Innova Captab, Blue Jet Healthcare get Sebi's nod to float IPO

Sebi has approved pharmaceutical companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an initial public offering (IPO). According to an update with Sebi, the two firms that filed their preliminary papers with Sebi between June and September 2022 received their observation letters between January 9-11. Sebi's observation denotes its approval to launch the initial share sale. According to the draught documents, Innova Captab's proposed IPO includes a fresh issuance of equity shares worth Rs 400 crore as well as an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders.

Manoj Kumar Lohariwala, Vinay Kumar Lohariwala, and Gian Parkash Aggarwal will each sell 32 lakh shares under the OFS. Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore for payment of loans availed by its subsidiary UML, and Rs 90 crore for funding working capital requirements. Innova Captab is an integrated pharmaceutical company in India with operations spanning the pharmaceutical value chain, including R&D, manufacturing, drug distribution, marketing, and exports.

Blue Jet Healthcare's initial public offering (IPO) is entirely an OFS of up to 21,683,178 equity shares by promoters Akshay Bansarilal Arora and Shiven Akshay Arora. The Mumbai-based company provides niche products aimed at innovator pharmaceutical companies as well as multinational generic pharmaceutical companies. Both companies' shares will be listed on the BSE and NSE stock exchanges.