Blue Jet has developed over 100 products, catered to more than 400 customers across 39 countries
MUMBAI, Oct 25 (The CONNECT) - The Initial Public Offering of Blue Jet Healthcare Limited was subscribed 69% today, the first day of bidding.
The issue received bids of 1,16,53,645 shares against the offered 1,69,99,612 equity shares, at a price band of ₹329-346, according to the data available on the stock exchanges.
Non-Institutional Investors Portion was the most subscribed with 1.37 times, followed by Retail with 0.78 times, whereas Qualified Institutional Buyer segment subscribed 0.01 times. The issue will close on Friday.
A day prior to the opening of the issue, Blue Jet Healthcare Ltd had raised Rs 252 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were HDFC MF, Nippon MF, Government Pension Fund Global, Aditya Birla Sun Life Insurance, ICICI Prudential MF, Bandhan MF, BNP Paribas Arbitrage, Societe Generale, Edelweiss Trusteeship, Integrated Core Strategies (Asia), Singularity Growth Opportunities Fund, and Troo Capital Ltd.
Kotak Mahindra Capital Company Limited, ICICI Securities Limited and J.P. Morgan India Private Limited are book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Incorporated in the year 1968 as Jet Chemicals Private Limited by the Late B L Arora, Blue Jet Healthcare is promoted by its Executive Chairman; Akshay Bansarilal Arora. Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories. Over the past 5 decades through its R&D center, it has developed over 100 products with over 40 products commercialised.
Over three years, the company has catered to more than 400 customers across 39 countries some of them being Colgate Palmolive (India) Ltd, Unilever, Prinova US LLC, and MMAG Co Ltd in the oral care and non-alcoholic beverage space; Hovione Farmaciência, Olon S.p.A., Esperion Therapeutics Inc., and Bial– Portela & CA, S.A for pharmaceutical intermediates, API and CDMO area and GE Healthcare AS, Guerbet Group, Bracco Imaging S.p.A, and Bayer AG, in the contrast media area.
As of June 30, 2023, it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra, with an annual installed capacity of 200.60 KL, 607.30 KL, and 213.00 KL, respectively. In efforts of its capacity expansion in FY 21, it acquired a "greenfield" industrial facility on a leasehold basis in Ambernath. Its total annual production is expected to reach 1,513.6 KL.