Blue Jet IPO was subscribed 7.95 occasions on the ultimate day of subscription on Friday.
Blue Jet’s shares listed at Rs 380 on the NSE, rallying 9.82 per cent from the problem worth
Shares of pharmaceutical ingredient maker Blue Jet Healthcare Ltd on Wednesday made a inventory market debut and listed on the bourses with a premium of almost 10 per cent towards the problem worth of Rs 346. On the NSE, Blue Jet’s shares have been listed at Rs 380, rallying 9.82 per cent from the problem worth. Later, it jumped 16.28 per cent to Rs 402.35.
The inventory started the commerce at Rs 359.90, registering a acquire of 4 per cent on the BSE. It additional zoomed 14.40 per cent to Rs 395.85. The Initial Public Offering (IPO) of Blue Jet Healthcare was subscribed 7.95 occasions on the ultimate day of subscription on Friday.
Shivani Nyati, head (wealth) at Swastika Investmart, mentioned, “Blue Jet Healthcare made its debut on the stock markets today (Wednesday), by listing at Rs 380 per share, a premium of around 10 per cent to its IPO price of Rs 346. The IPO was subscribed 7.95 times, which is a good subscription level.”
She added that Blue Jet Healthcare is a producer of distinction media intermediates and excessive-depth sweeteners. The firm has a powerful aggressive benefit as a consequence of its excessive entry limitations and lengthy-time period relationships with multinational prospects.
The firm’s monetary efficiency can also be robust, with constant income and revenue development in recent times, Nyati mentioned.
“Overall, the listing of Blue Jet Healthcare was a success. The company’s strong fundamentals and good subscription levels were positive factors for this. Investors may hold it by keeping a stop loss at Rs 340,” she mentioned.
The Rs 840.27-crore IPO had a worth vary of Rs 329-346 a share. The Mumbai-based agency, which operates underneath the model identify of “Blue Jet”, is providing area of interest merchandise focused in direction of innovator pharmaceutical firms and multinational generic pharmaceutical firms.
Its enterprise mannequin focuses on the collaboration, growth and manufacturing of advanced chemistry classes. Over the previous 5 many years, the corporate has developed over 100 merchandise, of which over 40 have been commercialised, the corporate mentioned.
As of June 30, 2023, the corporate had three manufacturing amenities in Shahad, Ambernath, and Mahad in Maharashtra. Further, in its efforts to broaden the capability in FY21, it acquired a “greenfield” industrial facility on a leasehold foundation in Ambernath.
Blue Jet IPO was subscribed 7.95 occasions on the ultimate day of subscription on Friday. The Rs 840.27-crore IPO obtained bids for 13,51,86,496 shares, towards 1,69,99,612 shares on supply, as per NSE knowledge.
The portion for non-institutional buyers was subscribed 13.59 occasions, whereas the class for Retail Individual Investors (RIIs) obtained 2.24 occasions subscription. The certified institutional consumers (QIBs) half received 13.72 occasions subscription.
