After concluding the first day of its IPO with a total subscription rate of 39%, mainly fueled by retail investors and qualified institutional buyers (QIBs), omnichannel jewellery brand Bluestone experienced a tepid beginning on Day 2 of the bidding.

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStoneprovides diamond, gold, platinum, and studded jewelry via its online platform and physical stores.  It began as an ecommerce platform and subsequently branched out into offline stores.  At present, it operates a network of 200 stores owned by the company and 75 franchise outlets.

BSE data indicated that by 11:20 AM on the second day, the issue had been subscribed to 43%.

Bids for 70 lakh shares were received in the IPO, which had 1.65 crore shares available.

Related: Top Indian  Startups Whished Rakshabandhan 2025 with Creative Ads .

In the early hours of Day 2, retail investors demonstrated some momentum, achieving a subscription rate akin to that of the QIB portion.

Bids were placed for 16.94 lakh shares in the retail category, which had a subscription rate of 55%, against an offer of 30.6 lakh shares.  Meanwhile, the QIB category, which had reached a subscription level of 57% by the end of Day 1, saw no further participation and remained at 57%.

After retail investors and QIBs, the non-institutional investors (NIIs) demonstrated a lackluster interest, placing bids for only 2.7 lakh shares out of the 45.9 lakh shares allocated to them, resulting in just a 6% subscription.

BlueStone is generating a fresh issue to raise INR 820 Cr as part of its IPO.  For its forthcoming IPO, it has established a price range between INR 492 and INR 517.  The startup has decreased the size of its fresh issue from INR 1,000 Cr and has also reduced its offer for sale component from 2.4 Cr shares to 1.4 Cr shares.