Blue Jet Healthcare shares jump nearly 10% in debut trade

New Delhi: Shares of pharmaceutical ingredient maker Blue Jet Healthcare Ltd on Wednesday listed with a premium of nearly 10 per cent on the NSE against the issue price of Rs 346.

At the NSE, shares of the company listed at Rs 380, rallying 9.82 per cent from the issue price. Later, it jumped 16.28 per cent to Rs 402.35.

The stock began the trade at Rs 359.90, registering a gain of 4 per cent on the BSE. It further zoomed 14.40 per cent to Rs 395.85.

The Initial Public Offering (IPO) of Blue Jet Healthcare was subscribed 7.95 times on the final day of subscription on Friday.

The Rs 840.27-crore IPO had a price range of Rs 329-346 a share.

The Mumbai-based firm, which operates under the brand name of "Blue Jet", is offering niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Its business model focuses on the collaboration, development and manufacturing of complex chemistry categories.

Over the past five decades, the company has developed over 100 products, of which over 40 have been commercialised, the company said.

As of June 30, 2023, the company had three manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra.

Further, in its efforts to expand the capacity in FY21, it acquired a "greenfield" industrial facility on a leasehold basis in Ambernath.