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Hexagon Nutrition has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 600 crore through an initial public offering (IPO). The company, which filed the draft red herring prospectus with the SEBI in December, got the regulator’s approval on March 4, 2022.

Proceeds from fresh issuance will be used for debt payments, funding incremental working capital requirements, supporting capital expenditure for expanding an existing facility, investment in subsidiary and financing capital expenditure at the existing facility and general corporate purposes. Equirus Capital and SBI Capital Markets are the book running lead managers to the issue.

Mumbai-based Hexagon Nutrition is a fully integrated company engaged in product development and marketing, including research and development and nutrition manufacturing.