The Rs 139 crore Hexagon Nutrition IPO entered its second day of bidding, with grey market sentiment moderating from earlier levels. The IPO is currently commanding a GMP of around Rs 7 per share, implying a potential listing gain of about 15% over its issue price of Rs 45, compared with nearly 26% earlier. Based on the current GMP, the stock is expected to list at approximately Rs 52 per share.
Subscription momentum remained healthy on Day 1, with the issue subscribed 1.65 times the 2.16 crore shares on offer. Retail investors led the charge, bidding 2.43 times their reserved portion, while the Non-Institutional Investor (NII) category was subscribed 2.03 times.
The public issue, which opened for subscription on June 5, will close on June 9, 2026.
Hexagon Nutrition's IPO is entirely an Offer for Sale (OFS) of 3.09 crore shares, aiming to raise Rs 138.87 crore. Share allotment is likely to be finalised on June 10, with the company's stock expected to list on both the NSE and BSE on June 12.
The IPO is priced in the range of Rs 42-Rs 45 per share, with a lot size of 333 shares. At the upper end of the price band, retail investors need to invest a minimum of Rs 14,985 to participate in the issue.
Hexagon Nutrition IPO subscription status
The Rs 139 crore Hexagon Nutrition IPO was subscribed 1.65 times on Day 1, as per data available on the BSE.
Retail Individual Investors (RIIs) continued to drive demand, subscribing 2.43 times their reserved quota of 1.08 crore shares.
The Non-Institutional Investor (NII) segment also witnessed healthy participation, with subscriptions reaching 2.03 times against the 46.26 lakh shares allocated to the category.
Meanwhile, Qualified Institutional Buyers (QIBs) had not yet placed any bids for their reserved portion of 61.72 lakh shares, indicating that institutional participation is yet to pick up.
Incorporated in 1993, Hexagon Nutrition Ltd. is a research-focused nutrition company engaged in the development and manufacturing of a wide range of products, including micronutrient premixes, branded wellness and clinical nutrition solutions, therapeutic formulations, and ready-to-use foods.
The company operates four manufacturing facilities—three in India located at Nasik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu), along with an international unit in Tashkent, Uzbekistan. Its two SEZ-based facilities in Chennai and Thoothukudi offer logistical advantages such as port proximity and duty-free imports, strengthening export efficiency.
Hexagon Nutrition operates across three core business verticals:
Branded wellness and clinical nutrition products (B2C)
Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs) catering to ESG-driven nutrition and public health initiatives
The company has established a robust omnichannel distribution network in India, covering retail pharmacies, hospital chains, e-commerce marketplaces, online pharmacy platforms, and its own digital brands, including Pentasure, Obesigo, Pediagold, and Nutrone. Its domestic reach is supported by more than 358 distributors, eight of which operate across multiple states.
Internationally, Hexagon Nutrition has expanded its footprint through offices in South Africa, Uzbekistan, and Hong Kong. Between FY23 and FY25, the company exported its products to over 75 countries across Asia, Africa, Europe, and South America.
Hexagon Nutrition has delivered consistent growth, with FY25 marking a notable improvement in profitability. Total income rose to Rs 331.29 crore in FY25 from Rs 304.62 crore in FY24. Profit after tax (PAT) nearly doubled to Rs 24.38 crore from Rs 12.21 crore, while EBITDA increased significantly to Rs 40.07 crore from Rs 24.88 crore during the same period.
For the nine months ended December 31, 2025, the company reported total income of Rs 275.57 crore, PAT of Rs 27.03 crore, and EBITDA of Rs 37.55 crore.
The IPO is being managed by Catalyst Capital Partners Private Limited and Cumulative Capital Private Limited, while KFin Technologies Limited has been appointed as the registrar to the issue.
