The Hexagon Nutrition IPO is set to open for bidding on Friday, June 5, 2026, with the offer closing on June 9, 2026. The company has set the price band at ₹42 to ₹45 per share, aiming to raise ₹139 crore through an entirely offer for sale structure. According to reports from Mint, this will be the first mainboard offering to hit Dalal Street in a month, following OnEMI Technology Solutions which closed on May 5. The market sentiment has been impacted by the ongoing Middle East conflict, with only 20 IPOs opening for bidding this year so far.
The company demonstrated strong financial growth in FY25, with revenue from operations rising 9% year-on-year to ₹324.92 crore compared to ₹297.7 crore in the previous fiscal. As reported by Mint, profit after tax jumped 99.5% YoY to ₹24.3 crore from ₹12.2 crore in FY24. Margin performance remained healthy at 12.33% in FY25, significantly improved from 8.36% in the last fiscal and 6.17% in FY23. The grey market premium remains nil, suggesting a listing at par with the offer price.
Established in 1993, Hexagon Nutrition operates as a differentiated and research-oriented pure play nutrition company, offering products across micronutrient premixes and therapeutic clinical products. According to the RHP, the company is one of the largest premix players in India, serving leading Indian and multinational FMCG companies. It operates three manufacturing facilities in India - Nashik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu) - along with one international facility in Tashkent, Uzbekistan.
The company maintains a large export market presence across 75+ countries, including South Africa, Malaysia, Ethiopia, France, French Polynesia, Ghana, Indonesia, Kenya, Madagascar, Mozambique, Papua New Guinea, Nigeria, Philippines, Qatar, UAE, Mauritius, and Brazil. As reported by Mint, it operates through pan-India omnichannel distribution capabilities with more than 358 non-exclusive distributors, including 8 distributors with multi-state presence. The company reached out to over 20,843 healthcare professionals across India through its 167-member sales force during the nine-month period ended December 31, 2025.
According to the RHP, the company faces concentration risk with the top 10 customers accounting for 45.87% of revenue in FY25. Additionally, no long-term contracts exist with raw material suppliers, exposing operations to price volatility and adverse sourcing conditions. Geographical concentration risk is significant, with Maharashtra, Karnataka, Tamil Nadu, and Gujarat together accounting for approximately 57.51% of domestic sales in fiscal 2025. The IPO is managed by Cumulative Capital and Catalyst Capital Partners as book-running lead managers, with KFin Technologies serving as the registrar.
