Blue Jet Healthcare Raises Rs 252 Crore From Anchor Investors Before IPO

The pharmaceutical ingredient maker issued a circular on the BSE website on Monday and said that it has allotted 72.85 lakh equity shares to 22 funds at Rs 346 per share.

The issue comprises entirely an offer-for-sale (OFS) of 2.42 shares by promoters Akshay Bansarilal Arora and Shiven Akshay Arora and will be open for subscription from October 25 to 27.

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Blue Jet Healthcare said on Monday that it has raised Rs 252 crore from anchor investors, prior to it’s initial public offering (IPO) set to open for bidding on October 25. The pharmaceutical ingredient maker issued a circular on the BSE website and said that it has allotted 72.85 lakh equity shares to 22 funds at Rs 346 per share.

Some of the funds among the anchor investors include the Government Pension Fund Global, BNP Paribas Arbitrage, Societe Generale, Integrated Core Strategies (Asia) Pte Ltd, Aditya Birla Sun Life Insurance Company,  ICICI Prudential Mutual Fund (MF), HDFC MF, Nippon India MF, Edelweiss MF, and Bandhan MF, reported PTI. 

The issue comprises entirely an offer-for-sale (OFS) of 2.42 shares by promoters Akshay Bansarilal Arora and Shiven Akshay Arora and will be open for subscription from October 25 to 27. The price band for the issue has been set at Rs 329-346 per share for the IPO. As the IPO is entirely an OFS, the total proceeds from the issue would go to the selling shareholders and the firm will not receive any funds from the same.

The Mumbai-based firm expects the public issue to raise Rs 799 crore at the lower end and Rs 840.27 crore at the upper end of the price band. Investors can apply for a minimum of 43 equity shares and in multiples of 43 equity shares thereafter. 

The company operates under the Blue Jet brand name and provides niche products targeted at innovator pharmaceutical companies and multinational generic pharmaceutical companies. In the last five decades, the firm has developed more than 100 products, out of which over 40 have been commercialised. 

The firm had three manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra, as of June 30, 2023. In FY22, the company earned 76 per cent of it’s income from Europe, 17.14 per cent from India, 4.18 per cent from the US, and some other countries. 

The book running lead managers of the issue are Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, and JP Morgan India Pvt Ltd.