Pharmaceutical ingredient maker Blue Jet Healthcare is preparing to launch its initial public offering (IPO), with a price range set at Rs 329-346 per share. The company aims to raise up to Rs 840 crore through an Offer for Sale by promoters Akshay Bansarilal Arora and Shiven Akshay Arora. The public subscription is set to open on Monday, October 23, and will last until Wednesday, October 25.
The expected proceeds from the IPO range from Rs 799 crore to Rs 840.27 crore, all of which will go to the selling shareholders. Investors are allowed to start bidding with a minimum of 43 equity shares.
Blue Jet Healthcare, operating under the "Blue Jet" brand, collaborates, develops, and manufactures complex chemistry categories for innovative pharmaceutical and multinational generic pharmaceutical companies. The company has commercialized over 40 out of more than 100 developed products.
In the fiscal year of 2021, Blue Jet acquired a greenfield facility in Ambernath for expansion purposes, adding to its three existing manufacturing facilities in Shahad, Ambernath, and Mahad in Maharashtra.
Most of the company's income in FY22 came from Europe (76%), followed by India (17.14%) and the US (4.18%). The shares of Blue Jet Healthcare will be listed on BSE and NSE after being managed by Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, and JP Morgan (NYSE:JPM) India Pvt Ltd.
On a separate note, Hindustan Unilever (LON:ULVR) Ltd (HUL), India's leading FMCG company, reported a slight increase of 3.2% in Q3 net sales to Rs 15,340 crore despite stiff competition. However, the company saw a marginal decrease in net profit to Rs 2,657 crore. The home care segment, which includes products like Surf and Wheel detergent powders, contributed 35% to the top line with a 3% growth. The beauty and personal care division expanded by 4% YoY, making up 38% of sales.
Despite these challenges, HUL managed a 2% volume growth in Q3 and improved its gross margin by 700 basis points YoY. CEO Rohit Jawa noted that they gained market share in over 75% of their portfolio in volume terms amidst the overall FMCG market growth of 8%, with urban and rural markets growing by about 10% and 7% respectively. He predicts flat demand for Q4, while expressing concerns about the monsoon season's potential impact but maintaining a positive festive season outlook.
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