Hexagon Nutrition Gets Sebi’S Nod To Garner Rs 600 Crore Via Ipo

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

The firm’s public challenge consists of a recent challenge 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 line with 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.

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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 statement implies its go-ahead to drift the preliminary share-sale. As per market sources, the difficulty dimension might be roughly within the vary of Rs 500-600 crore.

Proceeds from recent issuance might 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 common company functions.

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

Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition began as a micro-nutrient formulations participant, and in the present day 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 non-public 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 % 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 establishing a manufacturing facility in Uzbekistan that’s anticipated to start operations by the primary quarter of 2022. Equirus Capital and SBI Capital Markets are the book-running lead managers to the difficulty.

(Edited by : Jomy Jos Pullokaran)