Mumbai: BLUE JET Healthcare Limited here recently announced its Initial Public Offering (IPO) priced at between Rs 329 to Rs 346 per equity share, with offer for sale of 2.42 crore equity shares aggregating Rs 840 crores.
The IPO will open on October 25 and close on October 27, 2023. The equity shares are proposed to be listed on BSE and NSE.
BLUE Jet Healthcare Limited is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical and multinational generic pharmaceutical companies.
Executive Chairman Akshay Arora said that the company had started with producing high-intensity sweeteners for the industry, besides contrast media technology with med-tech for prevention and life-saving drugs.
“We are now a ‘hardcore technology’ company involved in taking up challenges through our R&D Center,” he said while reiterating that “the company’s expansion plans are all focused on India only due to the massive scope of business in the country, and maintaining negligible dependence on China.”
Noting that the Pharma Intermediates and APIs segment was incubated 5 years back, Shiven Arora, Managing Director of the company, said that the company’s focus was now on: De-risking dependence on China by global API and formulation players; Growth in global pharmaceutical market; Self-sufficiency with import substitution, and focus on sustainability through its manufacturing facilities.
“In order to build additional production capacity to meet the envisaged increase of customer demands, we are continuing to invest in our R&D infrastructure and capabilities,” he emphasized while adding that “Most of our business is export-led (90-95%).”
Pointing out that the company’s R&D has doubled, he said the company’s ‘Green’ and ‘Sustainability’ activities included: creating +carbon sinks+ through tree-planting, effluent treatment, investment in windmills with 3.3 MW installed capacity – which meant that 80% of the company’s energy requirements would be met through its energy resources.
The company was incorporated in the year 1968 as Jet Chemicals Private Limited by the late B L Arora and is promoted by its Executive Chairman Akshay Bansarilal Arora.
It 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 five decades, through its R&D center, the company has developed over 100 products with over 40 products commercialized.
Over three years, the company has catered to more than 400 customers across 39 countries in the oral care and the non-alcoholic beverages space.
The company operates three manufacturing facilities in: Shahad, Ambernath and Mahad in Maharashtra with an annual installed capacity of 200.60 KL, 607.30 KL and 213.00 KL respectively.
During 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 1,513.6KL.
Kotak Mahindra Capital Company Ltd, 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.
