BlueStone Jewellery's IPO Dazzles on First Day with 39% Subscription
BlueStone Jewellery's IPO was subscribed 39% on its first day. The three-day event received bids for 6.39 million shares, with strong interest from institutional investors. The IPO, including a fresh issue and offer for sale, aims to raise Rs 1,540.65 crore, to fund corporate growth.
- Country:
- India
The initial public offering of BlueStone Jewellery and Lifestyle Ltd captivated investors, achieving a 39% subscription on its opening day. The IPO received bids for an impressive 6,389,570 shares against the available 16,514,421 shares, providing a strong start for the jewellery retail giant.
Qualified Institutional Buyers showed significant interest, securing 57% of their allotted portion, while retail individual investors subscribed to 38% of their quota. Non-institutional investors were more reserved, with a modest 4% subscription rate. Prior to the IPO's public launch, BlueStone Jewellery raised an impressive Rs 693 crore from anchor investors.
The IPO, offering shares within a price band of Rs 492 to Rs 517, is designed to raise funds for working capital and general corporate purposes. BlueStone, renowned since 2011, boasts a wide-reaching presence, operating 275 stores across India. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital are managing the issue, with shares set to list on major stock exchanges.
(With inputs from agencies.)
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