TA Associates-backed OmniActive explores $200-300 million IPO at $1 bn valuation

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.

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.

Priyamvada C

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Agnidev Bhattacharya

Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.