Blue Jet Healthcare make a decent D-st debut; stock lists at 10% premium at Rs 380

Shares of Blue Jet Healthcare made a muted debut on Dalal Street on Wednesday as the pharma player was listed at Rs 380 on the National Stock Exchange (NSE), a premium of 10 per cent over its issue price of Rs 329-346 apiece. The stock was listed at a premium of 4 per cent at Rs 359.90 on BSE.

A day before listing, the stock was commanding a premium of Rs 22-23 per share in the grey market, signaling a soft landing on Dalal Street with a listing pop of 5-6 per cent. However, the counter was commanding a strong grey market premium of 65-70 per share during the beginning of the issue.

The initial public offering (IPO) of Blue Jet Healthcare was open for bidding between October 25-27. The company offered its shares in the range of Rs 329-346 apiece with a lot size of 43 equity shares. The company raised a total of Rs 840.27 crore via its initial stake sale, which was entirely an offer-for-sale (OFS) of up to 2,42,85,160 equity shares.

The issue was overall subscribed 7.95 times during the three-day bidding process. The portion for qualified institutional bidders (QIBs) was booked 13.72 times, while allocation for non-institutional bidders was subscribed 13.59 times. The portion for retail investors was booked only 2.25 times.

Navi Mumbai-based Blue Jet Healthcare is a pharmaceutical and healthcare ingredient player, which also serves as an intermediate company. Incorporated in 1968, the company was the first manufacturer of saccharin and its salts (artificial sweeteners) in the country.

Later on, Blue Jet expanded into contrast media intermediates, which are used in CT scans and MRIs. The company mainly deals in three product categories, namely, contrast media intermediates, high-intensity sweeteners, and pharma intermediates and active pharmaceutical ingredients.

The issue of Blue Jet Healthcare was managed by ICICI Securities, JP Morgan India and Kotak Mahindra Capital Company, while Link Intime India was the registrar for this IPO. Brokerage firms were mostly positive on the issue.

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