Public Market

IPO

Blue Jet Healthcare collects Rs.252-Cr from 22 anchor investors

Economic Times  

Mumbai-based pharmaceutical ingredient maker Blue Jet Healthcare has mobilized INR 252 crore from anchor investors, ahead of its initial public offering (IPO). The company has allotted 72.85 lakh equity shares to 22 funds at INR 346 apiece, the upper end of the price band. 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 are among the anchor investors. The issue is entirely an Offer for Sale (OFS) of 2.42 crore shares by the promoters Akshay Bansarilal Arora and Shiven Akshay Arora. Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd and JP Morgan India Pvt Ltd are the book running lead managers to the issue. The firm, which operates under the "Blue Jet" brand name, offers niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies. As of June 30, 2023, the company had three manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra.