Hexagon Nutrition files for IPO to raise Rs600 crore.
- ByStartupStory | December 25, 2021
Hexagon Nutrition Limited (HNL), a Mumbai-based company involved in the production of nutrition products, has filed its draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for a Rs 600-crore initial public offering (IPO).
It will be utilised to repay borrowings of the company and its subsidiaries, fund working capital requirements, and finance capital expenditure. The IPO will comprise a fresh issue of Rs 100 crore and an offer for sale worth Rs 500 crore.
The company’s production comprises fortification of foods, therapeutic nutrition, clinical nutrition, and alleviation of malnutrition. Hexagon Nutrition has a presence across India, and its products have been exported to around 70 countries. Its product mix can be classified into branded nutrition products, premix formulations, and ready-to-use foods. Its branded products comprise wellness and clinical nutrition products for daily nutritional requirements across demographics. And its premix formulations comprise micronutrient formulations in the form of vitamin and mineral premixes that are supplied to Indian and multinational FMCG players. The premixes help fortify consumer products, including malted health beverages, biscuits, dairy products, spreads, flour, and edible oils.
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