Mumbai-based Blue Jet Healthcare, a specialty pharmaceutical and healthcare ingredient and intermediate company, has filed draft red herring prospectus with market regulator.

The company will not raise any funds as the issue is completely an offer-for-sale (OFS) through which the company's promoters— Akshay Bansarilal Arora and Shiven Akshay Arora—will sell up to about 2.17 crore shares, according to the DRHP.

₹2,100-crore IPO

According to merchant banking sources, the IPO size could be in the range of ₹1,800 crore to ₹2,100 crore.

Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and intermediate company, operating under a contract development and manufacturing organisation (CDMO) business model. It offers niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Over the past five decades, the company has developed over 100 products with over 40 products commercialised. Blue Jet operates three manufacturing facilities in Maharashtra at Shahad, Ambernath and Mahad.

Key customers

The company supplies a critical starting intermediate and several advanced intermediates to three of the largest contrast media manufacturers in the world—GE Healthcare, Guerbet and Bracco. Besides, it also supplies high-intensity sweeteners to several multi-national companies, including Colgate Palmolive (India) and Unilever, the DRHP said.

The company is a net debt-free company as on June 30, 202, according to the draft paper.

Kotak Mahindra Capital Company , ICICI Securities and JP Morgan India are the books running lead managers to the issue.

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