Hexagon Nutrition Files for IPO via OFS with SEBI
Hexagon Nutrition Ltd. has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The IPO aims to raise funds exclusively through an offer for sale (OFS) of 3.08 crore equity shares.
According to the DRHP, the company intends to list its equity shares on both the National Stock Exchange of India Ltd (NSE) and BSE Ltd. This dual listing strategy aims to provide broader access to investors and enhance the company’s visibility in the capital markets.
The offer for sale involves several promoters and promoter group entities divesting their stakes in the company. Arun Purushottam Kelkar, one of the key promoters, will be offloading 15 lakh shares. Subhash Purushottam Kelkar, another significant promoter, plans to sell 2.41 crore shares.
Furthermore, Nutan Subhash Kelkar and Aditya Kelkar, both belonging to the promoter group, are also participating in the OFS. Nutan Subhash Kelkar will be divesting 36 lakh shares, while Aditya Kelkar is set to offload 21 lakh shares.
The funds raised through the IPO will not accrue to the company directly, as it is entirely an offer for sale. Instead, the proceeds will go to the selling shareholders, providing them with an opportunity to monetize their investments in Hexagon Nutrition.
Hexagon Nutrition Limited is a fully integrated nutrition company with a presence across the nutrition value chain. They deal with diverse nutrition products catering to varied age groups.
The IPO is expected to generate significant interest in the market, given Hexagon Nutrition’s established presence in the nutrition sector and the opportunity for investors to participate in the company’s growth story. Market analysts suggest that the IPO’s success will depend on various factors, including market conditions, investor sentiment, and the company’s financial performance.
SEBI will now review the DRHP and provide its observations. The IPO is expected to launch after SEBI approval and is subject to market conditions.
Disclaimer: This news article is based on publicly available information and may be subject to updates.
