BlueStone Jewellery's IPO Shines Bright with 2.70 Times Subscription

The initial public offering (IPO) of BlueStone Jewellery and Lifestyle Ltd captivated investors, achieving a subscription rate of 2.70 times by the closing day.

With an IPO worth Rs 1,540.65 crore, the Bengaluru-based jewellery retailer attracted bids for 4,46,20,386 shares against the 1,65,14,421 shares available for sale, according to NSE data. Notably, Qualified Institutional Buyers (QIBs) showed immense interest, subscribing 4.28 times, while Retail Individual Investors (RIIs) subscribed 1.35 times. Unfortunately, Non-Institutional Investors received only 55% subscription.

The company, which has grown to 275 stores in 117 cities since introducing the 'BlueStone' brand in 2011, aims to use the proceeds from the fresh issue to bolster its working capital and fulfill general corporate needs. Stocks will be listed on both the BSE and NSE, with Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company managing the book-running process.

(With inputs from agencies.)