Hexagon Nutrition gets Sebi’s nod to garner Rs 600-cr via IPO

Hexagon Nutrition has acquired capital markets regulator Sebi’s approval to boost as much as Rs 600 crore via an preliminary public providing (IPO).

The firm’s public problem consists of a recent problem of fairness shares aggregating to Rs 100 crore, and a proposal on the market (OFS) of as much as 30,113,918 fairness shares, in response to the draft crimson herring prospectus (DRHP).

The OFS contains sale of as much as 77 lakh shares by Arun Purushottam Kelkar, as much as 61.36 lakh shares by Subhash Purushottam Kelkar, as much as 15 lakh shares by Anuradha Arun Kelkar, as much as 25 lakh shares by Nutan Subhash Kelkar, as much as 1.22 crore shares by Somerset Indus Healthcare Fund I Ltd and as much as 73,668 shares by Mayur Sirdesai.

Hexagon Nutrition, which filed preliminary IPO papers with Sebi in December 2021, obtained its observations letter on March 4 2022, an replace with the regulator confirmed on Monday.

In Sebi’s parlance, its commentary implies its go-ahead to drift the preliminary share-sale.

As per market sources, the problem dimension shall be roughly within the vary of Rs 500-600 crore.

Proceeds from recent issuance shall be used for debt funds, funding incremental working capital necessities, supporting capital expenditure for increasing an present facility, funding in subsidiary and financing capital expenditure on the present facility and normal company functions.

Mumbai-based Hexagon Nutrition is a completely built-in firm engaged in product improvement and advertising, together with analysis and improvement and vitamin manufacturing.

Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition began as a micro-nutrient formulations participant, and at this time it has moved up the worth chain to develop manufacturers like Pentasure, Obesigo and Pediagold, that are main names within the well being, wellness and scientific vitamin house.

In 2016, offshore personal fairness agency Somerset Indus Healthcare Fund-I, together with Mayur Anand Sardesai, an advisor and director at Somerset Health Capital Advisors, had invested Rs 25 crore for a ten per cent stake within the firm.

Hexagon Nutrition had arrange a buying and selling firm in South Africa in 2019 and has plans to construct a facility there. The firm can be organising a manufacturing unit in Uzbekistan that’s anticipated to start operations by the primary quarter of 2022.

Equirus Capital and SBI Capital Markets are the e-book working lead managers to the problem.

(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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