The initial public offering (IPO) of BlueStone Jewellery and Lifestyle Ltd, which sells contemporary jewellery under its flagship brand ‘BlueStone’, was subscribed 39% on the first day of bidding on Monday.According to NSE data, the three-day issue received bids for 63,89,570 shares against 1,65,14,421 shares on offer, reported PTI. The quota for qualified institutional buyers (QIBs) saw 57% subscription, while the retail individual investors (RIIs) category garnered 38%. Non-institutional investors subscribed 4% of their portion.BlueStone raised over Rs 693 crore from anchor investors on Friday ahead of the IPO opening. The public offer, with a price band of Rs 492–Rs 517 per share, will close on August 13.The Rs 1,540.65 crore IPO comprises a fresh issue worth Rs 820 crore and an offer for sale (OFS) of 1,39,39,063 equity shares amounting to Rs 720.65 crore at the upper price band. Key OFS participants include Kalaari Capital Partners II LLC, Saama Capital II Ltd, and Hero Enterprise Partner Ventures, led by Sunil Kant Munjal, among others.Proceeds from the fresh issue will be used for working capital requirements and general corporate purposes.Founded in 2011, the Bengaluru-based company has grown into a major player in India’s jewellery retail space. As of March 31, 2025, it operated 275 stores across 117 cities in 26 states and Union Territories, covering over 12,600 PIN codes. BlueStone runs three manufacturing units in Mumbai, Jaipur, and Surat.The equity shares are proposed to be listed on both the BSE and NSE. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.