Blue Jet Healthcare IPO subscribed 1.32 times on day two of offer

Blue Jet Healthcare IPO: The Initial Public Offering (IPO) of pharmaceutical ingredient maker Blue Jet Healthcare was subscribed 1.32 times on the day two of subscription on Thursday. The Rs 840.27-crore IPO received bids for 2,24,16,115 shares, against 1,69,99,612 shares on offer, as per NSE data.

The portion for non-institutional investors was subscribed 2.84 times, while the category for Retail Individual Investors (RIIs) received 1.37 times subscription.

The Qualified Institutional Buyers (QIBs) part got subscribed 9 per cent.

The initial public offering of up to 24,285,160 equity shares has a price range of Rs 329-346 a share.

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

The 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.

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