Latest News | Blue Jet Healthcare IPO Subscribed 69 Pc on First Day of Offer

New Delhi, Oct 25 (PTI) The Initial Public Offering (IPO) of pharmaceutical ingredient maker Blue Jet Healthcare Ltd was subscribed 69 per cent on the first day of subscription on Wednesday.

The IPO received bids for 1,16,53,645 shares against 1,69,99,612 shares on offer, according to NSE data.

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The category for non-institutional investors was subscribed 1.37 times while the quota for retail individual investors received 78 per cent subscription.

The portion for qualified institutional buyers got subscribed 1 per cent.

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The IPO, which is entirely an Offer for Sale (OFS) component, of up to 2,42,85,160 equity shares has a price range of Rs 329-346 a share.

Blue Jet Healthcare has mobilised Rs 252 crore from anchor investors.

The public issue is expected to fetch Rs 799 crore and Rs 840.27 crore at the lower and upper ends of the price band, respectively.

The Mumbai-based firm, which operates under the brand name of "Blue Jet", is offering niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Its business model focuses on the collaboration, development and manufacturing of complex chemistry categories.

Over the past five decades, the company has developed over 100 products, of which over 40 have been commercialised, the company said.

As of June 30, 2023, the company had three manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra.

Further, in its efforts to expand the capacity in FY21, it acquired a "greenfield" industrial facility on a leasehold basis in Ambernath.

Kotak Mahindra Capital Company, ICICI Securities, and J P Morgan India are the managers to the offer.

The equity shares of Blue Jet Healthcare are proposed to be listed on the BSE and the NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)