Dec 24 Hexagon Nutrition has filed preliminary papers with capital market regulator Sebi to boost as much as Rs 600 crore by means of an preliminary public providing (IPO). Mumbai-based Hexagon Nutrition is a completely built-in firm engaged in product improvement and advertising and marketing, together with analysis and improvement and vitamin manufacturing.
The firm’s public concern consists of a contemporary concern of fairness shares aggregating to Rs 100 crore, and a proposal on the market (OFS) of as much as 30,113,918 fairness shares, the draft purple herring prospectus (DRHP) confirmed.
The OFS includes 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.
As per market sources, the difficulty measurement might be roughly within the vary of Rs 500-600 crore.
Proceeds from contemporary issuance might be used for debt funds, funding incremental working capital necessities, supporting capital expenditure requirement for increasing an current facility, funding in subsidiary and financing capital expenditure on the current facility and common company functions.
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 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 10 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 facility in Uzbekistan that’s anticipated to begin operations by the primary quarter of 2022.
Equirus Capital and SBI Capital Markets are the guide operating lead managers to the difficulty. PTI SP BAL BAL