Thursday, October 26, 2023

Blue Jet Healthcare Ltd IPO fully subscribed on Day 2

The Rs 840.17 crore Initial Public Offering of Blue Jet Healthcare Limited was fully subscribed on the second day of bidding led by NII and Retail Investors.

The issue received bids of 2,24,16,115 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 2.84 times, followed by Retail Portion with 1.37 times, whereas Qualified Institutional Buyer Portion subscribed 0.09 times. The issue kicked off for subscription on Wednesday, October 25, 2023 and will close on Friday, October 27, 2023. 


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.


Leading brokerages like Motilal Oswal, Nirmal Bang, Reliance Securities, Ajcon Global Services, BP Equities, Choice Equity, Geojit Securities, Indsec Securities, Investmentz, Mehta Equities, Stoxbox, Sushil Finance, Ventura Securities have given a “SUBSCRIBE” rating to the issue, citing its strategic focus on complex chemistry categories in both the contrast media intermediate and high-intensity sweetener categories with high entry barriers. BJH is the largest manufacturer of Contrast Media intermediates in India. The company also has long-standing relationships and multi-year contracts with multi-national customers. They are also optimistic regarding its proven R&D capabilities and future strategies of diversifiying revenues, capacity expansion and improving exports with a high margin product mix.


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.


Company Information


Incorporated in the year 1968 as Jet Chemicals Private Limited by the Late Shri B L Arora, Blue Jet Healthcare is promoted by its Executive Chairman; Akshay Bansarilal Arora. The company operates under the “Blue Jet” brand name and has competencies and manufacturing capabilities in contrast to media intermediates and high-intensity sweeteners, including saccharin and its salts as well as active pharmaceutical ingredients. 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 Farmaci√™ncia, 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. 



The table below shows subscription data for all the categories of investors: 


BLUE JET HEALTHCARE LIMITED

Last updated on

26 Oct 2023 | 05:00:00 PM

Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category

1 Qualified Institutional Buyers (QIBs) 48,57,032 4,46,297 0.09

1(a) Foreign Institutional Investors (FIIs) - 1,20,271 -

1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - -

1(c) Mutual Funds - - -

1(D) Others - 3,26,026 -

2 Non Institutional Investors(NIIS) 36,42,774 1,03,42,575 2.84

2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 24,28,516 66,11,121 2.72

2.1(a) Corporates - 2,16,247 -

2.1(b) Individuals (Other than RIIs) - 55,96,493 -

2.1(c) Others - 7,98,381 -

2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 12,14,258 37,31,454 3.07

2.2(a) Corporates - 17,888 -

2.2(b) Individuals (Other than RIIs) - 32,45,812 -

2.2(c) Others - 4,67,754 -

3 Retail Individual Investors (RIIs) 84,99,806 1,16,27,243 1.37

3(a) Cut Off - 99,94,791 -

3(b) Price Bids - 16,32,452 -

4 Employee Reserved - - -

4(a) Employee (Cut off) - - -

4(b) Employee (Price) - - -

5 Reservation PortionShareholder - - -

5(a) RPS (Cut off) - - -

5(b) RPS (Price) - - -

Total 1,69,99,612 2,24,16,115 1.32



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