Blue Jet Healthcare, a manufacturer of pharmaceutical chemicals, has announced that its initial share sale would be open for public subscription on October 25.
The bidding for the Initial Public Offering (IPO), which is entirely an offer for sale (OFS) of 2.42 crore shares by promoters – Akshay Bansarilal Arora and Shiven Akshay Arora – will conclude on October 27.
According to the red herring prospectus (RHP) filed on Wednesday, the anchor book of the issue will open on October 23.
Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.
Blue Jet Healthcare, based in Mumbai, is a speciality pharmaceutical and healthcare ingredient and an intermediate company that offers specialist goods to innovator pharmaceutical companies and multinational generic pharmaceutical companies.
Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories.
Over the past five decades, the company has developed more than 100 products with over 40 of these commercialised.
In FY22, 76 per cent of the company’s income came from Europe, followed by India (17.14 per cent), the US (4.18 per cent) and some other countries.
The book-running lead managers to the issue are Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, and J P Morgan India Pvt Ltd.
The equity shares of Blue Jet Healthcare are proposed to be listed on the BSE and the NSE.
