New Delhi, August 19(HS): Bluestone Jewellery, the company behind the popular Bluestone brand dealing in gold, diamond, platinum and jadau ornaments, had a lackluster stock market debut today, disappointing IPO investors at first. However, sustained buying interest helped the stock bounce back swiftly, putting early investors in the green.

The company’s shares were issued at ₹517 apiece under its ₹1,540.65 crore IPO. On listing, the stock opened weaker at ₹508.80 on the BSE and ₹510 on the NSE, marking an immediate decline of about 1%. But bargain-hunting and fresh buying lifted the counter into positive territory within hours. By 11:00 AM, the stock had rebounded to ₹528.40, delivering a gain of 2.25% over the issue price.

Bluestone’s IPO, which remained open from August 11 to 13, saw a modest investor response with an overall subscription of 2.72 times. Among categories, Qualified Institutional Buyers (QIBs) subscribed 4.25 times, Non-Institutional Investors (NIIs) just 0.57 times, while Retail Investors bid 1.38 times their reserved portion. The IPO comprised a fresh issue of shares worth ₹820 crore, along with an Offer for Sale (OFS) of 1.39 crore equity shares of face value ₹1 each. The proceeds are earmarked for working capital requirements and general corporate purposes.

On the financial front, Bluestone has reported persistent losses despite robust revenue growth. The company posted a net loss of ₹167.24 crore in FY23, which narrowed to ₹142.24 crore in FY24, but widened again to ₹221.84 crore in FY25. Meanwhile, revenues surged at a 52% CAGR, reaching ₹1,830.04 crore in FY25. However, debt levels also escalated sharply — from ₹228.42 crore in FY23, to ₹430.43 crore in FY24, and further up to ₹728.62 crore in FY25.

Despite the dented debut, early trading momentum suggests investor faith in Bluestone’s retail-driven growth story, though its rising debt and mounting losses remain key concerns.

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Hindusthan Samachar / Jun Sarkar