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BlueStone Jewellery IPO Under-Subscribed at 44% on Second Day

Qualified institutional buyers drive uptake as non-institutional demand stalls, with a Rs9 grey market premium hinting at limited listing gains

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BlueStone Jewellery IPO subscribed 44% on Day 2 so far amid tepid demand

Overview

  • As of 1:27 PM on August 12, BlueStone’s IPO is 44% subscribed with 73.3 lakh bids against 1.65 crore shares on offer.
  • Qualified institutional buyers have taken up 57% of their allocation, retail investors 64%, and non-institutional investors just 6%.
  • The anchor book secured about Rs 693 crore at Rs 517 per share, and a Rs 9 grey market premium points to roughly 1.7–1.8% expected listing gains.
  • The Rs 1,540.65 crore IPO comprises an Rs 820 crore fresh issue to fund working capital for its 275-store network and a Rs 720.65 crore offer-for-sale by early backers.
  • Brokerages are divided, with some urging a long-term subscribe on growth prospects and others cautioning about persistent losses, high inventory, and valuation risks.