Hexagon Nutrition started as a micronutrient formulation company
Hexagon Nutrition has filed preliminary papers with capital markets regulator SEBI to raise up to Rs 600 crore through an initial public offering (IPO). Fully integrated company based in Mumbai engaged in product development and marketing, including nutrition research and development and manufacturing.
According to the draft red herring prospectus (DRHP), the company’s public offering consists of a new share issue totaling Rs 100 crore and an offering (OFS).
Issue size will be between Rs 500-600 crore. Proceeds from the new issue will be used to repay debt, finance increased working capital requirements, support capital expenditure needs to expand existing facilities, invest in subsidiaries. and financing capital expenditures on existing premises, and general corporate purposes.
Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition started out as a company providing micronutrient formulations, 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, foreign private equity firm Somerset Indus Healthcare Fund-I, together with Mayur Anand Sardesai, advisor and director at Somerset Health Capital Advisors, invested Rs 25 for a 10% stake in the company.
At the end of 2019, Hexagon Nutrition established a trading company in South Africa. Hexagon is also setting up a factory in Uzbekistan, which is expected to start operations in the first quarter of 2022. Equirus Capital and SBI Capital Markets are the lead managers in this regard.
