The Initial Public Offering of Blue Jet Healthcare Limited was subscribed 7.94 times on the final day of bidding. The issue received bids of 13,50,46,488 shares against the offered 1,69,99,612 equity shares, at a price band of ₹329-346, according to the data available on the stock exchanges.
Qualified Institutional Buyer Portion and Non-Institutional Investors Portion was subscribed 13.72 times and 13.59 times respectively. Retail Portion was subscribed 2.22 times.
Kotak Mahindra Capital Company Limited, ICICI Securities Limited and J.P. Morgan India Private Limited are book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Company Information
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.
The public issue with a face value of Rs 2 per equity share is a complete offer-for-sale (OFS) of up to 24,285,160 equity shares by Promoter and selling shareholders, which comprises up to 18,366,311 by Akshay Bansarilal Arora, up to 5,918,849 by Shiven Akshay Arora (“Selling Shareholders”).
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.
Saccharin is primarily used in table-top sweeteners, oral care products such as toothpastes and mouthwashes, beverages (primarily soft-drinks), confectionary products (such as mints, candies, and bakery products), pharmaceutical products, food supplements and animal feeds. Contrast media are agents used in medical imaging to enhance visibility of body tissues under X-rays, computed tomography, magnetic resonance imaging or ultrasound.
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.
