Blue Jet Healthcare shares hit an intraday high of Rs 586.30 on NSE after the company launched a Rs 600 crore QIP to raise fresh capital.

A QIP lets a listed company raise money straight from investors like mutual funds and insurers, bypassing a public share sale.

Blue Jet Healthcare’s Investment and Finance Committee met on Monday evening, 6 July, and fixed the floor price at Rs 531.70 a share. The meeting lasted just half an hour.

A discount of up to 5% is on the table, which could bring the effective issue price closer to Rs 505 depending on how institutions bid.

None of this came out of nowhere. Shareholders cleared the route through a special resolution on 17 June, and the board had already flagged plans to raise up to Rs 1,000 crore via a QIP, preferential issue or private placement back in May, alongside the March quarter results.

Market estimates now put the actual size of this QIP at around Rs 600 crore, though the final number depends on investor demand.

The backdrop is a soft quarter. Net profit at the Mumbai-based firm fell 41.5% to Rs 64.3 crore, while revenue slipped 31% to Rs 235 crore.

EBITDA margin contracted too, to 30.3% from 41% a year earlier. The board still recommended a final dividend of Rs 1.2 a share, on a face value of Rs 2.

By 10:35 am, the stock had cooled off its highs. It’s trading at Rs 567.95 on NSE, up 1.07% or Rs 6, and still sitting comfortably above the QIP floor.

Blue Jet Healthcare has gained more than 20% in the past month, with Tuesday’s volumes running well above the recent average as institutional interest builds around the placement.

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