Blue Jet Healthcare IPO opens on October 25

Blue Jet Healthcare, a pharmaceutical and healthcare ingredient company, is set to launch its initial public offering (IPO) on October 25. The offering will feature shares priced between Rs 329 and Rs 346 each, with a lot size of 43 equity shares, and can be subscribed on October 27.

Established in 1968, Blue Jet Healthcare began as a manufacturer of saccharin and its salts in India, later expanding into contrast media intermediates used in CT scans and MRIs.

The IPO will consist entirely of an offer-for-sale (OFS) of up to 24,285,160 equity shares by its promoters, Akshay Bansarilal Arora and Shiven Akshay Arora. The company is expected to raise Rs 883.98 crore through the IPO.

Notably, the OFS structure means that all proceeds will go to the selling shareholders, with the company not receiving any funds from the IPO. The anchor books will open on October 24.

Blue Jet Healthcare, a science-led pharmaceutical company, specializes in three product categories: contrast media intermediates, high-intensity sweeteners, and pharma intermediates and active pharmaceutical ingredients.

For the period ending June 30, 2023, the company reported a net profit of Rs 44.12 crore, with a revenue of Rs 184.60 crore. In the fiscal year ending March 31, 2022, the bottom line was Rs 160.03 crore, with revenue of Rs 744.94 crore, and Europe contributed to roughly three-quarters of the company's revenue.

The IPO reserves up to 50 percent of shares for qualified institutional bidders (QIBs), allocates 15 percent for non-institutional investors (NIIs), and sets aside the remaining 35 percent for retail investors. Kotak Mahindra Capital Company, ICICI Securities, and JP Morgan India are the book running lead managers, while Link Intime India serves as the registrar. Shares will be listed on both BSE and NSE.