Bluestone Jewellery Shares Lists at 1.35% Discount; Makes a Muted Market Debut

Bluestone Jewellery, a Bengaluru-based omnichannel jewellery brand, made a subdued debut on the stock exchanges today, listing at a 2% discount to its issue price. The shares opened at ₹508.80 on the BSE and ₹510 on the NSE, against the issue price of ₹517 per share.

Soon after the muted listing, the stock picked up momentum and made new highs of ₹538.1 on NSE as of 11:27 AM. 

Bluestone Jewellery IPO Details

Bluestone Jewellery's IPO was a book-building issue of ₹1,540.65 crores, consisting of a fresh issue of ₹820.00 crores and an offer for sale of ₹720.65 crores. 

The IPO had received a total subscription of 2.7 times, with robust participation from qualified institutional buyers (QIBs), who subscribed 4.28 times their quota. Retail investor interest was moderate at 1.35 times, while non-institutional investors (NIIs) showed limited enthusiasm, subscribing only 0.55 times of their allotted portion.

The IPO proceeds will primarily be used for working capital requirements and general corporate purposes. 

About Bluestone Jewellery

Bluestone Jewellery is a digital-first direct-to-consumer (“DTC”) brand that offers contemporary lifestyle diamond, gold, platinum and studded jewellery with three manufacturing facilities located in Mumbai, Maharashtra; Jaipur, Rajasthan; and Surat, Gujarat. 

The brand operates across 275 stores across 117 cities in 26 states and union territories in India. In terms of revenue, Bluestone is the second-largest digital-first omnichannel jewellery brand in India.

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