Bluestone IPO opens today; price band set at Rs 492 to Rs 517 per share

Omnichannel jewellery player Bluestone has set its initial public offering's pricing at Rs 492 to Rs 517 per share, according to the company's exchange filings.

On Friday, the Prosus-backed company raised over Rs 693 crore from anchor investors, three days before its IPO opening for subscription.

Institutional investors that participated in the anchor book included Amansa Holdings, SBI Life Insurance Company, Nippon India Mutual Fund (MF), Goldman Sachs, Aditya Birla SunLife MF, HDFC Life Insurance Co Ltd, Societe Generale, DSP India MF, PGIM India MF, Axis MF and Motilal Oswal MF, according to a circular uploaded on the BSE website.

As per the circular, the company allocated over 1.34 crore equity shares at Rs 517 apiece to anchor investors, taking the transaction size to Rs 693.29 crore.

In its draft IPO papers filed in December last year, Bluestone had planned a fresh issue of shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.39 crore shares. However, last week, the Gaurav Kushwaha-led company reduced the size of its IPO.

The company now plans to raise ₹1,540.65 crore, of which ₹820 crore will be raised through the issuance of fresh shares. The remaining portion of ₹720.65 crore will be reserved for the OFS of 1.39 crore shares.

Besides Kalaari Capital and Kalaari Capital Partners, other investors, including Accel India, Iron Pillar Funds and Sunil Kant Munjal, have reduced their shares being offloaded in the IPO. IvyCap Ventures has completely rolled back on its OFS of shares up to 31 lakh shares.

(With inputs from PTI)