NEW DELHI: Shares of BlueStone Jewellery and Lifestyle Ltd, which retails contemporary jewellery under its flagship brand BlueStone, made a muted debut on Tuesday, listing at a discount of nearly 2% to the issue price of ₹517.
On the BSE, the stock opened at ₹508.80, down 1.58%, before rebounding to a high of ₹533.25, up 3.14%. On the NSE, it listed at ₹510, a 1.35% discount, and later surged 3.28% to touch ₹534. The company’s market valuation stood at ₹8,024.52 crore.
BlueStone’s ₹1,540.65-crore IPO was subscribed 2.7 times last week. The issue had a price band of ₹492–517 per share and comprised a fresh issue of ₹820 crore and an offer-for-sale (OFS) of 1.39 crore shares worth ₹720.65 crore. Proceeds from the fresh issue will be used for working capital and general corporate purposes.
Founded in 2011, the Bengaluru-based jeweller has expanded to 275 stores across 117 cities in 26 states and UTs, covering over 12,600 PIN codes. It also operates three manufacturing units in Mumbai, Jaipur and Surat.
