Hexagon Nutrition's IPO demonstrated robust investor interest on Day 4, achieving 4.59 times subscription as of 17:00 IST on June 9, 2026. The retail investor portion led the subscription at 6.21 times, while the non-institutional investor (NII) category saw 6.70 times subscription. However, the qualified institutional buyers (QIB) segment remained undersubscribed at 0.17 times. The ₹138.87 crore IPO received bids for 9.91 crore shares against 2.16 crore shares on offer, with the issue closing for subscription on June 9, 2026 at the price band of ₹42-45 per share. The grey market premium continues to remain positive at ₹6.5, indicating an expected listing price around ₹51.5 (issue price plus GMP), suggesting a potential listing gain of 14.44% for investors.
Hexagon Nutrition has successfully raised ₹41.66 crore from anchor investors by allotting 92.57 lakh equity shares at the issue price of ₹45 per share. As per anchor allocation details filed with stock exchanges, the anchor book saw participation from diverse investors including Bandhan Small Cap Fund (largest allocation of ₹12 crore for 26.66 lakh shares), Ampersand Growth Opportunities Fund Scheme (₹10 crore for 22.22 lakh shares), CP Capital Limited (₹9.6 crore for 21.44 lakh shares), and Visionary Value Fund and Innovative Vision Fund (₹5 crore each for 11.12 lakh shares each). The grey market premium stands at ₹6.5, indicating an expected listing around the issue price, with shares scheduled to list on BSE and NSE on June 12, 2026.
The IPO consists entirely of an offer for sale (OFS) of up to 30.86 million equity shares and does not include any fresh issue component. The company has reserved 50% of the net issue for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors (NIIs). At the upper price band of ₹45 per share, the total issue size is estimated at ₹138.87 crore. Investors can apply for a minimum of 333 shares, with the minimum investment working out to ₹14,985 at the upper price band. The allotment status is expected to be finalised on June 10, 2026, with shares scheduled to debut on NSE and BSE on June 12, 2026.
Founded in 1993, Hexagon Nutrition Ltd. is a research-driven nutrition company focused on micronutrient premixes, clinical nutrition, and wellness products. The company operates in over 75 countries and offers products including micronutrient premixes, therapeutic nutrition, clinical nutrition, wellness products and fortified foods. Its portfolio includes brands such as Pentasure, Obesigo and Pediagold across health, wellness and clinical nutrition categories. For FY25, revenue from operations increased 9% year-on-year to ₹324.92 crore from ₹297.7 crore in FY24. Profit after tax (PAT) surged 99.5% to ₹24.3 crore from ₹12.2 crore a year earlier. According to the latest financial data, the company's total income in fiscal ended March 2025 increased to ₹331.29 crore from ₹304.62 crore in FY24, with profit after tax nearly doubling to ₹24.38 crore from ₹12.21 crore. EBITA also rose significantly to ₹40.07 crore compared with ₹24.88 crore a year earlier.
SBI Securities has recommended 'subscribe' to the IPO for a long-term investment horizon, citing the company's position in the structurally growing nutrition and wellness industry. The brokerage noted that Hexagon Nutrition operates in a sector supported by increasing health awareness and rising demand for fortified food products. At the upper price band of ₹45, the IPO is valued at a P/E multiple of 15.3x based on annualised 9MFY26 earnings. However, SBI Securities also flagged risks including high dependence on the premix formulations segment, customer concentration, raw material price volatility and regulatory risks in the food and nutrition business. The company's proposed listing is aimed at enhancing visibility, strengthening brand recognition and providing liquidity to existing shareholders.
