Blue Jet Healthcare files DRHP with SEBI

5 Sep 2022 , 02:13 PM

Blue Jet Healthcare, a specialised pharmaceutical and healthcare ingredient, and intermediate company has filed its draft red herring prospectus (DRHP) for an initial public offering with market regulator Sebi (IPO).

The planned offering would be a comprehensive offer-for-sale (OFS) of up to 21,683,178 equity shares by the promoter and selling shareholders, with Akshay Bansarilal Arora offloading 18,366,311 shares and 3,316,867 shares by Shiven Akshay Arora.

Akshay Bansarilal Arora, Blue Jet Healthcare’s Executive Chairman, promotes the company. Under the “Blue Jet” brand, the company operates competencies and manufacturing capabilities in contrast to media intermediates and high-intensity sweeteners such as saccharin and its salts, as well as active pharmaceutical ingredients.

Saccharin is largely utilised in tabletop sweeteners, oral care items such as toothpaste and mouthwashes, beverages (particularly soft drinks), and confectionery goods. Contrast media, on the other hand, are substances that are employed in medical imaging to improve the visibility of bodily tissues when using X-rays, computed tomography, magnetic resonance imaging, or ultrasound.

The business approach of the company is based on cooperation, research, and production of complex chemical categories. Over the previous five decades, the business has created over 100 items, with over 40 of them being commercialised.

In FY22, Europe accounted for 76.06% of Blue Jet’s revenue, followed by India (17.14%) and the United States (4.18%).

Its income from operations climbed 36.94% to Rs683.47 crore in FY22 from Rs498.93 crore in FY21, owing to an increase in revenue from contrast media intermediate and high-intensity sweetener sales.

As of March 31, 2022, the firm operates three production plants in the state of Maharashtra: Shahad, Ambernath, and Mahad.

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