MUMBAI, 17 JANUARY, 2023 (GPN): Blue Jet Healthcare Limited, a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multi-national generic pharmaceutical companies has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The company had filed preliminary IPO papers with Sebi on September 2, last year.

Going by the Draft Red Herring Prospectus (DRHP), the public issue with a face value of Rs 2 per equity share is a complete offer-for-sale (OFS) of up to 21,683,178 equity shares by Promoter and selling shareholders, which comprises up to 18,366,311 by Akshay Bansarilal Arora, up to 3,316,867 by Shiven Akshay Arora (“Selling Shareholders”).

The company will not receive any proceeds from the offer as all of it will go to the promoter selling shareholder.

Incorporated in the year 1968 as Jet Chemicals by Late Shri BL Arora, Blue Jet Healthcare is promoted by its Executive Chairman; Akshay Bansarilal Arora. The company operates under the “Blue Jet” brand name and has competencies and manufacturing capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts as well as active pharmaceutical ingredients. Its business model focuses on collaboration, development and manufacturing of complex chemistry categories. Over the past 5 decades it has developed over 100 products with over 40 products commercialised.

Saccharin is primarily used in table-top sweeteners, oral care products such as toothpastes and mouthwashes, beverages (primarily soft-drinks), confectionary products (such as mints, candies, and bakery products), pharmaceutical products, food supplements and animal feeds. Globally the high intensity sweetener market potential stood at $2.4 bn shows promise to grow between 3-8% CAGR between FY 2021-2025

Kotak Mahindra Capital Company Limited, ICICI Securities Limited and J.P. Morgan India Private Limited are the books running lead managers and Link Intime India Private Limited is the registrar to the offer.

The equity shares are proposed to be listed on BSE and NSE.Ends

Sebi Link:  https://www.sebi.gov.in/filings/processing-status/jan-2023/processing-status-issues_59558.html