BlueStone Jewellery IPO Subscribed 2.7 Times So Far On Day Three, GMP Nil

BlueStone Jewellery & Lifestyle Ltd.'s initial public offering was subscribed 2.69 times so far on its last day of bidding on Wednesday. The company manufactures and sells jewellery under the brand name 'BlueStone'. The firm is set to raise over Rs 1,500 crore from the primary market. The IPO has been open for subscription from Aug. 11 and will be closing today.

The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes. 

BlueStone Jewellery raised Rs 693 crore from anchor investors on Friday, ahead of the opening of its IPO. The company allotted 1.34 crore shares at Rs 517 apiece to 20 anchor investors.

• 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 to Rs 517 per share.

The BlueStone IPO has been subscribed 2.69 times as of 3:54 p.m. on Wednesday.

• Qualified institutions: 4.28.

• Non-institutional buyers: 0.55 times or 55%.

• Retail investors: 1.28 times.

The grey market premium for BlueStone Jewellery IPO was nil, as of 2:54 p.m. on Aug.13, according to InvestorGain. That implies a potential flat listing at around Rs 517 per share.

GMP or grey market price is not an official indicator and is based on market speculation.