Hexagon Nutrition Secures Rs 41.65 Crore from Five Anchor Investors Ahead of June 5 IPO Debut

Hexagon Nutrition Secures Rs 41.65 Crore from Anchor Investors Ahead of IPO

Hexagon Nutrition, a leading provider of nutrition products, has successfully raised Rs 41.65 crore from five anchor investors on June 4, just a day before the opening of its initial public offering (IPO). This development marks a significant milestone in the company's journey to mobilize Rs 138.9 crore through the IPO of 3.08 crore equity shares.

The IPO, which comprises an entirely offer-for-sale by promoters - the Kelkar family, has a fixed price band of Rs 42-45 per share. The public issue will be open for subscription from June 5 and will conclude on June 9, followed by the finalisation of IPO share allotment on June 10. Trading in Hexagon Nutrition shares on the bourses is expected to begin on June 12.

In a recent filing with exchanges, Hexagon Nutrition disclosed the allocation of 92.57 lakh shares to anchor investors at the upper price band. The allocation breakdown is as follows:

Read also: Hexagon Nutrition Secures ₹41.6 Crore from Anchor Investors in Pre-IPO Placement

Interestingly, Hexagon Nutrition will not receive any money from the public issue, as the IPO proceeds, excluding issue expenses, will go to selling shareholders. The company, which is a research-oriented pure play nutrition company, operates three manufacturing facilities in India and one international manufacturing facility in Tashkent, Uzbekistan.

Hexagon Nutrition boasts of being one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of micronutrient powders (MNPs) under UN programmes. The company has appointed Cumulative Capital and Catalyst Capital Partners as the book running lead managers for the Hexagon Nutrition IPO.