The company had filed its preliminary papers with Sebi in June last year and received approval for the same in early January this year.
Blue Jet Healthcare develops and supplies specialty pharmaceutical and healthcare ingredients and intermediates under a contract development and manufacturing organization business model.
It has specialized chemistry capabilities in contrast to media intermediates and high-intensity sweeteners. The company has built a long-term customer base of innovator and multi-national generic pharmaceutical companies, supported by multi-year contracts.
It supplies a critical starting intermediate and several advanced intermediates to three of the largest contrast media manufacturers in the world, including GE Healthcare AS, Guerbet Group, and Bracco Imaging SPA. The company also supplies high-intensity sweeteners to several multinational companies, including Colgate Palmolive (India) and Unilever.
The IPO is completely an offer for sale (OFS) of 2.42 crore equity shares. The price band for the issue will be announced soon.
Under the OFS, promoters Akshay Bansarilal Arora and Shiven Akshay Arora will offload the shares.About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
For the three months ended June, the company’s total income rose 24% year-on-year to Rs 185 crore, while net profit was up 59% to Rs 44.1 crore.
Kotak Investment Banking, ICICI Securities and JP Morgan are the book running lead managers to the issue, while Link Intime India is the registrar.
The company is likely to finalise its IPO allotment by November 1 and the tentative listing date is set as November 6. The equity shares are proposed to be listed on NSE and BSE.
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