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Bluestone shares debut at a discount on stock exchange listing

EntrackrEntrackr · 6m 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 · 7m 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.

Fractal Analytics makes muted market debut, lists at nearly 3% discount

EntrackrEntrackr · 11d ago
Fractal Analytics makes muted market debut, lists at nearly 3% discount
Medial

Fractal Analytics makes muted market debut, lists at nearly 3% discount Artificial intelligence-focused analytics firm Fractal Analytics made a subdued debut on the stock exchanges on Monday, listing at a discount to its issue price despite strong expectations around its pure-play AI company. The company’s shares opened at Rs 876 on the National Stock Exchange, nearly 3% below the upper end of its IPO price band of Rs 900. A similar trend was visible on the Bombay Stock Exchange. The muted debut comes as its IPO had generated moderate interest during the subscription period. Its IPO booked nearly 2.66 times at the time of bid closure on the final day. According to exchange data, QIBs subscribed 4.18X, followed by Non-Institutional Investors (NIIs) at 1.06 times. The retail investor quota saw muted demand, with subscriptions reaching only 1.03X. Fractal’s public issue was reduced by 42% to Rs 2,834 crore, from the Rs 4,900 crore IPO outlined in its draft red herring prospectus (DRHP) last year. The revised IPO will comprise a fresh issue of shares worth Rs 1,023.5 crore and an offer for sale (OFS) of Rs 1,810.4 crore by existing shareholders. Proceeds from the fresh issue will be used to fund inorganic growth, invest in subsidiaries, meet working capital requirements, and for general corporate purposes. Founded in 2000, Fractal provides artificial intelligence and advanced analytics solutions to global enterprises across sectors such as consumer goods, retail, healthcare, technology and financial services. The company derives a majority of its revenue from overseas markets, particularly the US. On the financial side, Fractal reported consolidated revenue of Rs 2,765 crore in FY25 from Rs 2,196 crore in FY24. Its net profit stood at Rs 220.6 crore in FY25, compared to a loss of Rs 54.7 crore in FY24. For the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.

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