Pharmaceutical ingredients maker Blue Jet Healthcare has filed preliminary documents with financial markets regulator Sebi to raise up to Rs 2,100 crore through an initial public offering (IPO). The IPO is entirely an offering to sell (SFO) whereby the company’s promoters – Akshay Bansarilal Arora and Shiven Akshay Arora – will sell up to 21,683,178 shares, according to the Red Herring Draft Prospectus (DRHP) . Merchant banking sources pegged the size of the IPO at between Rs 1,800 crore and Rs 2,100 crore.
Blue Jet Healthcare, based in Mumbai, is a specialized pharmaceutical and healthcare ingredients and intermediates company, offering niche products for innovative pharmaceutical companies and multinational generic pharmaceutical companies. Its business model focuses on collaboration, development and manufacturing of complex chemical categories. Over the past five decades, the company has developed over 100 products with over 40 products marketed.
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76% of the company’s revenue in FY22 came from Europe, followed by India (17.14%), the United States (4.18%) and some other countries. Its operating income increased by 37% to reach Rs 683.47 crore for the financial sector. the year 2022, from Rs 498.93 crore for the financial year 2021. The company’s profit after tax increased by 34% to reach Rs 181.59 crore for the financial year 2022, compared to Rs 135.79 crore for the same period last year.
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The company is a Net Debt Free Company as of June 30, 2022 and it is operating three manufacturing plants, at Shahad, Ambernath and Mahad in Maharashtra as of the end of March this year. Kotak Mahindra Capital Company Limited, ICICI Securities Limited and JP Morgan India Private Limited are the books that run the lead managers of the show. The shares are proposed to be listed on the BSE and the NSE.