![Blue Jet Healthcare files draft papers with Sebi for IPO](https://img.etimg.com/thumb/msid-93997810,width-210,height-158,imgsize-20774,resizemode-75/blue-jet-healthcare-files-draft-papers-with-sebi-for-ipo.jpg)
The proposed issue would be a complete offer-for-sale (OFS) of up to 21,683,178 equity shares by the promoter and selling shareholders and comprises up to 18,366,311 shares by Akshay Bansarilal Arora and up to 3,316,867 by Shiven Akshay 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 media intermediates and high-intensity sweeteners, including saccharin and its salts as well as active pharmaceutical ingredients.
Saccharin is primarily used in tabletop sweeteners, oral care products such as toothpaste and mouthwashes, beverages (primarily soft drinks), and confectionery products. Contrast media, on the other hand, are agents used in medical imaging to enhance the visibility of body tissues under X-rays, computed tomography, magnetic resonance imaging, or ultrasound.
The company's business model focuses on collaboration, development, and manufacturing of complex chemistry categories. The company has developed over 100 products with over 40 products commercialised in the last five decades.
A total of 76.06 per cent of Blue Jet’s income in FY22 came from Europe, followed by India (17.14 per cent) and the USA (4.18 per cent). Its revenue from operations increased 36.94 per cent to Rs 683.47 crore for FY22 from Rs 498.93 crore in FY21, led by an increase in the revenue from the sales of contrast media intermediate and from the sales of high-intensity sweeteners.
Profit after tax for the year rose 33.73 per cent to Rs 181.59 crore in FY22 from Rs 135.79 crore in FY21.
The company was a net debt-free company as of June 30, 2022. It has annual and multiyear supply contracts that range from one to four years. Over the course of three years, the company has catered to more than 350 customers across 35 countries some of them being Colgate Palmolive (India) and Unilever, in the sweetener space; Hovione Farmaciencia, and Esperion Therapeutics Incin the pharmaceutical intermediates, API and CDMO area and GE Healthcare and Guerbet in the contrast media area.
As of March 31, 2022, the company operated three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra.
Kotak Mahindra Capital Company, ICICI Securities, and J.P. Morgan India Private Limited are the books 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.
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price