Hexagon Nutrition To Files For Rs 600 Crore Initial Public Offer (IPO), To Raise Rs 600 Crore

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Hexagon Nutrition To Files For Rs 600 Crore IPO: Check Details

Hexagon Nutrition started as a micro-nutrient formulations player

Hexagon Nutrition has filed preliminary papers with capital market regulator SEBI to raise up to Rs 600 crore through an initial public offering (IPO). The Mumbai-based fully integrated company is engaged in product development and marketing, including research and development and nutrition manufacturing.

The company’s public issue consists of a fresh issue of equity shares aggregating to Rs 100 crore, and an offer for sale (OFS) of up to 30,113,918 equity shares, according to the draft red herring prospectus (DRHP).

The issue size will be approximately in the range of Rs 500-600 crore. The proceeds from the fresh issue will be used for debt payments, funding incremental working capital requirements, supporting capital expenditure requirement for expanding an existing facility, investment in subsidiary and financing capital expenditure at the existing facility, and general corporate purposes.

Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition started as a micro-nutrient formulations player, which has now moved up the value chain to develop brands such as Pentasure, Obesigo, and Pediagold — leading names in the health, wellness, and clinical nutrition space.

In 2016, offshore private equity firm Somerset Indus Healthcare Fund-I, along with Mayur Anand Sardesai, an advisor, and director at Somerset Health Capital Advisors, had invested Rs 25 crore for a 10 per cent stake in the company.

Later in 2019, Hexagon Nutrition set up a trading company in South Africa. Hexagon is also setting up a factory in Uzbekistan which is expected to begin operations by the first quarter of 2022. Equirus Capital and SBI Capital Markets are the book-running lead managers to the issue.

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