Blue Jet Healthcare Ltd. (BJHL) is a specialty pharmaceutical and healthcare ingredients and intermediates company, offering niche products targeted toward innovator pharmaceutical companies and multi-national generic pharmaceutical companies. Since its incorporation in 1968, it had established a contract development and manufacturing organization (“CDMO”) business model with specialized chemistry capabilities in contrast media intermediates and high-intensity sweeteners, on the back of strategic and early investments in research and development (“R&D”) and manufacturing infrastructure.

The company has competencies and manufacturing capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts. It manufactures a range of products in-house, including the key starting intermediate and advanced intermediates, which allows it to control production process for consistent quality and cost effectiveness. In the past three Financial Years and the three months ended June 30, 2023, the company invoiced a total of more than 400 customers in 39 countries. It has built a long-term customer base with innovator pharmaceutical companies and multi-national generic pharmaceutical companies, supported by committed multi-year contracts of up to five years.

For year/ period ended ( in Cr.)

• Large manufacturer of contrast media intermediates in India.
• Presence in niche categories with high barriers to entry.
• Long-standing relationships and multi-year contracts with multi-national customers.
• Strong product development and process optimization capabilities with a focus on sustainability.

The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

BJHL has created a niche place in the global markets for the products manufactured by it and enjoys long term relationship with marquee customers and FMCGs. On the basis of annualized FY24 earnings, the issue appears fully priced. Investors may subscribe this issue for medium to long term basis.