BlueStone Jewellery & Lifestyle Ltd.'s initial public offer has been subscribed 0.65 times on its second day of bidding. The IPO was subscribed 0.39 times or 39% on its first day of bidding on Monday. The company manufactures and sells jewellery under the brand name BlueStone. The company is set to raise over Rs 1,500 crore from the primary market. The IPO will be open for subscription from Aug. 11 to Aug. 13.
The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes.
BlueStone Jewellery & Lifestyle raised Rs 693 crore from anchor investors on Friday, ahead of its initial public offering. The company allotted 1.34 crore shares at Rs 517 apiece to 20 anchor investors.
IPO Details
Issue opens: Aug. 11.
Issue closes: Aug. 13.
IPO Allotment Date: Aug. 14.
Issue Type: Book-building issue.
Issue Size: Rs 1,540.65 crore.
Fresh Issue: Comprises 1.59 crore shares, worth Rs 820 crore.
Offer For Sale: Comprises 1.39 crore shares, amounting to Rs 720.65 crore.
Lot Size: 29 shares.
Price Band: Rs 492 and Rs 517 per share.
IPO GMP
The grey market premium for BlueStone Jewellery IPO was Rs 2.5, as of 7:33 p.m. on Aug.12, according to InvestorGain. That implies a potential listing at around Rs 519.5 per share, marking a premium of 0.48%.
GMP or grey market price is not an official indicator and is based on market speculation.
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