Bluestone Jewellery's IPO closes with 2.57x subscription: Details
Bluestone Jewellery just wrapped up its IPO, and the buzz was pretty mild—overall subscription hit 2.57 times, mostly thanks to Qualified Institutional Buyers (QIBs) who subscribed 4.09 times.
Meanwhile, regular retail and non-institutional investors weren't as enthusiastic, with much lower numbers.
No quick profits expected for investors
Grey market premiums for Bluestone's shares have slipped from 2% to under 1%, so quick profits aren't expected.
The company is aiming for a debut valuation of ₹7,800-8,100 crore on August 19—similar to Titan's CaratLane.
For the year ending March 2025, Bluestone made ₹1,770 crore in revenue but posted a ₹222 crore net loss as it expanded online and opened over 250 stores across India.
Investors seem cautious about new consumer brands right now.