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Hexagon Nutrition, backed by Somerset, is filing for an initial public offering of 600 crore early next week

Hexagon Nutrition Ltd (HNL), based in Mumbai, plans to launch an initial public offering (IPO) worth. to submit 500-600 crore next week, said two people familiar with the development.

The IPO includes the sale of primary and secondary stocks. “Equirus C -ital Pvt. Ltd and SBI C -ital Markets Ltd have been  -pointed book running lead managers for the issue, “said one of the above, both speaking on condition of anonymity.

An email to the company went unanswered.

In 2016, Somerset Indus Healthcare Fund-I invested with Mayur Anand Sardesai, an advisor and director at Somerset Health C -ital Advisors 25 crore for a 10% interest in the fortification, clinical nutrition and ther -eutic food company. Somerset is an offshore private equity firm focused on investing in healthcare in India that launched the fund in 2012. The funds were raised to expand its branded customer business worldwide.

Hexagon Nutrition was founded in 1993 by Arun and Subash Kelkar and sells its products in over 65 countries, currently from its three factories in Nasik, Chennai and Thoothukkudi.

In 2019 it founded a trading company in South Africa and plans to build a plant there in the future. The company is also building a factory in Uzbekistan, which is expected to start operations in the first quarter of 2022.

“The company is one of the largest suppliers of pre-mix formulations in India and in the top 5 worldwide. It is aimed at the B2B, B2B2C and ESG segments and aims to enter the tier 2 and tier 3 markets, ”said the person quoted above. “The company has been well positioned since the outbreak of Covid-19 and equipped for future growth, with the upswing in the dietary supplement segment seeing increasing demand,” added the person.

India’s dietary supplement market was valued at nearly $ 4 billion in FY20 and is projected to grow at a compound annual growth rate (CAGR) of 16.2% to over $ 11.6 billion in FY27, according to a research report and Markets in June 2021.

Hexagon’s micronutrient premix business focuses on the needs of governments, multinational food manufacturers, and international organizations for the fortification of st -le foods to meet the needs of the masses and home fortification micronutrient powders that are supplied to Unicef. It also offers analytical tests and stability tests to ensure that the product contains the specified nutrients.

While the company’s consolidated operating sales growth remained unchanged at 2.3% compared to the previous year 210.83 crore in FY20 to 211.5 crore in FY21, net income rose 13% from 19.7 billion in FY20 to 22.26 crore in FY21.

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