Blue Jet Healthcare is into Healthcare & Pharmaceuticals-Pharmaceutical Intermediate and is looking raise funds through Offer For Sale
Blue Jet Healthcare IPO is a public offering of shares by Akshay Bansarilal Arora, Shiven Akshay Arora and Archana Akshay Arora. The IPO will open on October 25 and will close on October 27. The price band is ₹329 to ₹346 per share and the lot size is 43 shares. The issue size is ₹840.27 crore. The shares are expected to be listed on on November 06 (^). Some additional information that you may find useful are: Majority of Revenue are from Exports (~83% in FY22). Share of Revenue from Europe/India/USA/Others in FY22 at 76%/17.1%/4.2%/2.6% (v/s 79.7%/14.5%/3.4%/2.3% in FY21). EBITDA margins for FY22/FY21/FY20 were at 36.5%/41.3%/39.7%. : (**) - based on higher price band (^) indicative date
Promoters of the company are Akshay Bansarilal Arora, Shiven Akshay Arora and Archana Akshay Arora Currently promoters hold 99.99% stake in the company.
Quick Pointers
- Company aims to raise between Rs 799 to 840 crs through this IPO.
- The net proceeds of the issue will be utilized to 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 24,285,160 Equity Shares by the Selling Shareholders.
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 23-Oct-23.
- Price band for the IPO has been fixed at Rs 329 to 346 per share and bid lot are in multiple of 43 shares. The implied market cap post-issue at Rs 5,707 to 6,002 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on November 01 and share are expected to be listed on on November 06.
- There are no listed companies in India that engage in a business similar to this company. Accordingly, it is not possible to provide an industry comparison.
- Kotak Mahindra Capital, ICICI Securities, J.P.Morgan has been appointed as Merchant Banker to the issue. Link Intime (India) Pvt. Ltd. has been appointed as official registrar of the issue.
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IPO Quick Snapshot
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%
Majority of Revenue are from Exports (~83% in FY22). Share of Revenue from Europe/India/USA/Others in FY22 at 76%/17.1%/4.2%/2.6% (v/s 79.7%/14.5%/3.4%/2.3% in FY21). EBITDA margins for FY22/FY21/FY20 were at 36.5%/41.3%/39.7%.
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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)
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