Pharmaceutical ingredient maker Blue Jet Healthcare files IPO documents with Sebi

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76% of the company’s revenue in FY22 came from Europe.

New Delhi:

Pharmaceutical ingredient maker Blue Jet Healthcare has filed preliminary documents with financial markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO is entirely an offer for sale (OFS) of up to 21,683,178 shares by the promoters – Akshay Bansarilal Arora and Shiven Akshay Arora – according to the Red Diversion Prospectus Project (DRHP).

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.

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 Rs 683.47 crore in FY2022 from Rs 498.93 crore in FY2021.

The company’s after-tax profit rose 34% to Rs 181.59 crore for the financial year 2022 from Rs 135.79 crore for the same period last year.

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 the state of 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. PTI SP DRR

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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