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Specialty pharma and healthcare ingredients company Blue Jet Healthcare has filed its DRHP with the market regulator SEBI to float its IPO.
Blue Jet Healthcare Ltd. (BJHL) was established as Jet Chemicals Pvt. Ltd. in 1968 and was the first to manufacture Saccharine, an artificial sweetener, in India. Over the years, the company established facilities to manufacture specialty chemicals, intermediates, and water waste management facilities. By 2009, the company became the largest manufacturer of Saccharine in India.
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The company caters to several large MNCs and has a client base spanning 35 countries. Its main business segments are Integrated Contrast Media Intermediates, Saccharine and its salts, Niche Pharmaceutical Intermediates, and CDMO/CMO. Some of its clients are Colgate-Palmolive, Unilever, Bracco, and Guerbet.
According to its DRHP, the issue will be a 100% OFS i.e. none of the proceeds from the issue will go to the company. Promoters Akshay Bansarilal Arora and Shiven Akshay Arora will be selling 18.4 million and 3.3 million shares respectively. The shares are estimated to have a face value of Rs 2 per share and the total issue size is estimated to be somewhere between Rs 1,800-2,100 crores.
Considering the company's financial health, BJHL is a net-debt-free company. It reported a 37% YoY jump in revenues as revenues for FY22 stood at Rs 683.47 crores. Profit after tax jumped 34% during the relevant time period to reach Rs 182 crores. Most of its exports are to Europe as 76% of its revenues are from European operations, followed by India at 17% & balance from the USA and other countries.
Kotak Mahindra Capital, ICICI Securities, and J.P. Morgan India are the books running lead managers to the issue.
Article by Aman Agarwal.
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