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Bluestone shares debut at a discount on stock exchange listing

EntrackrEntrackr · 4m 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 · 5m 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.

Lenskart makes tepid market debut; stock opens below issue price

EntrackrEntrackr · 1m ago
Lenskart makes tepid market debut; stock opens below issue price
Medial

Lenskart makes tepid market debut; stock opens below issue price Lenskart listed at a discount to its IPO price. The shares of the eyewear retailer opened at Rs 395 per share on the NSE, about 1.7% lower than the issue price of Rs 402, and at Rs 390 on the BSE, down nearly 3%. Lenskart made a tepid debut on the stock exchanges today, listing at a discount to its IPO price. The shares of the eyewear retailer opened at Rs 395 per share on the NSE, about 1.7% lower than the issue price of Rs 402, and at Rs 390 on the BSE, down nearly 3%. The company’s Rs 7,278 crore IPO, which was subscribed around 28 times, had earlier seen strong demand from institutional and retail investors, but the listing failed to follow that enthusiasm. The stock slipped further in early trade, dropping over 10% below the issue price before recovering some ground later. The tepid listing came despite a strong brand presence and consistent growth in Lenskart’s business. At the upper end of the price band, the company was valued at around 10X FY25 sales and close to 69X EBITDA. The IPO was open for subscriptions from October 31 to November 4, with a price band of Rs 382–402 per equity share and minimum investment of Rs 14,874 and in multiples thereafter. According to exchange data, Lenskart’s IPO was oversubscribed 28.26 times with the retail portion at 7.53X, QIBs (ex-anchors) at 40.35X, Non Institutional Investors (NIIs) at 18.2X and employee portion subscribed 4.96 times. During the process of the Initial public offering (IPO), the Peyush Bansal-led company raised Rs 3,268 Cr from anchor investors. On the financial front, Lenskart’s revenue grew 22.6% year-on-year to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, driving the firm from a Rs 10 crore loss in FY24 to a net profit of Rs 297 crore in the last fiscal year. In Q1 FY26, the SoftBank-backed company posted a profit of Rs 61 crore, compared with a loss of Rs 10.9 crore in Q1 FY25, while its operating revenue rose 25% year-on-year to Rs 1,894.4 crore.

Wakefit IPO makes flat debut

EntrackrEntrackr · 13d ago
Wakefit IPO makes flat debut
Medial

Bengaluru-based home and sleep solutions company Wakefit Innovations Ltd made a muted debut on the stock exchanges on Monday, with its shares listing flat to marginally below the IPO issue price, reflecting a lukewarm investor response. On the National Stock Exchange (NSE), Wakefit shares debuted at Rs 195 apiece, exactly at the upper end of the IPO price band. Meanwhile, on the Bombay Stock Exchange (BSE), the stock opened at Rs 194.10, a discount of around 0.5% to the issue price. The company witnessed a moderate response to its IPO, which was subscribed to 2.52 times overall. Both Qualified Institutional Buyers (QIBs) and retail investors subscribed to their respective portions more than three times. According to exchange data, the retail segment led demand with a 3.17x subscription, followed by QIBs at 3.04x, while the Non-Institutional Investors (NIIs) portion was subscribed 1.05 times. The IPO was open for subscription from December 8 to December 10, with a price band of Rs 185–195 per share. The issue had a lot size of 76 shares, translating into a minimum investment of Rs 14,175. It comprised a fresh issue of Rs 377.18 crore and an offer for sale (OFS) worth Rs 911.71 crore by existing shareholders, including early investors and promoters. Ahead of the public issue, Wakefit raised nearly Rs 580 crore from anchor investors. The anchor book included institutional names such as HDFC Life Insurance, Bajaj Allianz Life, Prudential Hong Kong, and Amundi, among others, indicating institutional interest going into the IPO. Despite a reasonable subscription during the bidding period, the lack of a listing premium suggests investors remained cautious amid broader market volatility and a selective approach toward consumer internet listings. In terms of financials, Wakefit reported operating revenue of Rs 724 crore and a net profit of Rs 35.57 crore in the first half of FY26. For FY25, its operating revenue grew nearly 30% year-on-year to Rs 1,274 crore from Rs 986 crore in FY24, although the company ended the year with a net loss of Rs 35 crore. The flat listing highlights a growing trend where strong brand recall and anchor backing do not necessarily translate into listing gains in a valuation-sensitive market.

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