 crore will be deployed to support the working capital requirements of the company. The remainder will be allocated towards general corporate purposes.
