Blue Jet Healthcare Limited’s Initial Public Offering to open on Wednesday, October 25, 2023, sets price band at ₹329 to ₹346 per Equity Share

(L-R) Mr. V K Singh, COO, Mr. Shiven Arora, MD, Mr. Akshay Arora, Chairman and Mr. Ganesh Karuppannan, CFO of Blue Jet Healthcare Limited during their IPO announcement at Mumbai

Blue Jet Healthcare Limited, a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multi-national generic pharmaceutical companies, has fixed the price band at ₹329 to ₹346 per Equity Share for its maiden initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, October 25, 2023, for subscription and close on Friday, October 27, 2023. Investors can bid for a minimum of 43 Equity Shares and in multiples of 43 Equity Shares thereafter.

The Public Issue of face value of ₹2 per Equity Share is entirely an offer for sale of equity shares up to 2,42,85,160.

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 and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

RHP: https://www.icicisecurities.com/Upload/ArticleAttachments/Blue%20Jet%20Healthcare%20Limited%20-%20RHP.pdf

Issue Size of the IPO based on the upper and lower end of the price band