Blue Jet Healthcare IPO to open on Oct 25; check price band, lot size and other details

The initial public offering on Blue Jet Healthcare will open for bidding on Wednesday, October 25. The pharma company will be offering its shares in the range of Rs 329 to Rs 346 apiece with a lot size of 43 equity shares and its multiples thereof. The issue can be subscribed this Friday, October 27. Blue Jet Healthcare, incorporated in 1968, is a pharmaceutical and healthcare ingredient and an intermediate company. It initially was a saccharin and its salts (artificial sweeteners) in India but later expanded into contrast media intermediates, which are used in CT scans and MRIs. The issue of Blue Jet Healthcare is entirely an offer-for-sale (OFS) of up 24,285,160 equity shares by its promoters Akshay Bansarilal Arora and Shiven Akshay Arora, which acquired shares at an average cost of Rs 0.03 and Rs 1.91, respectively. The company will raise a total of Rs 883.98 crore via IPO route. The issue is entirely an offer for sale, which means that entire proceeds shall go to selling shareholders, and the company will not receive any proceeds from the IPO. The anchor books shall open on Tuesday, October 24. Blue Jet Healthcare is a global, science-led pharmaceutical company. It mainly deals in three product categories, namely- contrast media intermediates; high-intensity sweeteners; and pharma intermediates and active pharmaceutical ingredients. For the period ended June 30, 2023, the company reported a net profit of Rs 44.12 crore, with a revenue of Rs 184.60 crore. Its bottomline came in at Rs 160.03 crore, with a revenue of Rs 744.94 crore in the year ended on March 31, 2022. Europe contributed to about three-fourth revenue of the company. The company has reserved not more than 50 per cent of shares for the qualified institutional bidders (QIB), while it has reserved 15 per cent of shares for non-institutional investors (NIIs). Remaining 35 per cent of shares shall go to retail investors of the issue. Kotak Mahindra Capital Company, ICICI Securities and JP Morgan India are the book running lead managers for the IPO of Blue Jet Healthcare, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE.