Pharmaceutical ingredients maker Blue Jet Healthcare announced that its initial share sale will open for public subscription on October 25.

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The bidding for the Initial Public Offering (IPO), which is entirely an offer for sale (OFS) of 2.42 crore shares by promoters -- Akshay Bansarilal Arora and Shiven Akshay Arora -- will conclude on October 27.

The anchor book of the issue will open on October 23, according to the red herring prospectus (RHP) filed on Wednesday.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.

The Mumbai-based Blue Jet Healthcare, is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies. Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories.

Over the past five decades, the company has developed over 100 products with over 40 of these commercialised.

In FY22, 76 percent of the company's income came from Europe, followed by India (17.14 percent), the US (4.18 percent) and some other countries.

Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, and J P Morgan India Pvt Ltd are the books running lead managers to the issue. The equity shares of Blue Jet Healthcare are proposed to be listed on the BSE and the NSE.