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Bluestone shares debut at a discount on stock exchange listing

EntrackrEntrackr · 2d ago
Bluestone shares debut at a discount on stock exchange listing
Medial

Bluestone’s Rs 1,500 crore IPO witnessed a lukewarm response from investors, with the jewellery firm making its market debut at Rs 510 per share, a 1.3% discount compared to its issue price of Rs 517. According to exchange data, the Qualified Institutional Buyers (QIBs) portion was subscribed 4.09X, while Non-Institutional Investors (NIIs) bid only 0.53X. The Retail Individual Investors (RIIs) category managed 1.22X subscription. The company had fixed a price band of Rs 492–517 per share. The proceeds from the IPO would be utilised to meet its working capital requirements and for general corporate purposes. Ahead of the issue opening, it raised Rs 693 crore from anchor investors early this month. In FY25, Bluestone posted healthy revenue growth but continued to operate at single-digit EBITDA margins. Its omnichannel approach, online sales supported by over 250 physical stores, has helped scale up but also increased costs. The company has posted a revenue of Rs 1,770 crore with a net loss of Rs 222 crore during the previous fiscal year ended March 2025. As of 10:54 AM today, Bluestone Jewellery shares stood at Rs 529.7, with a total market capitalization of Rs 8,036 crore or $930 million. Though Bluestone is listed at a discount, the early rebound and its expanding omnichannel footprint indicate room for long-term growth. The company’s ability to improve margins will be key as it competes with CaratLane, Melorra, and Giva in the fast-growing jewellery market.

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Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

EntrackrEntrackr · 22d ago
Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr
Medial

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237. While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors. At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times. Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes. The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously. Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier. Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million). It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.

Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr

EntrackrEntrackr · 8m ago
Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr
Medial

Omnichannel jewellery retailer Bluestone appears close to filing a draft red herring prospectus (DRHP) as it has received the board’s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. According to company filings accessed by Entrackr, the board at Bluestone has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The utilization of the fresh proceeds to be raised via the IPO will be disclosed in the offer documents, the filings added. Bluestone has also passed a resolution to issue 13,00,000 equity shares to Gaurav Singh Kushwaha, the founder and CEO of the company, to raise Rs 75 crore ($9 million). The fresh investment by Kushwaha is aimed at meeting the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements (ICDR) regulations. As of now, Kushwaha’s aggregate shareholding, eligible for computing the minimum promoter contribution requirement for the company’s proposed IPO, stands at 9.15%, according to the filings. In September, Bluestone initiated its pre-IPO round worth Rs 900 crore. According to sources, Bluestone plans to price its IPO shares between Rs 550 -600 each. Data from TheKredible indicates that the company's post-money valuation reached approximately Rs 7,750 crore (around $922 million) excluding ESOP, following its latest private funding round. During the previous fiscal year (FY24), Bluestone reported a 64% year-on-year growth in revenue, reaching Rs 1,266 crore from Rs 771 crore in FY23. Simultaneously, the company managed to reduce its losses by 15%, bringing them down to Rs 142 crore in FY24. Titan-owned CaratLane, a competitor to BlueStone, reported revenue of Rs 3,081 crore in the last fiscal year (FY24). The company remained profitable during the year; however, its profit saw a slight decline, dropping to Rs 79 crore in FY24 from Rs 82 crore in FY23.

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