Blue Jet Healthcare IPOBlue Jet Healthcare IPO Analysis @ Chanakyanipothi.com,
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    Bluejet Healthcare IPO Post Listing Review:
    On 1 November 2023, the shares are listed at Rs. 380 (compared to the issue price of Rs. 346)  marginally higher than the grey market expectations.

    Blue Jet Healthcare IPO Grey market Updates
    Premium: Rs.22 Grey market premium dpboss
    Kostak/Application Rs. 400 Grey market premium dpboss
    Retail subject to Rs. 350Grey market premium dpboss
    Rs 10 L application Rs. 4000
    Subject to Rs. 9800/ No trades

    Blue Jet Healthcare IPO to the point Guidance
    1.The company is a specialty pharmaceutical and healthcare ingredient and intermediate manufacturer.
    2. IPO size of Rs. 588.18 Cr net of Anchor portion is not large and enough oversubscription is possible.
    3. Undertone of the market is weak due to Isarael-Hamas conflicts.
    4. Grey Market premium shows downward trend, since the opening of the IPO.
    5. Valuation not so high.
    6. IPO not so attractive. 

    Blue Jet Healthcare IPO Subscription
    On 27 October 2023 @ 5.00 (Day 3) (Closed)
    Review: flow of subscription very weak in 2 days
    QIB:             48,57,032  Shares    13.72 T
    NII(10L+):    24,28,516  Shares     9.44 T
    NII (<10L)   12,14,258  Shares    15.65 T
    NII (Total)    36,42,774  Shares   13.58 T
    RII:               84,99,806  Shares    2.22 T
    Total:         169,99,612  Shares     7.94 T

    Blue Jet Healthcare IPO Promoters
    AKSHAY BANSARILAL ARORA, SHIVEN AKSHAY ARORA AND ARCHANA AKSHAY ARORA

     Elaborate Company details of Blue Jet Healthcare

    Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multi-national generic pharmaceutical companies. Since its incorporation in 1968, it has established a contract development and manufacturing organization business model with specialized chemistry capabilities in contrast media intermediates and high intensity sweeteners, on the back of strategic and early investments in research and development and manufacturing infrastructure. It has competencies and manufacturing capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts. it manufactures a range of products in-house, including the key starting intermediate and advanced intermediates, which allows it to control its production process for consistent quality and cost effectiveness.
    In the past three Financial Years, it invoiced a total of more than 350 customers in 35 countries.

    The operations are primarily organized in three product categories: (i) contrast media intermediates, (ii) high intensity sweeteners, and (iii) pharma intermediates and active pharmaceutical ingredients (“APIs”).

    Contrast media are agents used in medical imaging to enhance the visibility of body tissues under X-rays, computed tomography (“CT”), magnetic resonance imaging (“MRI”) or ultrasound. The global contrast media formulation market had a market size of US$6.7 billion in terms of moving annual turnover2425 for March 2022. The market is expected to grow at a CAGR of 8-10% between the Financial Years 2022 and 2025, with growth expected to be primarily led by volume.

    Its high-intensity sweetener business involves development, manufacture and marketing of saccharin and its salts, which is backward integrated with the aim to ensure environmental sustainability with zero by-products and cost-effective production processes. The global high-intensity sweetener market was estimated to be between US$2.3 billion to US$2.4 billion in size, as of the calendar year 2021, comprising products such as sucralose, aspartame, saccharin and stevia and neotame.

    Qualitative factors are:
    • Large manufacturer of contrast media intermediates in India
    • Presence in niche categories with high barriers to entry
    • Long-standing relationships and multi-year contracts with multi-national customers
    • Strong product development and process optimization capabilities with a focus on sustainability.
    For more information, click www.bluejethealthcare.com

    Objects of the IPO
    The Company will not directly receive any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholders.

    Blue Jet Healthcare IPO Details
    IPO opens on  25 October ,2023 
    IPO closes on  27 October ,2023 
    Issue Type Book Built Issue IPO
    Issue Size 24,285,160 Sh /Rs 840.27 Cr
    * Fresh Issue ? Sh /Rs – Cr
    * Offer for Sale  24,285,260 Shares /Rs 840.27 Cr
       
    Face Value per share: Rs. 2
    Price Band  Rs. 329-346
    Retail Discount  Rs 0 per share
    Employee discount  Rs. 0 per share
    Retail Lot Size  43 Shares
    Listing will at  BSE, NSE
    Shares offered to Shares Rs. in Cr
    QIB (50 %)  12142580 420.14
    NII (15 %)    3642774 126.04
    RII (35 %)  8499806 294.09
    Employees 
    Total Shares  24285160 840.27
    Retail portion will be oversubscribed by  197670 Forms.
    How much Shares to Apply? Net of RII discount
    Min Retail Application 43 Sh Rs. 14878
    Max Retail Application  559 Sh Rs. 193414
    Small HNI (Min) application  602 Sh Rs. 208292
    Small HNI (Max) application 2881 Sh Rs. 996826
    Big HNI Application 2994 Sh Rs. 1011704
    Blue Jet Healthcare IPO Tentative timetable
    IPO opens on 25 October 2023
    IPO Closes on 27 October 2023
    IPO Allotment on  1 November 2023
    Unblocking of ASBA  2 November 2023
    Credit of Shares 3 November 2023
    Listing on 6 November 2023
    Registered Office of Blue Jet Healthcare
    1924A/196, Banashankari Badavane, Near NH-4 Bypass, Davangere – 577 005, Karnataka, India
    Lead Managers 
    Kotak Securities, ICICI Securities, J.P. Morgan
    Registrar to IPO
    Link Intime India Pvt ltd
    Blue Jet Healthcare IPO Financial & Analytical Ratios
    Year Total Income Net Profit EPS RoE
      Rs. in Cr Rs.in Cr Rs. %
    2020-21 508 136 7.98 39.96
    2021-22 703 182 10.47 34.82
    2022-23  745 160 9.23 23.48
    Book Value of the Share on 31.03.2023 Rs.39.29    
    Book Value of the Share after the IPO Rs.41.83    
    Offer Price at Cap   Rs.346    
    Ratio Analysis
    Price /last EPS 37.49
    Price/Book Value Ratio 8.81
    Price/BV after IPO  8.27

    Blue Jet Healthcare IPO Peer Comparison
    There are no listed companies in India that engage in a business similar to that of this Company. Accordingly, it is not possible to provide an industry comparison in relation to this Company.

    # This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

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