Blue Jet Healthcare, a Mumbai-based Pharmaceutical Company, will commence its initial public offering (IPO) subscription from October 25, with a closing date on October 27. The company is seeking to raise Rs 840.27 from the public issue.
The IPO solely comprises an offer-for-sale (OFS) of over 2.4 crore equity shares by the promoters, with no allocation for a fresh issue. All the funds raised from this offering will directly benefit the selling shareholders, namely the Arora family, and the company will not receive any capital from this transaction, as per details presented in their red herring prospectus submitted to the Securities and Exchange Board of India (SEBI).
Blue Jet Healthcare has diversified its operations by venturing into the production of contrast medium intermediates used in MRI and CT scans. The company's core product lines consist of three categories, namely active pharmaceutical ingredients and pharmaceutical intermediates, high-intensity sweeteners, and contrast media intermediates.
The price band for Blue Jet Healthcare’s IPO has been set at Rs 329 to Rs 346 per share, with each share having a face value of Rs 2.
Investors are required to bid for at least 43 equity shares and can increase their bid in multiples of 43. Retail investors will need to invest a minimum of Rs 14,878, and at the higher end, the bidding amount will be Rs 1,93,414.
The allotment of shares for the Blue Jet Healthcare public issue will start on October 25 and conclude by Friday, October 27. The allotment for anchor investors in the Blue Jet Healthcare IPO is set to occur on Monday, October 23.
Blue Jet Healthcare IPO Issue Size
Blue Jet Healthcare’s IPO is aimed at raising a total of Rs 840.27 crore, and this capital will be exclusively sourced through an offer-for-sale (OFS) of 2.4 crore shares, without any fresh issues
Promoters and IPO Reservation
The corporate entity is represented by Shiven Akshay Arora, Akshay Bansarilal Arora, and Archana & Akshay Arora. Shiven Akshay Arora is poised to divest a quantity of 5,918,849 equity shares, while Akshay Bansarilal Arora is set to offload up to 18,366,311 equity shares.
A maximum of 50% of the shares in the public offering has been earmarked for Qualified Institutional Buyers (QIB), a minimum of 15% is allocated for Non-Institutional Investors (NII), and a minimum of 35% of the offering is set aside for Retail Investors.
Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and J.P. Morgan India Private Limited serve as the book-running lead managers for the Blue Jet Healthcare IPO.