Blue Jet Healthcare raises Rs 252 crore via anchor book ahead of IPO

Blue Jet Healthcare raises Rs 252 crore vai anchor book

Maharashtra-based pharma company Blue Jet Healthcare mopped up Rs 252.08 crore from 22 anchor investors on October 23, the last working day before the issue opening.

The firm in its filing to exchanges said it has finalised the allocation of 72,85,548 equity shares to anchor investors, at a price of Rs 346 per equity share.

Global and domestic investors participated in the anchor book included Government Pension Fund Global, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance Company, HSBC Global, Edelweiss Trusteeship, Troo Capital, Societe Generale, M3 Investment, BNP Paribas Arbitrage, Singularity Growth Opportunities Fund, and Integrated Core Strategies (Asia).

"Out of the total allocation to anchor investors, 32,29,687 shares were allocated to 5 domestic mutual funds through a total of 8 schemes," Blue Jet said.

The speciality pharmaceutical and healthcare ingredients developer will open its Rs 840.27-crore public issue on October 25, with a price band at Rs 329-346 per share.

The issue comprises only an offer-for-sale (OFS) portion of more than 2.4 crore equity shares by promoters, and there is no fresh issue component.

Also read: Cello World's Rs 1,900 crore IPO to open on October 30

Hence, the entire OFS proceeds, excluding issue expenses, will be received by the Arora family, the selling shareholder.

The offer will close on October 27.

Blue Jet Healthcare has established a contract development and manufacturing organization (CDMO) business model, operating business in three product categories which are contrast media intermediates, high-intensity sweeteners, and is pharma intermediates & active pharmaceutical ingredients (APIs).

This would be the third initial public offering in the current month so far. IRM Energy already closed its issue last week, while Cello World will launch its offer on October 30.

Also read: IRM Energy IPO: Check allotment status, GMP and more