Despite the prevailing turbulence in the market, the initial public offering (IPO) of Blue Jet Healthcare, led by the Arora family, has garnered a robust investor response. The Maharashtra-based pharmaceutical company witnessed bids for 17.3 million shares against an issue size of 17 million, resulting in a subscription rate of 1.02 times.
Retail investors and high net worth individuals (HNIs) displayed significant interest in the IPO, with subscription levels of 1.13 times and 2.1 times their respective quotas. In contrast, qualified institutional buyers exhibited a more measured enthusiasm, bidding for only 1% of their allocated shares.
The objective of the company’s IPO is to raise Rs 840.27 crore, with each crore equivalent to $120,127. The offering consists of 24 million shares priced between Rs 329 and Rs 346, where $1 equals Rs 83.2. The allocation of shares has been distributed among qualified institutional buyers (50%), HNIs (15%), and retail investors (35%).
In the grey market, Blue Jet Healthcare’s shares are commanding a premium of 10%. The anchor book of investors participating in the offering boasts notable names, including Societe Generale (OTC: SCGLY), HDFC Mutual Fund, HSBC Global, Government Pension Fund Global, ICICI Prudential Mutual Fund, BNP Paribas (OTC: BNPQY) Arbitrage, Aditya Birla Sun Life Insurance Company, and Troo Capital.
The strong investor response to Blue Jet Healthcare’s IPO highlights the continued appeal of pharmaceutical firms, even in a volatile market. As the offering progresses, market participants will be closely monitoring the performance of the company’s shares and its implications for the broader financial landscape.