The Initial Public Offering (IPO) of omnichannel jewellery retailer BlueStone Jewellery & Lifestyle has concluded with a subscription of 2.72 times, a figure that reflects a tempered investor appetite. The IPO, which was open for public bidding from August 11 to August 13, is scheduled to be listed on the Indian stock exchanges, BSE and NSE, on August 19, 2025.
While the overall subscription was moderate, a breakdown of the investor categories reveals a mixed response. The Qualified Institutional Buyers (QIBs) showed the strongest interest, with their portion being subscribed 4.25 times. This institutional demand was crucial in pushing the overall subscription rate. In contrast, the retail individual investors (RIIs) and non-institutional investors (NIIs) showed a more cautious approach, with their portions subscribed 1.38 times and 0.57 times, respectively. The “muted demand” from the retail and high-net-worth individual segments indicates a lack of overwhelming enthusiasm for the offering.
The IPO, which aimed to raise up to ₹1,540.65 crore at a price band of ₹492 to ₹517 per share, comprised a fresh issue of ₹820 crore and an Offer for Sale (OFS) of ₹720.65 crore. The proceeds from the fresh issue are intended to be used for the company’s working capital requirements.
Market analysts noted the tepid response, especially compared to the oversubscribed IPOs seen in the market recently. The grey market premium (GMP) for BlueStone shares also saw a significant drop, starting from a high of ₹9 on the first day to closing at a mere ₹2, which further signaled a lack of strong listing gain expectations among investors. The company’s recent widening of losses and its ambitious store expansion strategy have been cited as factors contributing to investor caution.
The final allotment of shares was completed on August 14, and the shares were credited to the demat accounts of successful bidders on August 18. With the listing date fast approaching, market observers will be watching closely to see how the stock performs on its debut, which will serve as a key indicator of investor sentiment toward the company’s long-term growth prospects.
Key Highlights:
- The BlueStone Jewellery IPO was subscribed a total of 2.72 times during its bidding period, reflecting a “muted” demand, particularly from retail investors.
- The Qualified Institutional Buyers (QIBs) led the subscription with 4.25 times, while retail and non-institutional investors subscribed 1.38 times and 0.57 times, respectively.
- The IPO, which aimed to raise over ₹1,540 crore, has a final listing date on the stock exchanges set for August 19, 2025.
- The company’s weak grey market premium and a cautious market sentiment are likely to result in a modest listing performance.