Shares of the pharma major Blue Jet Healthcare continued their run-up on the second-day post listing on Wednesday (November 1) amid bulk deals on the counter. At the time of writing the copy, shares of the company traded over 3 per cent higher at Rs 409.15 apiece, while at the day’s high it touched levels of Rs 433.25, implying gains of up to 25 per cent over the issue price.

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On account of the Government Pension Fund Global, Norges Bank bought a 0.012 percent equity stake in the  Maharashtra-based company via open market transactions.

As per bulk deals data available on the NSE, Norges Bank purchased 21 lakh equity shares in Blue Jet Healthcare, at an average price of Rs 380 per share, which was the stock’s listing price on the NSE. The stake purchase was cumulatively worth Rs 79.8 crore.

In another bulk deal at the counter, ValueQuest Investment Advisors, a boutique portfolio management company, bought 11,37,541 shares of the company at an average traded price of Rs 388 per share.

Blue Jet Healthcare debut

Blue Jet Healthcare made a decent D-Street debut on Wednesday with a listing pop of 9.8 per cent over the issue price of Rs 346. The stock was listed at Rs 380 per share on the NSE, while it opened at Rs 359 per share on the BSE.

The issue garnered a decent response and was subscribed 7.95 times on the final day of subscription. The portion for non-institutional investors was subscribed 13.59 times, while the category for Retail Individual Investors (RIIs) received 2.24 times subscriptions.

The issue was completely an offer-for-sale (OFS) of 2.42 crore shares. 

Earlier, Zee Business Managing Editor Anil Singhvi said that only high-risk investors should subscribe to the issue, and that too for a long duration. 

About the company

Blue Jet Healthcare operates under the brand name "Blue Jet", and offers niche products that are targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies.