Blue Jet Healthcare IPO subscribed 69% on day 1

25 Oct 2023 , 09:14 PM

On the first day of its subscription on October 25, Blue Jet Healthcare Ltd, a pharmaceutical ingredient manufacturer, witnessed strong interest in its Initial Public Offering (IPO), with a subscription rate of 69%. The IPO received bids for 1,16,53,645 shares against the total offering of 1,69,99,612 shares, according to data from the National Stock Exchange (NSE). Click here to apply for the IPO.

The non-institutional investors’ category saw robust demand, with a subscription rate of 1.37 times, while retail individual investors displayed significant interest with a 78% subscription rate. In contrast, the qualified institutional buyers’ portion garnered a subscription rate of 1%.

This IPO is exclusively an Offer for Sale (OFS) component, featuring up to 2,42,85,160 equity shares within a price range of Rs 329-346 per share. Blue Jet Healthcare had previously raised Rs 252 crore from anchor investors.

The public offering is expected to raise between Rs 799 crore and Rs 840.27 crore, depending on whether it is priced at the lower or upper end of the price band, respectively. Operating under the ‘Blue Jet’ brand, this Mumbai-based company specializes in offering niche products tailored for innovator pharmaceutical firms and multinational generic pharmaceutical companies.

As of June 30, 2023, the company boasted three manufacturing facilities located in Shahad, Ambernath, and Mahad in Maharashtra. In its expansion efforts during FY21, it acquired a ‘greenfield’ industrial facility on a leasehold basis in Ambernath.