Omnichannel jewellery retailer Bluestone’s initial public offering (IPO) was subscribed 2.53 times on Wednesday afternoon, the third and final day of bidding.
Qualified institutional buyers (QIBs) led the demand, with their portion oversubscribed 4.08 times. The IPO saw strong traction from QIBs since day one, reversing the typical trend where institutional participation peaks closer to the close of the offer.
According to BSE data, retail individual investors subscribed 1.13 times their allotted quota, while non-institutional investors (NIIs) bid for 46% of the portion reserved for them. The quota for employees saw no bids over the three-day period.
.thumbnailWrapper{
width:6.62rem !important;
}
.alsoReadTitleImage{
min-width: 81px !important;
min-height: 81px !important;
}
.alsoReadMainTitleText{
font-size: 14px !important;
line-height: 20px !important;
}
.alsoReadHeadText{
font-size: 24px !important;
line-height: 20px !important;
}
}
The Gaurav Kushwaha-led company had initially filed its draft IPO papers in December last year, offering a mix of fresh issue of shares worth up to Rs 1,000 crore and an offer for sale of up to 2.39 crore shares. However, it later trimmed its IPO size. The company had set a price band of Rs 492 to Rs 517 per share.
IPO subscriptions for anchor investors opened on Friday last week, with Bluestone raising Rs 693 crore from a clutch of domestic and foreign investors, including Amansa Holdings, SBI Life Insurance Company, Nippon India Mutual Fund (MF), Goldman Sachs, Aditya Birla SunLife MF, HDFC Life Insurance Co Ltd, Societe Generale, DSP India MF, PGIM India MF, Axis MF and Motilal Oswal MF, according to a circular uploaded on BSE’s website.
Edited by Kanishk Singh
