BlueStone Jewellery shares disappoint on debut; stock lists at discount

Shares of BlueStone Jewellery & Lifestyle disappointed investors on their stock market debut as the omni-channel jewellery player settled at Rs 508.80 on BSE, a discount of 1.59 per cent over its issue price of Rs 517. Similarly, the stock kicked off its trading session with a discount of 1.35 per cent over the given issue price to Rs 510 on NSE.

Listing has been below the expectations. Ahead of its listing, shares of BlueStone Jewellery saw a sharp correction in their grey market premium (GMP). Last heard, the company was commanding a premium of only Rs 2 in the unofficial market, suggesting a flat listing pop for the investors.

Retail investors made a loss of Rs 237.8 on each of 29 equity shares. Non-institutional investors, who received at least 14 lots or 406 equity shares saw a loss of Rs 3,329.2 on the listing. Big HNI investors, who received 67 lots of 19,43 equity shares, saw a loss of Rs 15,942.6 on their allotment.

The IPO of Bengaluru-based BlueStone Jewellery ran for bidding between August 11-August 13. It had offered its shares in the price band of Rs 492-517 per share with a lot size of 29 shares. The company raised a total of Rs 1,540.65 crore via IPO, which included a fresh share sale of Rs 820 crore and an offer-for-sale (OFS) of up to 1,39,39,063 equity shares worth Rs 720.65 crore.

The issue was overall booked only 2.70 times fetching nearly 1.09 lakh applications, fetching bids only for 2,307 crore for the issue net of anchor book. The quota for the qualified institutional bidders (QIBs) was subscribed 4.28 times, while the portion for retail investors was booked 1.35 times. However, non-institutional investors' (NIIs) allocation remained undersubscribed at 55 per cent.

Incorporated in July 2011, BlueStone Jewellery and Lifestyle manufactures and provides diamond, gold, platinum and studded jewellery under its flagship brand, BlueStone. It has a pan-India presence with 275 stores across 117 cities in 26 States and Union Territories in India, as of March 31, 2025, servicing over 12,600 PIN codes across India.

Brokerage firms had a mixed view on this IPO. Axis Capital, Kotak Mahindra Capital Company and IIFS Capital Services are the book-running lead managers of the BlueStone Jewellery IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.