Blue Jet Healthcare a pharmaceutical ingredient maker fixed a price band of Rs 329-346 per share for its Rs 840 crore Initial Public Offering (IPO) on Thursday.
The bidding for the issue, which is entirely an Offer for Sale (OFS) component of 2.42 crore shares by promoters – Akshay Bansarilal Arora and Shiven Akshay Arora – will open for public subscription during October 25-27.
The company said that the anchor book for the issue will open on October 23.
The company will not receive any funds from the issue, because the IPO is completely an OFS, the entire proceeds will go to the selling shareholders.
The maiden public issue is expected to fetch Rs 799 crore and Rs 840.27 crore at the lower and upper ends of the price band, respectively.
Investors can bid for a minimum of 43 equity shares and in multiples of 43 equity shares thereafter.
The Mumbai-based company, which works under the “Blue Jet” brand name, provides speciality goods to innovative pharmaceutical businesses and international generic pharmaceutical corporations. Its business concept is based on the collaboration, development, and production of complex chemistry categories.
The company has developed over 100 products over the past five decades, of which over 40 have been commercialised.
The company had three manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra as of June 30, 2023. Further, in its efforts to expand the capacity in FY21, it acquired a “greenfield” industrial facility on a leasehold basis in Ambernath.
In FY22, 76 per cent of the company’s income came from Europe, followed by India (17.14 per cent), the US (4.18 per cent), and some other countries.
The book-running lead managers to the issue are Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd and JP Morgan India Pvt Ltd.
The equity shares of Blue Jet Healthcare are proposed to be listed on the BSE and the NSE.
