BlueStone Jewellery shares make weak debut, list at ₹510, down 1.35% from IPO price

Mint

a day ago

BlueStone Jewellery & Lifestyle IPO Listing: BlueStone Jewellery & Lifestyle shares made a muted but negative debut on the bourses on Tuesday, August 19, listing at ₹ 510 on NSE, a discount of 1.35 per cent to its issue price of ₹ 517. Meanwhile, on BSE, it listed at 508.80, down 1.59 per cent from the IPO price.
The BlueStone Jewellery & Lifestyle IPO listing price was below expectations, as the grey market premium and analysts' signals indicated a modest debut with a mild premium.
The ₹ 1,540.65 crore IPO received a decent response from investors during its subscription window, from August 11 to August 13, with an overall subscription of 2.72 times. The issue saw bids for 4.46 crore shares against the 1.63 crore shares available.
Investor interest was led by Qualified Institutional Buyers (QIBs), who subscribed to their allotted portion 4.25 times. Retail investors subscribed their quota 1.38 times, while Non-Institutional Investors (NIIs) showed relatively muted demand, with their portion subscribed just 0.57 times.
The BlueStone IPO comprised a fresh issue of 1.59 crore equity shares worth ₹ 820 crore, along with an offer-for-sale of 1.39 crore shares aggregating to ₹ 720.65 crore.
For retail investors, the minimum lot size was fixed at 29 shares, requiring an investment of ₹ 14,993. The issue reserved 75 per cent of the net offer for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 10 per cent for retail investors.
BlueStone said the proceeds from the IPO would be utilised to meet its working capital requirements and for general corporate purposes. Ahead of the issue opening, the company raised ₹ 693.29 crore from anchor investors on August 8, 2025. Axis Capital acted as the book-running lead manager, while Kfin Technologies was the registrar to the issue.
BlueStone Jewellery and Lifestyle Limited is engaged in the manufacturing and retailing of diamond, gold, platinum, and studded jewellery under its flagship brand BlueStone. The company has established a strong pan-India presence, operating 275 stores. The brand offers a comprehensive product range, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains
The company mentioned in its RHP that its key competitors include CaratLane, Kalyan Jewellers, Senco Gold, Titan (Tanishq), PC Jeweller">PC Jeweller, and Thangamayil Jewellery.
As per Bluestone Jewellery and Lifestyle's RHP, the company reported a strong top-line performance for the fiscal year ended March 31, 2025, with revenue from operations rising more than 40 per cent to ₹ 1,830.04 crore, up from ₹ 1,303.49 crore in the previous year.
Despite the robust revenue growth, the company's net loss widened to ₹ 221.84 crore in FY25 from ₹ 142.24 crore in FY24. On the operating front, EBITDA improved by nearly 38 per cent, reaching ₹ 73.16 crore compared to ₹ 53.05 crore in the prior fiscal.