TA Associates-backed OmniActive explores $200-300 million IPO at $1 bn valuation
Sanjaya Mariwala-led OmniActive Health Technologies Ltd (OHTL) has begun discussions with bankers to explore an initial public offering (IPO) that could raise $200-300 million and value the nutraceutical company at nearly $1 billion, two people familiar with the matter said.
The talks are still at an exploratory stage, and the IPO could be a mix of fresh capital issuance and an offer for sale by existing majority investor TA Associates and the promoter group, one of the two people cited earlier said, both speaking on condition of anonymity.
As of September 2025, the US-based private equity firm held about 56% of OHTL, while the Mariwala family owned 40%, with the remaining stake held by other shareholders, according to a Crisil report published in January.
The IPO plan follows several unsuccessful attempts to raise private capital, as macroeconomic headwinds and geopolitical conflicts weighed on investor sentiment. If the IPO goes as planned, it would make OmniActive the first pure-play nutraceutical company to list on the exchanges.
"OmniActive Health Technologies remains financially strong, with a robust balance sheet, healthy cash reserves, and a debt-free capital structure. These strengths provide us with significant strategic flexibility to invest in innovation, accelerate global expansion, and strengthen our position in India,” an OmniActive spokesperson said.
“Given this strong financial foundation, we are focused on executing our growth strategy and creating enduring value for stakeholders,” the company said, adding that it is not pursuing a private capital raise. “As part of prudent business planning, we periodically assess a range of strategic opportunities; however, there is no material development or definitive transaction under consideration that requires disclosure at this time,” the spokesperson added.
Queries emailed to TA Associates remained unanswered till press time.
After leading Kancor Ingredients, an Indian pioneer in spice extraction, for 24 years, Sanjay Mariwala partnered with Hiren Doshi in 2005 to set up OmniActive. The aim was to fill a gap in the market by building a customer-focused company that develops nutraceutical ingredients.
OmniActive makes and sells natural, science-backed ingredients used in health supplements, fortified foods and beverages. It serves customers globally and has offices in India, New Jersey in the US, and the Netherlands.
Over the years, the company’s ownership has changed hands, with TA Associates acquring a majority stake in 2021 while facilitating an exit for Everstone Capital. At that time, Mariwala also increased his personal holding in OmniActive. IIFL Asset Management also acquired a minority stake the following year.
OmniActive's products cater to a range of health categories, including bone, joint and muscle health; brain and cognitive function; eye health and visual performance; gastrointestinal health; mood and stress; energy; skin; sleep; sports and active nutrition; and metabolic and weight management, according to its official website.
The group derives a significant share of its revenue from the US, leading to high geographic concentration and exposure to changes in US trade policies. While replacement risk for the company's products remains low, supported by strong customer stickiness and its cost advantages, near-term US revenue growth remains constrained as new product launches are delayed amid tariff-related uncertainty, according to the Crisil report cited earlier.
The credit rating agency said that OmniActive also has a relatively small, but growing, presence in Europe, Asia and Africa. In FY25, the company reported an operating income of about ₹886 crore, up from to ₹837 crore a year earlier. Its adjusted profit expanded to ₹165 crore from ₹144 crore in FY24, as per Crisil.