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Hexagon Nutrition files IPO papers with Sebi, to raise Rs 600 crore

Hexagon Nutrition IPO | Investors Somerset Indus Healthcare Fund-I and Mayur Anand Sardesai both will exit the company through its public issue. Somerset is an offshore private equity firm focused on making healthcare investments in India.

December 24, 2021 / 07:08 PM IST
Hexagon Nutrition IPO

Hexagon Nutrition IPO

Mumbai-based nutrition company Hexagon Nutrition has filed preliminary papers with the capital markets regulator Sebi to launch initial public offering for fund raising.

The initial share-sale comprises a fresh issuance of shares worth Rs 100 crore, and an offer for sale of more than 3.01 crore equity shares by promoters and investors.

The offer for sale consists of over 1.78 crore equity shares by promoters Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Anuradha Arun Kelkar, and Nutan Subhash Kelkar. On the investors front, Somerset Indus Healthcare Fund I is going to offload 1.22 crore equity shares, and Mayur Sirdesai will sell 73,668 equity shares via offer for sale.

The issue size is expected to be approximately in the range of Rs 500-600 crore as per market sources.

The net proceeds from its fresh issue will get utilised for repaying of debts (Rs 33.5 crore) and incremental working capital requirements (Rs 15 crore). The money will also be used for expansion of existing facility at Nashik (Rs 19.17 crore), and investment in subsidiary, HNIPL for financing capital expenditure requirements at existing facility at Thoothukudi (Rs 7.15 crore), besides general corporate purposes.

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Investors Somerset Indus Healthcare Fund-I and Mayur Anand Sirdesai both will exit the company through its public issue. Somerset is an offshore private equity firm focused on making healthcare investments in India.

Currently, Somerset holds 1,21,35,056 CCPS (compulsorily convertible preference shares) and Mayur Sirdesai holds 73,156 CCPS. All the outstanding CCPS will be converted into maximum 1,22,76,818 equity shares comprising 1,22,03,250 equity shares to Somerset and 73,568 equity shares to Mayur Sirdesai before filing the Red Herring Prospectus with the Registrar of Companies, as per the statement in DRHP.

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Founded by Arun Kelkar and Subash Kelkar in 1993, Hexagon Nutrition is the only holistic nutrition player that offers products across clinical products, micronutrient premixes and therapeutic products. Its product portfolio includes fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition.

The company sells its products in around 70 countries, currently from its three factories located at Nasik, Chennai, and Thoothukkudi.

Also readSupriya Lifescience IPO | Here’s how to check allotment status online, listing date, GMP

Equirus Capital and SBI Capital Markets are the book running lead managers to the issue.
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first published: Dec 24, 2021 07:08 pm
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