Blue Jet Healthcare IPO fully subscribed on Day 2. Check GMP and other details
economictimes.indiatimes.com
The initial public offer (IPO) of Blue Jet Healthcare was fully subscribed on the second day of the bidding process, led by NII and retail categories.
The NII portion was subscribed the most at 2.1 times, followed by retail investors at 1.13 times. The QIB part was booked just 1% so far.
The issue closes tomorrow.
According to market analysts, the company's shares are trading with a premium of Rs 34 in the unlisted market.
Most analysts have a subscription recommendation on the IPO, which is entirely an offer for the sale of 2.42 crore shares. Under the OFS, promoters Akshay Bansarilal Arora and Shiven Akshay Arora will offload the shares.
Blue Jet Healthcare has established a contract development and manufacturing organization (CDMO) business model with specialized chemistry capabilities in contrast to media intermediates and high-intensity sweeteners.
«The CDMO model allows the company to benefit from the accessibility to innovations of new molecules and helps lessen research costs and concentrate on efficient product development on a large scale,» analysts said.
The IPO was priced in the range of Rs 329-346 per equity share and at the upper end, the company plans to raise about Rs 840 crore.
