Blue Jet Healthcare Ltd., a specialty pharmaceutical manufacturer, has announced a ₹400 crore offer for sale (OFS), with promoter Akshay Bansarilal Arora set to pare his stake in the company. The move is primarily aimed at meeting the minimum public shareholding (MPS) requirement under SEBI regulations.
OFS Structure and Timeline
The OFS will be conducted in two tranches:
- September 10, 2025 – Open for non-retail investors.
- September 11, 2025 – Open for retail investors.
The promoter will offload up to 5.93 million shares, representing 3.42% of the company’s equity. Additionally, an oversubscription option has been provided for another 5.93 million shares, potentially raising the dilution to 6.83% of total paid-up equity capital, if fully subscribed.
Pricing and Valuation
The floor price for the OFS has been set at ₹675 per share, reflecting a 7.6% discount to Blue Jet Healthcare’s last closing price on the National Stock Exchange (NSE). At this pricing, the base offer size is valued at approximately ₹400 crore, with the potential to nearly double if the oversubscription option is exercised.
Background and Business Profile
Blue Jet Healthcare, which went public in 2023, specializes in manufacturing pharmaceutical and healthcare ingredients with applications in:
- Contrast media
- High-intensity sweeteners
- Other regulated market ingredients
The company has built a niche in supplying specialty intermediates and APIs to global healthcare companies, operating in markets that demand high compliance and technical expertise.
Strategic Rationale
By reducing promoter holding through this OFS, Blue Jet Healthcare is aligning with regulatory requirements on public shareholding while simultaneously deepening its free float. The dilution is expected to:
- Improve stock liquidity in secondary markets.
- Potentially enhance institutional participation.
- Support the company’s long-term visibility among public investors.
Outlook
While the discount to market price may trigger near-term pressure on stock performance, the move strengthens the company’s regulatory compliance and market positioning. With its focus on specialty pharmaceutical niches, Blue Jet Healthcare remains well-placed to benefit from growing demand in regulated international markets.
Disclaimer:
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