Pharmaceutical ingredient maker Blue Jet Healthcare has filed preliminary documents with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

According to the Red Herring Prospectus (DRHP), the IPO is entirely an offer for sale (OFS) of up to 21,683,178 shares by promoters Akshay Bansarilal Arora and Shiven Akshay Arora.

Mumbai-based Blue Jet Healthcare is a speciality pharmaceutical and nutritional ingredients and intermediates company offering niche products targeting innovative pharmaceutical companies and multinational generic companies.

Its business model focuses on collaboration, development and manufacturing of complex chemical classes. Over the past 5 years, the company has developed more than 100 products, of which more than 40 products have been commercialised.

76% of the company’s FY22 revenue came from Europe, followed by India (17.14%), the US (4.18%) and some other countries. Its operating income grew by 37% from Rs 498.93 crore in FY 2021 to Rs 683.47 crore in FY 2022.

The company’s profit after tax in fiscal 2022 rose 34% to Rs 181.59 crore from Rs 135.79 crore a year ago. As of June 30, 2022, the company was a net debt-free company and operated three manufacturing plants in Shahad, Ambernath and Mahad, Maharashtra as of March this year.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited and JP Morgan India Private Limited are the lead managers on this issue. Shares will be listed on the BSE and NSE.