Blue Jet Healthcare IPO Basis of Allotment

BLUE JET HEALTHCARE LIMITED

Our Company was originally incorporated as Jet Chemicals Private Limited, under the provisions of the Companies Act, 1956, at Mumbai, pursuant to a certificate of incorporation dated December 7,1968, issued by the Registrar of Companies, Maharashtra at Mumbai. Pursuant to our Shareholders' resolution dated December 28.2020, the name of our Company was changed to Blue Jet Healthcare Private Limited', and a fresh certificate of incorporation dated December 30.2020. was issued by the Registrar of Companies. Maharashtra at Mumbai. Subsequently, our Company was converted into a public limited company, and pursuant to a special resolution of our Shareholders dated May 5.2022. and the name of our Company was changed to 'Blue Jet Healthcare Limited'Afresh certificate of incorporation was issued by Registrar of Companies. Maharashtra, at Mumbai on May 18.2022. For further details in relation to change in name of our Company and Registered Office, see 'History and Certain Corporate Matters" on page 171 of the Prospectus dated October 27,2023 ("Prospectus").

THE COMMENCEMENT OF TRADING OF THE EQUITY SHARES OF OUR COMPANY ON THE STOCK EXCHANGES SHALL BE WITH EFFECT FROM WEDNESDAY, NOVEMBER 1, 2023. OUR COMPANY HAS VOLUNTARILY DECIDED FOR LISTING ON T+3 DAY (T BEING THE ISSUE CLOSING DATE) IN TERMS OF THE TIMELINES RESCRIBED UNDER THE SEBI CIRCULAR NO. SEBI/HO/CFD/TPD1/CIR/P/2023/140 DATED AUGUST 09,2023.

Our Company has filed the Prospectus dated October 27,2023 with the RoC, and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") and trading is expected to commence on November 1,2023.

Investors may note the following:

Pursuant to SEBI circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9,2023, the reduction of timeline for listing of equity shares in public issue from existing 6 working days ("T+6 days") to 3 working days ("T+3 days") has been made applicable in two phases i.e., (i) voluntary for all public issues opening on or after September 1,2023; and (ii) mandatory on or after December 1,2023. As per the red herring prospectus dated October 17,2023 ("RHP") and Prospectus dated October 27,2023, the commencement of trading of Equity Shares on the stock exchanges was scheduled on or before November 6,2023. However, in the interest of the Bidders, the Company has decided voluntary adoption of the timelines prescribed under the aforementioned SEBI circular. The Company has completed the requisite formalities such that the commencement of trading of Equity Shares on the Stock Exchanges shall be with effect from November 1,2023. The indicative timelines mentioned in the section titled "Terms of the Offer #Bid/Offer Programme" on page 329 of the RHP and on page 329 of the Prospectus stands updated as follows:

All capitalized terms used end not defined herein shall have the respective meanings assigned to them in the Prospectus.

INITIAL PUBLIC OFFERING OF UP TO 24,285,160 EQUITY SHARES OF FACE VALUE OF Rs. 2 EACH ("EQUITY SHARES") OF BLUE JET HEALTHCARE LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 346 PER EQUITY SHARE (INCLUDING ASHARE PREMIUM OF Rs. 344 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING UP TORs. 8,402.67 MILLION (THE "OFFER"). THE OFFER CONSTITUTED 14.00 % OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL.

‘Calculated on a fully diluted basis, as certified by P. G. Joshi & Co., Chartered Accountants, pursuant to their certificate dated October 27, 2023.

ANCHOR INVESTOR OFFER PRICE: Rs. 346 PER EQUITY SHARE OF FACE VALUE OF Rs. 2 EACH OFFER PRICE: Rs. 346 PER EQUITY SHARE OF FACE VALUE OF Rs. 2 EACH THE OFFER PRICE IS 173.00 TIMES OF THE FACE VALUE

RISKS TO INVESTORS:

1. Customer concentration risk: We are dependent on a limited number of key customers, for a significant portion of our revenue from operations. The details of revenue from operation from our largest and from our five largest customers by revenue to our total revenue from operations are set out below:

* percentage of total revenue from operations

2. Business Concentration Risk: We generate a significant portion of our revenue from operations from our contrast media intermediates business. Following table provides breakdown of our revenue from contracts with customers by product categories:

'Represents sales of spent acids and solvents, which were used in the process of manufacturing contrast media intermediates and high-intensity sweeteners, along with excess raw materials.

3. Dependency on Europe and the United States: We are dependent on Europe and the United States, which are regulated markets, for a significant portion of our revenue from operations. Any significant social, political or economic disruption, or natural calamities or civil or other disruptions in these regions could have an adverse effect on our business, results of operations and financial condition. The following table sets forth a breakdown of contribution of total revenue from sales of products by geographies]

4. Dependency on raw material supplier: We depend upon a limited number of raw material suppliers and our three largest suppliers are located in China, Norway and India. For the Fiscal 2021,2022 and 2023 and the three months ended June 30,2022 and June 30,2023, we imported raw materials from outside India representing 61.89%, 47.89%, 51.59%, 46.38% and 53.71 % of our total raw material expenses, respectively, with the remainder being purchased from within India.

5. The Offer comprises an Offer for Sale by the Selling Shareholders and our Company will not receive any part of the proceeds of the Offer.

6. Concentration Risk: We currently operate three manufacturing facilities which are located in Shahad (Unit I), Ambernath (Unit II) and Mahad (Unit ill) in the state of Maharashtra, India. Any ignificant social, political or economic disruption, or natural calamities or civil disruptions in this region, or changes in the policies of the state or local governments of this region or the Government of India, could require us to incur significant capital expenditure, change our business structure or strategy, which could have an adverse effect on our business, results of operations and financial condition.

7. Regulatory Risk: In addition to Indian regulations, we are required to comply with laws, regulations and quality standards stipulated by international regulatory agencies since a substantial portion of our products are exported outside of India. Our manufacturing facilities and products are subject to periodic inspections and audits by such regulatory agencies. Any regulatory actions in the future, including warning letters, temporary or permanent restrictions to market and sell our products in certain jurisdictions or withdrawal of approvals for us to market or sell our products in certain jurisdictions may adversely affect our business, results of operations, financial condition and cash flows.

8. Foreign Exchange Risks: A significant portion of our total revenue from operations is denominated in currencies other than Indian Rupees. For the Financial Years 2021,2022 and 2023 and the three months ended June 30,2022 and June 30,2023, exports to regions outside India accounted for 84.69%, 82.05%, 85.76%, 80.67% and 87.33%, respectively, of our revenue from operations.

9. Counterparty Credit Risk: We are subject to counterparty credit risk and a significant delay in receiving large payments or non-receipt of large payments may adversely impact our results of operations.

10. Our Statutory Auditors and previous statutory auditors have included certain observations for the Financial Years 2021 and 2022 in their reporting under the Companies (Auditors) Report Order, 2016 or the Companies (Auditors Report) Order, 2020, as applicable. For further information, see "Restated Ind AS Financial Information - Auditors Comments in Company Auditors Report Order (CARO) and Internal Financial controls report: Non Adjusting Items"on page 214 of the Prospectus.

11. The average cost of acquisition of Equity Shares for the Promoter selling shareholders i.e. Akshay Bansarilal Arora is Rs. 0.03 per Equity Share and for Shiven Akshay Arora is Rs. 1.91 per Equity Share and the offer price at upper end of the price band is Rs. 346 per Equity Share.

12. The three Book Running Lead Managers associated with the Offer have handled 61 public issues in the past three Financial Years, out of which 20 issues closed below the issue price on the listing date:

'Issues handled where there were no common BRLMs.

13. The weighted average cost of acquisition of all Equity Shares transacted in past one year, 18 months and three years preceding the date of the Prospectus:

'The acquisition price is nil since the Equity Shares were issued pursuant to a bonus issue.

''The acquisition price is nil since the Equity Shares were issued pursuant to a bonus issue and scheme of merger. For details, see "Capital Structure" on page 78 of the Prospectus.

14. Market Risk: The Offer Price of our Equity Shares, our market capitalization to revenue from operations for FY 2023 and our price-to-earnings (P/E) ratio at Offer price may not be indicative of the market price of our Equity Shares afterthe Offer.

'PIE Ratio of Company has been computed based on the floor price or cap price, as applicable, divided by the Diluted EPS for the financial year ended 2023.

15. Weighted Average Return on Net Worth for Financial Year ended 2023, 2022 and 2021 is 30.01%.

This is an Offer in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), read with Regulation 31 of the SEBIICDR Regulations. The Offer was made through the Book Building Process in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs ") (the "QIB Portion" ), provided that our Company in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations (the " Anchor Investor Portion ") In the event of under subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QlBs. Further, not less than 15% of the Offer was made available for allocation to Non-lnstitutional Bidders (‘Non-lnstitutional Portion') of which one-third of the Non-lnstitutional Portion shall be available for allocation to Bidders with an application size between Rs. 200,000 to Rs. 1,000,000 and two-thirds of the Non-lnstitutional Portion was made available for allocation to Bidders with an application size of more than 71.000,000 and under-subscription in either of these two sub-categories of Non-lnstitutional Portion may be allocated to Bidders in the other sub-category of Non-lnstitutional Portion, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Offer was made available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatory required to participate in the Offer through the Application Supported by Blocked Amount ('ASBA') process by providing details of their respective ASB A accounts and UPI ID in case of UPI Bidders, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks ('SCSBs') or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA Process. For further details, see "Offer Procedure ^ron page 337 of the Prospectus.

The bidding for Anchor Investor opened and closed on October 23,2023. The Company received 22 applications from 18 Anchor Investors for 85,04,970 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 346 per Equity Share. A total of 72,85,548 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 2,52,07,99,608.00.

The Offer received 3,99,141 applications for 14,50,26,358 Equity Shares resulting in 5.97 times subscription as disclosed in the Prospectus. The details of the applications received in the Offer from Retail Individual Bidders, Non-lnstitutional Bidders and QIBs are as under (before rejections):

Final Demand

Asummary of the final demand as per NSE and BSE as on the Btd/Offer Closing Date at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on October 30.2023.

A. Allotment to Retail Individual Bidders (After Rejections) (including ASB A Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of 7346 per Equity, was finalized in consultation with NSE. This category has been subscribed to the extent of 2.25 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 84,99,806 Equity Shares to 1.97,669 successful applicants. The category-wise details of the Basis ofAllotment are as under:

B. Allotment to Non-lnstitutional Bidders (more than 70.20 million and upto 71 million) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than 7 0.20 million and upto 7 1 million), who have bid at the Offer Price of 7 346 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 9.65 times. The total number of Equity Shares allotted in this category is 12.14.258 Equity Shares to 2,017 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

C. Allotment to Non-lnstitutional Bidders (more than Rs.1 million) (After Rejections) (including ASB A Applications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than Rs.1 million), who have b*d at the Offer Price of Rs. 346 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 15.39 times. The total number of Equity Shares allotted in this category is 24.28,516 Equity Shares to 4.034 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

D. Allotment to QIBs (After Rejections)

Allotment to QIBs. who have bid at the Offer Pnce ofRs. 346 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 14.42 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i e. 2.42.852 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 46.14,180 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 48.57.032 Equity Shares, which were allotted to 48 successful Applicants.

E. Allotment to Anchor Investors (After Rejections)

The Company received 22 Anchor Investor Application Forms from 18Anchor Investors (including 5 mutual funds through 8 Mutual Fund schemes) for 85,04,970 Equity Shares. Such 18 Anchor Investors through 22 Anchor Investor Application Forms were allocated 72,85,548 Equity Shares at a price ofRs. 346 per Equity Share under the Anchor Investor Portion, aggregating toRs. 2.52,07.99,608.00.

The IPO Committee of the Board of Directors of our Company at its meeting held on October 30,2023 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on October 30,2023 and the payments to non-syndicate brokers have been issued on October 30,2023. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on October 31, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on October 31,2023. The Company has received the listing and trading approval from NSE & BSE, and trading will commence on November 1,2023.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made was hosted on the website of Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant. Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN. date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

	Link Intime India Private Limited
	C-101.1" Floor. 247 Park, LBS. Marg Vikhroti West Mumbai - 400 083 Maharashtra, India; Telephone: +91 (22) 4918 6200, +91810 811 4949;
	E-mail: bluejet.ipo@linkintime.co.in; Website: www.linkintime.co.in; Investor grievance e-mail: bluejet.ipo@linkintime.co.in; Contact person: Shanti Gopalkrishnan;
	SEBI Registration No.: INR000004058

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF BLUE JET HEALTHCARE LIMITED.

BLUE JET HEALTHCARE LIMITED has filed a Prospectus dated 27,2023 with the RoC. The Prospectus is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e.. Kotak Mahindra Capital Company Limited at https://investmentbankkotak.com, ICICI Securities Limited at www icicisecurities.com and J P Morgan India Private Limited at www.jpmipl.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.bluejethealthcare.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section titled 'Risk Factors ' beginning on page 28 of the Prospectus.

The Equity Shares offered in the Offer have not been and will not be registered under the U S. Securities Act of 1933. as amended ("U.S. Securities Act "), or any state law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be 'qualified institutional buyers' (as defined in Rule 144Aunderthe U.S. Securities Act) under Section 4(a) of the U.S. Securities Act and (ii)outside the United States in 'offshore transactions" as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.