The company's 76 per cent of income in FY22 came from Europe.

Pharmaceutical ingredients maker Blue Jet Healthcare has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). Boc-L-Pyroglutamic Acid Ethyl Ester

Pharmaceutical Ingredients Maker Blue Jet Healthcare Files Initial Public Offering Papers With Sebi

The IPO is completely an offer-for-sale (OFS) of up to 21,683,178 equity shares by promoters -- Akshay Bansarilal Arora and Shiven Akshay Arora --, according to the draft red herring prospectus (DRHP).

The Mumbai-based Blue Jet Healthcare, is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards 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 over 100 products with over 40 products commercialised.

The company's 76 per cent of income in FY22 came from Europe, followed by India (17.14 per cent), the US (4.18 per cent) and some other countries.

Its revenue from operations grew by 37 per cent to Rs 683.47 crore for the financial year 2022, from Rs 498.93 crore for the financial year 2021.

The company's profit after tax rose by 34 per cent to Rs 181.59 crore for the financial year 2022, from Rs 135.79 crore for the same period last year.

The company is a net debt-free company as on June 30, 2022 and it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra as of March-end this year.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and J.P. Morgan India Private Limited are the books running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP DRR

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