The ₹840.27-crore Blue Jet Healthcare IPO was subscribed 0.69 time or 69 per cent at the end of Day 1 of subscription on Wednesday. The IPO will close on October 27. The issue price band has been fixed in the range of ₹329 to ₹346of face value of ₹2. Investors can bid for a minimum of 43 equity shares.
The issue received decent interest from both non-institution and retail investors. While the portion set aside for former was subscribed 1.37 times, the latter’s 0.78 time. Qualified institutions remain muted on Day 1.
The issue received bids for around 1.16 crore shares against 1.70 crore shares on offer.
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Blue Jet Healthcare IPO is completely a offer for sale (OFS) of 24,285,160 equity share; there is no fresh issue component, according to Red Herring Prospectus (RHP). The company’s promoters are Shiven Akshay Arora, Akshay Bansarilal Arora, and Archana & Akshay Arora. Shiven Akshay Arora will sell up to 5,918,849 equity shares, while Akshay Bansarilal Arora will sell up to 18,366,311 equity shares. The proceeds will go to the selling shareholders and the company will not get any money from the offer.
Blue Jet Healthcare has raised ₹252.08 crore from an anchor book process ahead of IPO. The company has completed the allocation of 7,285,548 shares to these anchor investors, at ₹346 a share.
Among the anchor investors included ICICI Prudential Funds, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Insurance, Government Pension Fund Global, HSBC Global Investment Funds, Edelweiss Trusteeship, and BNP Paribas.
Blue Jet Healthcare follows a contract development and manufacturing organisation (CDMO) business model, operating in three product categories— contrast media intermediates, high-intensity sweeteners and pharma intermediates & active pharmaceutical ingredients (APIs), the company has said.
The book running lead managers for the Blue Jet Healthcare IPO are Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and J.P. Morgan India Private Limited. The registrar for the offering is Link Intime India Private Ltd.
India, the world’s fifth largest economy in the world, is likely to overtake Japan to become the world’s third-largest economy with a GDP of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.