Blue Jet Healthcare is into Healthcare & Pharmaceuticals Pharmaceutical Intermediate and is looking raise funds through Offer For Sale
Blue Jet Healthcare IPO: Blue Jet Healthcare Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.
. Kotak Mahindra Capital, ICICI Securities, J.P.Morgan have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime (India) Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Equity Shares offer-for-sale (OFS) of up to 21,683,178 equity shares by Akshay Bansarilal Arora (Promoter) and Akshay Bansarilal Arora (Promoter) who will offload Up to 18,366,311Equity Share and Up to 3,316,867Equity Shares respectively...
Objects of the issue:
Company will not receive any proceeds from the Offer. Since this is an Offer for Sale, the objects of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges; and (ii) carry out the Offer for Sale of up to 21,683,178 Equity Shares by the Selling Shareholders..
Promoters of Blue Jet Healthcare are Akshay Bansarilal Arora, Shiven Akshay Arora and Archana Akshay Arora and holds 99.99% stake in the company.
About Company:
Established in 1968, Blue Jet Healthcare is specialty pharmaceutical and healthcare ingredient and intermediate company. Company is operating under a contract development and manufacturing organization (“CDMO”) business model. Company supplies a critical starting intermediate and several advanced intermediates to three of the largest contrast media manufacturers in the world, including GE Healthcare, Guerbet, and Bracco. Company also supply high-intensity sweeteners to several multi-national companies, including Colgate Palmolive (India) Limited and Unilever.
Contrast media are agents used in medical imaging to enhance the visibility of body tissues under X-rays, computed tomography (“CT”), magnetic resonance imaging (“MRI”) or ultrasound.
Company operates from four (4) manufacturing units. Three owned units are located in Shahad (Unit I), Ambernath(Unit II) and Mahad (Unit III) in the state of Maharashtra, India, with an annual installed capacity of 200.60KL, 607.30KL and 213.00KL respectively and fourth unit was greenfield project at Ambernath (Unit IV) with capacity of 71KL which is expected to commission in FY24e. Expansion plan at unit III is underwent to increase to 499KL by FY25e. Company's capacity is expected to reach 1513.6KL by FY25e. Overall capacity utilisation during FY22/FY21/FY20 were at 69.7% / 60.6% / 64.0%
About Industry:
The global contrast media formulation market was approximatelyUS$6.7 billion in terms of moving annual turnover1for March2022, and is forecastedto grow at a CAGR of 8% to 10% betweencalendar years2022 and 2025, withgrowth expected to be primarily led by volume.(Source: IQVIA Report)The global high-intensity sweetener market wasapproximatelyUS$2.3 billion to US$2.4 billion, as of the calendar year2021. (Source:IQVIA Report) The end productmarkets, including oral careandnon-alcoholic beverages, among others, are expected to grow at CAGRs of between 3% and 8%during calendar years 2021 to 2025. (Source: IQVIA Report)
Source: SEBI, BSE, NSE, DRHP, Blue Jet Healthcare, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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