Hexagon Nutrition IPO GMP Price, Date, Review Details – IPO Upcoming

Hexagon Nutrition IPO GMP Price, Date, Review Details – IPO Upcoming

Hexagon Nutrition Ltd. has submitted a DRHP to SEBI in order to raise up to Rs. 600 crore. The offering includes a fresh issue of Rs.100 crore and an offer to sell up to 30,113,918 equity shares. Arun Purushottam Kelkar is selling around 77 lakh shares, Subhash Purushottam Kelkar is selling 61.36 shares, Anuradha Arun Kelkar is selling 15 lakh shares, Nutan Subhash Kelkar is selling around 25 lakh shares and 1.22 crore shares, and Somerset Indus Healthcare Fund I Ltd and Mayur Sirdesai are selling 73,668 shares.

Hexagon Nutrition

Hexagon Nutrition is a distinct and research-driven pure-play nutrition firm that focuses on holistic nutrition solutions that include a diverse range of nutritional and nutrition-enhancing goods. Their product portfolio includes food fortification, therapeutic nutrition, clinical nutrition, and malnutrition reduction. Hexagon began their business in 1993 and has risen up the ranks with its trademarks “PENTASURE” for adult wellness and clinical nutrition, “OBESIGO” for weight control, and “PEDIGOLD” for paediatric nutrition management.

Objectives of the issue

  • Rs.33.5 crore is to be used to repay or prepay any debt undertaken by the company or its subsidiaries- HNEPL and HNIPL
  • Rs. 15 crore will be used to fund incremental working capital requirements of the company
  • Rs.19.173 crore will be towards funding of working capital expenditure in order to expand the existing manufacturing facility at Nashik
  • Rs.7.15 crore will be invested in their subsidiary, HNIPL for the financing of capital expenditure requirements at the facility in Thoothukudi

The company has a pan-India presence and exports to over 70 countries worldwide such as French Polynesia, France, Malaysia, UAE, Qatar, Russia, Angola, Brazil etc. The products are classified into 3 main segments-

  • Branded nutrition products/ clinical nutrition products (B2C segment)
  • Premix formulations (B2B2C Segment)- premixes manufactured by Hexagon are then supplied to companies like Dabur, Amul, Veeba Food Services, Dukes Consumer care etc
  • Ready to use foods and Micronutrient Powder (ESG Segment)
  • The company has 11 highly experienced and professionally qualified members in their R&D team. Their distribution network is spread across the globe with 25 regional distributors situated in Latin America, Southeast Asia, Africa, and the Middle East. Hexagon has three manufacturing facilities located in Nashik, Chennai and Thoothukudi.

Hexagon Nutrition Ltd Financial Status

Particulars
(In Rs cr)
Q3 ended 30 September, 2021FY21FY20FY19
Total Income126.92215.43210.83235.90
PAT15.2122.8618.5714.82
EPS (In Rs)1.241.861.511.21
Total Assets228.42213.56202.13191.57
Total Borrowing24.4320.2633.6530.25
Equity Share Capital11.0511.0511.0511.05

Hexagon Nutrition Ltd Key Performance Metrics

Particulars
(In Rs cr)
Q3 ended 30 September, 2021FY21FY20FY19
Revenue from top 10 customers64.5887.2774.76107.12
EBITDA23.434.429.6625.73
EBITDA Margin (%)18.73%16.38%14.55%14.16%

Hexagon Nutrition Ltd IPO Key Points

Strengths

  • The company has developed a longstanding relationship with their marquee investors over the last 28 years of their operations. This has led to recurring orders and a stable source of revenue
  • They focus strongly on innovation and have 2 in-house R&D facilities in Chennai and Nashik along with 11 extremely qualified members in their research team
  • Hexagon has a well-established pan-India omnichannel distribution and are present across various geographies

Risks

  • They are very heavily dependent on the premix formulation segment and also a few customers in that particular segment
  • If there is a sale of any expired product or if defective products are supplied, it will affect the reputation of the company and in turn it will materially affect the cash flows and financials
  • Since the company does not maintain long term relationships with third party suppliers, there might be a short fall in the supply which will have a material effect on the company’s business and financials

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