Blue Jet Healthcare is preparing to launch its initial public offering (IPO) from October 25 to October 27, 2023. The company's shares are priced between Rs 329-346 per share, with anchor book bidding scheduled for October 23.
The Offer for Sale (OFS) component of the IPO consists of over 2.4 crore equity shares by promoters, aiming to raise Rs 840.27 crore at the upper price band. Investors have an option to bid for a minimum of 43 shares and in multiples thereafter. The investment range for retail investors is set between Rs 14,878 to Rs 1,93,414.
For the distribution of the offer size, Blue Jet Healthcare has allocated 50% for qualified institutional buyers, 15% for high net-worth individuals, and the remaining 35% for retail investors.
Blue Jet Healthcare's product portfolio includes contrast media intermediates, high-intensity sweeteners, and pharmaceutical intermediates and Active Pharmaceutical Ingredients (APIs). The company's major revenue sources are Europe (74.5%), India (14%), and the USA (5%).
In fiscal year 2023, the company reported revenues of Rs 721 crore with a net profit of Rs 160 crore. The first quarter of fiscal year 2024 showed a revenue of Rs 179.5 crore with a profit of Rs 44.1 crore. Blue Jet Healthcare's major clients include GE Healthcare AS, Guerbet Group, and Bracco Imaging SpA.
The issue is being managed by Kotak Mahindra Capital Company, JP Morgan (NYSE:JPM) India, and ICICI Securities.
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