Blue Jet Healthcare IPO Oversubscribed 7.94 Times on Final Bidding Day

28 Oct 2023 , 12:27 PM

The Blue Jet Healthcare IPO saw robust interest, being oversubscribed 7.94 times by the closing of October 27, the final day of bidding. The company received bids for 13.5 crore equity shares against the offer size of 1.7 crore shares.

High net-worth individuals (HNIs) subscribed 13.59 times their allotted quota, followed by qualified institutional buyers (QIBs) at 13.72 times their set portion. Retail investors showed enthusiasm, subscribing 2.22 times their allocation.

The IPO, offering shares solely through an offer for sale, has allocated half the issue size to qualified institutional buyers, while the remainder is divided between HNIs and retail investors in a 30:70 ratio.

Blue Jet Healthcare aims to raise Rs 840.27 crore through this offer, with the upper price band set at Rs 329-346 per share. Notably, the company won’t receive any funds from this public issue as it’s purely an offer-for-sale by the Arora family.

The firm had previously raised Rs 252 crore from various anchor investors, including HSBC Global, Societe Generale, Government Pension Fund Global, HDFC Mutual Fund, Troo Capital, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance Company, and BNP Paribas Arbitrage.

As per the IPO schedule, share allotment is set for November 1, and the company’s shares will commence trading on NSE and BSE starting from November 6.