Hexagon Nutrition's IPO achieved 2.92 times oversubscription by 11:48 AM on June 8, with the issue receiving bids for 6.31 crore shares against 2.16 crore shares on offer. According to latest stock exchange data, this represents a significant improvement from the earlier reported 1.65 times oversubscription. The retail investors demonstrated exceptional interest with 4.23 times subscription of their quota, while Non-Institutional Investors (NIIs) booked their quota 3.74 times. Within the NII segment, the small NII portion attracted bids for 6.26 times the reserved shares, while the big NII category was subscribed 2.48 times. However, Qualified Institutional Buyers (QIBs) remain on the sidelines with only 0.02 times subscription as of the latest update. The issue, which opened on June 5, will remain open for three days and close on June 9, 2026.
Grey market sentiment continues to support positive listing prospects, with the IPO currently commanding a grey market premium (GMP) of around ₹6.5 per share, indicating a potential 14.44% listing gain over its issue price of ₹45, compared with nearly 26% earlier. Based on this current GMP, the stock is expected to list at approximately ₹51.5 per share. The allotment is expected on June 10, 2026, with listing scheduled on NSE and BSE on June 12, 2026. Based on grey-market trends over the last 14 sessions, the IPO GMP is moving higher, suggesting a likely strong listing. The minimum GMP recorded is ₹0.00, while the maximum GMP reaches ₹12. Multiple brokerages have assigned positive ratings, with SBICAP Securities recommending 'Subscribe' citing the company's strong financial performance and BP Equities also assigning a 'Subscribe' rating for medium to long-term investors.
The IPO consists entirely of an offer for sale (OFS) of 3.09 crore equity shares aggregating ₹138.87 crore by existing shareholders Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Aditya Kelkar and Nutan Subhash Kelkar. As per latest reports, the company will not directly receive any proceeds from the offer, and all proceeds will be received by the selling shareholders in proportion to the offered shares sold by them. The promoters are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, Nikhil Arun Kelkar and Aditya Kelkar, who hold an aggregate of 10.99 crore equity shares, representing 89.4% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 64.29%. 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). The issue is valued at ₹138.87 crore at the upper end of the price band, with the price band fixed at ₹42-₹45 per share and a lot size of 333 shares.
The IPO demonstrated strong institutional confidence with ₹41.66 crore raised from anchor investors ahead of its public launch. As per latest reports, the board allotted 92.57 lakh shares at ₹45 each to 5 anchor investors. The price band has been fixed at ₹42-₹45 per share, with a lot size of 333 shares, and retail investors need a minimum investment of ₹14,985 at the upper price band to apply. Bandhan Small Cap Fund emerged as the largest anchor investor, allocating 26.66 lakh equity shares (28.82% of the anchor portion) to participate in the anchor book. The company has said the proposed listing is aimed at enhancing its visibility, strengthening brand recognition and providing liquidity to existing shareholders.
Hexagon Nutrition 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. The company operates across three core business verticals: branded wellness and clinical nutrition products (B2C), premix formulations (B2B2C), and Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs) catering to ESG-driven nutrition and public health initiatives. It 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. The company exports to over 75 countries across Asia, Africa, Europe, and South America, with international presence through offices in South Africa, Uzbekistan, and Hong Kong. Founded in 1993, the company began as a micronutrient formulations business and subsequently diversified into branded nutrition products.
For the nine months ended December 31, 2025, the company reported total income of ₹275.57 crore, PAT of ₹27.03 crore, and EBITDA of ₹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. The company's financial performance has shown significant improvement, with total income increasing to ₹331.29 crore in FY25 from ₹304.62 crore in FY24, while profit after tax nearly doubled to ₹24.38 crore from ₹12.21 crore. EBITDA also rose significantly to ₹40.07 crore compared with ₹24.88 crore a year earlier. The allotment of shares is expected to be finalised on June 10, 2026, with refunds likely to be initiated on June 11, 2026, while shares are expected to be credited to successful applicants' demat accounts the same day.
