Hexagon Nutrition has submitted preliminary documents to the capital market regulator Sebi, ￡Rupees 60 billion through an initial public offering (IPO).
Based in Mumbai, Hexagon Nutrition is a fully integrated company engaged in product development and marketing, including R & D and nutrition manufacturing.
The company’s public issuance ￡Rupees 10 billion, up to 30,113,918 shares for sale (OFS), Draft Red Herring Prospectas (DRHP) showed.
OFS consists of the sale of shares of Arun Purushottam Kelkar up to 77 Rak, Subhash Purushottam Kelkar up to 61.36 Rak, Anuradha Arun Kelkar up to 15 Rak, Nutan Subhash Kelkar up to 25 Rak and up to 1.22 Krolle. Up to 73,668 shares by Mayur Sirdesai, by Somerset Indus Healthcare Fund I Ltd.
According to market sources, issue sizes are in the approximate range ￡500-600 chlore.
Revenues from new issuances include debt payments, funding for increasing operating capital requirements, support for capital expenditure requirements for expansion of existing facilities, investment in subsidiaries, and capital expenditures at existing facilities. Used for financing and general corporate purposes.
Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition started as a player in micronutrient formulations and today goes up the value chain to health, wellness and clinical nutrition spaces.
In 2016, the offshore private equity firm Somerset Indus Healthcare Fund-I invested with Mayur Anand Sardesai, Advisor and Director of Somerset Health Capital Advisors. ￡Rs 2.5 billion for a 10% stake in the company.
Hexagon Nutrition will set up a trading company in South Africa in 2019 and plans to build a facility there. The company also plans to set up a factory in Uzbekistan and start operations by the first quarter of 2022.
Equirus Capital and SBI Capital Markets are the lead lead underwriters for this issue.
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