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After ending the first day of its IPO with an overall subscription of 39%, driven primarily by qualified institutional buyers (QIBs) and retail investors, omnichannel jewellery brand BlueStone saw a lukewarm start on Day 2 of bidding.
As of 11:20 AM, the issue was subscribed 43% on the second day, as per BSE data.
The IPO received bids for 70 Lakh shares against 1.65 Cr shares on offer.
In the early hours of Day 2, retail investors showed some momentum, clocking a subscription rate similar to the QIB portion.
The retail category was subscribed 55%, with bids for 16.94 Lakh shares against the 30.6 Lakh shares on offer. Meanwhile, the QIB category, which had already reached 57% subscription by Day 1’s close, saw no additional participation and remained unchanged at 57%.
Following retail investors and QIBs, the non-institutional investors (NIIs) showed muted interest, bidding for only 2.7 Lakh shares against the 45.9 Lakh shares reserved for them, a mere 6% subscription.
As a part of its IPO, BlueStone is raising INR 820 Cr via fresh issue. It has set a price range of INR 492 to INR 517 for its upcoming IPO. The startup reduced its fresh issue size from INR 1,000 Cr and has also brought down its offer for sale component to 1.4 Cr shares from 2.4 Cr shares.
BlueStone, founded by Gaurav Singh Kushwaha and Vidya Nataraj in 2011, offers diamond, gold, platinum and studded jewellery through its online platform and from its stores. It initially started as an ecommerce platform and later expanded into offline stores. It currently has a network of 200 company-owned stores with 75 franchise outlets.
(The story will be updated soon.)
The post BlueStone IPO: Issue Subscribed 43% On Day 2 So Far appeared first on Inc42 Media.
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