Hexagon Nutrition Ltd files DRHP with SEBI for ₹600 crore IPO

The company’s existing investors Somerset Indus Healthcare Fund-I and Mayur Anand Sardesai both will offload their stakes in the company.

Hexagon Nutrition Limited has filed draft documents with the market regulator SEBI to raise to INR 600 crore through an Initial Public Offering (IPO). According to its draft red herring prospectus (DRHP), the company will issue equity shares worth Rs 100 crore and an offer for sale of 3.01 crore equity shares by the promoters and existing shareholders.

A present, promoters hold an 86.60 per cent stake in the company. As per the market sources, it is understood that the company will be able to raise anywhere between INR 500-600 crore. It will use the funds for debt repayment, expansion of its manufacturing facilities and funding for its working capital requirements.

Incorporated in 1993, the company is founded by Arun Kelkar and Subhash Kelkar. Hexagon Nutrition is the largest only nutrition company that offers micronutrients premixes and therapeutic products. Its portfolio includes clinical nutrition, alleviation of nutrition, therapeutic nutrition and fortification of consumer products biscuits and Dairy products. Their marquee clientele includes Amul, Coca Cola India, Dabur, Marico Ltd, Veeba Pvt. Ltd and others.

The company has appointed Equirius Capital and SBI Capital Markets as the book running lead managers to this issue. KFin Technologies has been appointed as the registrar for this issue.

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