The BlueStone Jewellery IPO is drawing significant attention from retail and institutional investors. BlueStone Jewellery and Lifestyle Limited is set to debut on the Indian stock exchanges today, August 19, with its equity shares being listed on both the BSE and NSE.
According to a notice from the Bombay Stock Exchange, the shares will be admitted to dealings under the ‘B’ Group of Securities and will also participate in the Special Pre-Open Session (SPOS). Trading in the stock is expected to begin at 10:00 AM.
Ahead of its market debut, BlueStone Jewellery’s grey market premium (GMP) has cooled significantly. On the listing day, the GMP stands at a modest Rs. 2 per share, which implies that the open price will be nearly Rs. 519, compared to the Rs. 517 IPO issue price.
BlueStone Jewellery has established itself as a trusted name in the premium ornament market. This represents a 0.39% premium and indicates muted demand from the unofficial market. Analysts say the flat grey market trend signals a cautious listing, with limited upside expected at the start.
Market watchers believe the lack of interest from investors is due to a perceived discrepancy between BlueStone's robust sales growth and profitability. The company has rapidly scaled, with over 275 stores across 117 cities, and national delivery coverage, but a growing net loss and margin pressure continue to temper investor sentiment.
The IPO, which was open for subscription between August 11 and 13, raised Rs. 1,540.65 crore. The issue comprised a fresh share sale worth Rs. 820 crore alongside an offer-for-sale (OFS) of Rs. 720.65 crore. At the upper end of the price band of Rs. 492-Rs. 517, the issue was subscribed to 2.70 times overall.
Qualified Institutional Buyers (QIBs) demonstrated the greatest interest, subscribing 4.28 times. Retail received bids 1.35 times, and Non-Institutional Investors (NIIs) subscribed to only 55% of their allocated portion, showing the weaker demand from high-net-worth individuals.
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Launched in 2011, BlueStone Jewellery has developed into a notable lifestyle brand selling diamond, gold, platinum, and other studded jewellery. It has a hybrid business model, with an e-commerce platform and physical business continuing to grow.
Investors are keen to know the BlueStone IPO Listing Price before making their move. Revenues were reported to be Rs. 1,830 crore in FY25, a 40% year-on-year increase. The loss increased to Rs. 222 crore due to rising finance costs and ESOP costs, which impacted profit.
Market experts indicate that while BlueStone’s design-led branding and omni-channel strategy are interesting, today’s equity market favours consistent profitability and better cash flow. With the GMP indicating little evidence of a bumper debut, the stock is expected to list flat to modestly higher.
Fluctuations in the BlueStone Jewellery Share Price could impact market confidence post-listing. The BlueStone IPO Subscription Status will determine how oversubscribed the issue becomes. Post-listing performance, experts note, will hinge on the company’s ability to control costs and shift toward sustainable profitability.