Mumbai-based Hexagon Nutrition to file for Rs 600 crore IPO next week: Report

In 2016, Hexagon Nutrition had received funding of Rs 25 crore from Somerset Indus Healthcare, an offshore private equity firm focused on making healthcare investments in India, and Mayur Anand Sardesai, director at Somerset Health Capital Advisors, for a 10 percent stake in the company.

Later in 2019, Hexagon Nutrition set up a trading company in South Africa. The company plans to build a facility there soon. Besides, Hexagon is also setting up a factory in Uzbekistan which is expected to commence operations by Q1 2022.

The company has been performing well financially with its revenue growing by 13 percent from Rs 19.7 crore in 2019-20 to Rs 22.26 crore in 2020-21. However, the company’s consolidated operating revenue growth grew marginally from Rs 210.83 crore in 2019-20 to Rs 211.5 crore in 2020-21.

According to a report published by Research and Markets in June 2021, India’s dietary supplement market is expected to grow at a compound annual growth rate of 16.2 percent and reach over US$ 11.6 billion by 2026-27. The market was valued at US$ 4 billion in 2019-20.