Blue Jet Healthcare Limited concluded its Initial Public Offering (IPO) today, which was scheduled for October 25-27, 2023. The IPO was priced between Rs 329 and Rs 346 per share, aiming for a total issue size of Rs 840.27 crore at the upper band. The listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is expected by November 06, 2023. Retail investors had the opportunity to apply for up to Rs 1,93,414 worth of shares in lots of up to 13 or 559 shares.
Promoters Akshay Bansarilal Arora, Shiven Akshay Arora, and Archana Akshay Arora held a pre-issue shareholding of 100%. Blue Jet operates four manufacturing facilities under a Contract Development and Manufacturing Organization (CDMO) model across sectors including integrated contract media intermediates, niche pharmaceutical intermediates, and Active Pharmaceutical Ingredients (APIs), producing contrast media intermediates and high-intensity sweeteners.
The company's post-IPO market cap is projected at Rs 6,001.9 crore with an offer for sale of 24,285,160 shares distributed as Qualified Institutional Buyers (QIB) Shares (50%), Retail Shares (35%), and Non-Institutional Investors (HNI (NYSE:HNI)) Shares. Despite increased costs reducing profit, Q1FY24 showed improved financial performance with a Price Earnings (PE) ratio of 34. Sales figures from FY21 to FY23 ranged from 499 to 721 crore, operating profit from 207 to 219 crore, and profit before tax from 190 to 217 crore.
In parallel news today, Maitreya Medicare Limited's IPO opened with a price band set between ₹78 and ₹82 and a minimum bid size of 1600 shares and multiples thereof. The company managed to raise ₹4.05 crore from anchor investors pre-IPO. The public issue reserves up to 50% of shares for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and a minimum of 35% of the offer for Retail Investors.
The IPO is a fresh issue of 18,16,000 equity shares valued at ₹14.89 crore with no offer-for-sale component. The IPO proceeds will be used to establish a hospital in Valsad, Gujarat via equity investment in the subsidiary Maitreya Hospital Private Limited, redeem some non-convertible redeemable preference shares, meet working capital needs, and for general corporate purposes.
On the first day, the IPO was subscribed 14.54 times. The retail investors' portion was subscribed 20.66 times, the non-institutional buyers' portion was subscribed 6.59 times and QIBs' portion was subscribed 9.75 times. The company received bids for 1,76,33,600 shares against an offer of 12,12,800 shares. A grey market premium of +55 indicated a potential listing price of ₹137 per share, which is 67.07% higher than the IPO price.
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