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Blue Jet Healthcare mark debut with 9% premium on NSE

1 Nov 2023 , 09:57 AM

Blue Jet Healthcare, a pharmaceutical manufacturer, made a striking market entry by listing its shares at a 9% premium. The shares opened at Rs 380, reflecting a 9.83% increase over the issue price of Rs 346 on the BSE and at Rs 359.90, marking a 4.02% rise on the NSE.

The Blue Jet Healthcare IPO received robust demand, oversubscribed by 7.95 times, garnering bids for 13.5 crore shares against the issue size of 1.7 crore shares. Retail investors subscribed 2.22 times, high-net-worth individuals oversubscribed by 13.59 times, and qualified institutional buyers bid 13.72 times the allocated quota.

The public offer of Rs 840.27 crore was solely an offer-for-sale. The IPO, which opened on October 25 and closed on October 27, was priced in the range of Rs 329-346 per share.

Blue Jet Healthcare specializes in the contract development and manufacturing organization (CDMO) business model. The company operates across three product categories, including contrast media intermediates, high-intensity sweeteners, and pharmaceutical intermediates & active pharmaceutical ingredients (APIs).

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