Hexagon Nutrition is set to make its stock market debut on Friday, with grey market trends pointing to a modest premium over the issue price despite strong investor demand during the IPO bidding process. The company's shares are commanding a grey market premium (GMP) of around 6%, indicating a likely listing price of about Rs 48 against the issue price of Rs 45.
The Rs 138.9 crore IPO was entirely an offer for sale (OFS) of 3.09 crore shares, meaning the company will not receive any proceeds from the issue and the funds will go to the selling shareholders.
The stock is scheduled to list on both the NSE and BSE on June 12. Investor response to the issue was robust, with the IPO being subscribed 53.68 times overall. The non-institutional investor (NII) portion led the demand, attracting bids worth 161.49 times the shares reserved for the category.
The retail investor segment was subscribed 26.85 times, while the qualified institutional buyer (QIB) category received bids for 19.77 times the quota set aside for institutional investors.
Ahead of the public issue, the company raised Rs 41.66 crore from anchor investors.
Founded in 1993, Hexagon Nutrition is a research-driven nutrition company engaged in developing and manufacturing micronutrient premixes, clinical nutrition products, therapeutic formulations and ready-to-use nutrition products.
The company operates manufacturing facilities in Nasik, Chennai, Thoothukudi and Uzbekistan, while exporting products to more than 75 countries across Asia, Africa, Europe and South America.
Its business is spread across three key segments -- branded wellness and clinical nutrition products, premix formulations and ready-to-use foods and micronutrient powders aimed at nutrition intervention programmes.
Hexagon has built a broad domestic distribution network covering pharmacies, hospitals, e-commerce platforms and its own branded websites. The company works with over 358 distributors across India and maintains overseas offices in South Africa, Uzbekistan and Hong Kong.
Financially, the company has shown steady improvement in profitability. For FY25, total income stood at Rs 331.3 crore, while profit after tax rose to Rs 24.4 crore from Rs 12.2 crore in FY24. EBITDA increased to Rs 40.1 crore from Rs 24.9 crore a year earlier.
For the nine months ended December 2025, the company reported total income of Rs 275.6 crore and profit after tax of Rs 27 crore.
While the subscription figures suggest strong institutional and high-net-worth investor interest, the relatively modest grey market premium indicates expectations of a measured listing rather than a sharp debut.
