MUMBAI, NOVEMBER 1, 2023 (GPN): Shares of Blue Jet Healthcare made a healthy debut on the exchange closing at 19% premium despite weak market sentiments.

The scrip listed Rs 359.90 per share on BSE and Rs 380 per share on NSE, at a premium of 4.02% and 9.83% respectively. The company’s share price closed at Rs 395.85 per share on the BSE, a 14.41% premium, and at Rs 413.25 per share on the NSE, a 19.44% premium.

As per NSE, the total quantity traded stood at 224.40 lakh shares, on BSE the total Quantity stood at 23.09 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 975.21 crore. 

The Market Capitalization of the Company at today’s closing price stood at Rs. 6,866.63 Crore as per BSE and Rs. 7,168.46 Crore as per NSE.

Blue Jet Healthcare Limited, is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multi-national generic pharmaceutical companies.

Incorporated in the year 1968 as Jet Chemicals Private Limited by the Late Shri B L Arora, Blue Jet Healthcare is promoted by its Executive Chairman; Akshay Bansarilal Arora. The company operates under the “Blue Jet” brand name and has competencies and manufacturing capabilities in contrast to media intermediates and high-intensity sweeteners, including saccharin and its salts as well as active pharmaceutical ingredients. Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories. Over the past 5 decades through its R&D center, it has developed over 100 products with over 40 products commercialised.

Over three years, the company has catered to more than 400 customers across 39 countries some of them being Colgate Palmolive (India) Ltd, Unilever, Prinova US LLC, and MMAG Co Ltd in the oral care and non-alcoholic beverage space; Hovione Farmaciência, Olon S.p.A., Esperion Therapeutics Inc., and Bial– Portela & CA, S.A for pharmaceutical intermediates, API and CDMO area and GE Healthcare AS, Guerbet Group, Bracco Imaging S.p.A, and Bayer AG, in the contrast media area. 

As of June 30, 2023, it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra, with an annual installed capacity of 200.60 KL, 607.30 KL, and 213.00 KL, respectively. In efforts of its capacity expansion in FY 21, it acquired a “greenfield” industrial facility on a leasehold basis in Ambernath. Its total annual production is expected to reach 1,513.6 KL.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited and J.P. Morgan India Private Limited are the book running lead managers.Ends