Shares of Bluestone Jewellery made a weak debut on the stock exchanges on Tuesday, listing at a discount of ₹8.2 to the issue price. The jewellery retailer’s shares listed at ₹508.80 on the BSE, down 1.59% from the initial public offering (IPO) price of ₹517, with a market capitalisation of ₹7,699.18 crore. On the NSE, the stock debuted at ₹510, 1.35% lower than the issue price. Meanwhile, the equity benchmarks, the Sensex and the Nifty, were trading higher by 0.1% each after a positive opening.

The listing of Bluestone Jewellery’s IPO was below the Street‘s expectations as the stock was commanding a premium in the grey market. Ahead of listing, the jewellery stock was trading at ₹519 per share, up ₹2 over the issue price.

The ₹1,540.65 crore IPO of Bluestone Jewellery, comprising fresh equity worth ₹820 crore and an offer for sale aggregating to ₹720.65 crore, had received a subdued response from investors. The company’s market value was pegged at around ₹7,914 crore ahead of the public offer.

The IPO, which was open from August 11 to August 13, was subscribed 2.70 times, receiving bids for 4.46 crore shares against the offered 1.65 crore equity shares at a price band of ₹492-517, according to data from the stock exchanges. Retail and non-institutional investor portions were subscribed 1.35 times and 0.55 times, respectively, while the qualified institutional buyer (QIB) segment was subscribed 4.28 times.

Ahead of the IPO, the jewellery retailer had raised ₹693.29 crore from anchor investors, with participation from marquee institutions such as Amansa Holdings Pvt Ltd, SBI Life Insurance, Nippon India Mutual Fund, Goldman Sachs, Aditya Birla Sun Life MF, HDFC Life Insurance Co Ltd, Société Générale, Mirae Asset Small Cap Fund, DSP India MF, Amundi Funds New Silk Road, PGIM India MF, ACM Global Fund VCC, Axis Mutual Fund, and Motilal Oswal MF.

Out of the total allocation of 1.34 crore equity shares to anchor investors, 27.27% of the issue size was allotted to six domestic mutual funds through 11 schemes.

Bluestone Jewellery and Lifestyle manufactures and sells diamond, gold, platinum, and studded jewellery under its flagship brand BlueStone. The company has a pan-India presence with 275 stores across 117 cities in 26 states and union territories in India, as of March 31, 2025, catering to over 12,600 PIN codes across the country.

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