Blue Jet Healthcare IPO subscribed 0.69 times

Published on Oct 25, 2023 17:14

The initial public offer (IPO) of Blue Jet Healthcare received bids for 1,16,53,645 shares as against 1,69,99,612 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (25 October 2023). The issue was subscribed 0.69 times.

The issue opened for bidding on Wednesday (25 October 2023) and it will close on Friday (27 October 2023). The price band of the IPO is fixed at Rs 329-346 per share. An investor can bid for a minimum of 43 equity shares and in multiples thereof.

The offer consists of only a fresh issue of 2,42,85,160 shares worth Rs 840.27 crore by existing shareholders. The company will not directly receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by them.

Promoters and the promoter group hold an aggregate of 100% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 86%.

Ahead of the IPO, Blue Jet Healthcare on Monday, 23 October 2023, raised Rs 252.08 crore from anchor investors. The board allotted 72.85 lakh shares at Rs 346 each to 22 anchor investors.

Incorporated in 1968, Blue Jet Healthcare is a speciality pharmaceutical, healthcare ingredient and an intermediates company, offering niche products to pharmaceutical companies. The company mainly deals in three product categories, contrast media intermediates; high-intensity sweeteners; and pharma intermediates and active pharmaceutical ingredients.

The company reported a net profit of Rs 44.12 crore and net sales of Rs 179.54 crore for the three months ended on 30 June 2023.