Hexagon Nutrition IPO: Retail, NII Portion Overbooked, GMP Indicates Positive Listing

Hexagon Nutrition’s Rs 139-crore initial public offering (IPO) attracted strong investor interest on the second day of bidding, with the issue being subscribed 3.27 times by 12:48 PM on June 8, 2026. The IPO received bids for 63.10 million shares against 21.60 million shares on offer, according to data from the stock exchanges.

Demand was largely driven by retail and non-institutional investors (NIIs). The retail portion was subscribed 4.65 times, while the NII category was booked 4.18 times. Within the NII segment, the small NII portion saw subscriptions of 7.01 times, while the big NII category was subscribed 2.76 times. Qualified institutional buyers (QIBs), however, remained largely on the sidelines, with the category subscribing just 0.16 times as of the latest update.

The issue had received a healthy response on the opening day and was fully subscribed on June 5. Overall subscription stood at 1.65 times at the end of the first day of bidding.

Half of the issue has been reserved for QIBs, while retail investors have been allocated 35 per cent of the shares on offer. The remaining 15 per cent has been set aside for NIIs.

Hexagon Nutrition IPO GMP Today

According to investorgain.com, the grey market premium (GMP) for Hexagon Nutrition IPO stood at Rs 7 per share as of 12:48 PM on June 8. Based on the upper end of the price band at Rs 45 per share, the IPO is estimated to list at Rs 52, indicating a potential gain of 15.56 per cent over the issue price. Investors should note that GMP is an unofficial indicator and may not necessarily translate into listing-day performance.

Hexagon Nutrition IPO: Price Band, Issue Size and Anchor Investment

Hexagon Nutrition IPO is a book-built issue worth Rs 138.87 crore and consists entirely of an offer for sale (OFS) of 30.86 million equity shares. Since the issue is a pure OFS, the company will not receive any proceeds from the public offering.

The IPO has been priced in the range of Rs 42-45 per share. Investors can bid for a minimum lot of 333 shares, requiring an investment of Rs 14,985 at the upper end of the price band.

Ahead of the IPO opening, Hexagon Nutrition raised Rs 41.66 crore from anchor investors on June 4.

Hexagon Nutrition IPO Allotment, Listing Date

The IPO opened for subscription on June 5 and will close on June 9. The basis of allotment is expected to be finalised on June 10. Successful bidders are likely to receive shares in their demat accounts on June 11, while refunds to unsuccessful applicants are also scheduled for the same day.

Shares of Hexagon Nutrition are proposed to be listed on both the NSE and BSE on June 12.

About Hexagon Nutrition

Established in 1993, Hexagon Nutrition is a research-driven nutrition company engaged in the development and manufacturing of micronutrient premixes, clinical nutrition products, therapeutic formulations and ready-to-use nutritional products.

According to the company’s red herring prospectus (RHP), it operates manufacturing facilities in Nashik, Chennai and Thoothukudi in India, along with an international manufacturing unit in Tashkent, Uzbekistan. Its business is spread across three key segments. These are branded wellness and clinical nutrition products, premix formulations, and ready-to-use foods and micronutrient powders catering to nutrition and ESG-focused initiatives.

Hexagon Nutrition has built a pan-India omni-channel distribution network spanning retail pharmacies, hospital networks, e-commerce platforms, online pharmacies and its own branded websites. The company works with more than 358 distributors across India and exports its products to over 75 countries across Asia, Africa, Europe and South America. It also operates dedicated research and development facilities in Nashik and Chennai, the company said in its RHP.

Hexagon Nutrition Financial Performance

Hexagon Nutrition has reported consistent growth in revenue and profitability over the past three financial years. Revenue from operations increased from Rs 278.5 crore in FY23 to Rs 297.7 crore in FY24 and further to Rs 324.9 crore in FY25.

The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda) more than doubled during the period, rising from Rs 17.17 crore in FY23 to Rs 24.88 crore in FY24 and Rs 40.07 crore in FY25. Profit after tax (PAT) also increased from Rs 5.82 crore in FY23 to Rs 12.21 crore in FY24 and Rs 24.38 crore in FY25.

As on December 31, 2025, Hexagon Nutrition had a net worth of Rs 223.05 crore, while its reserves and surplus stood at Rs 210.92 crore.

The company reported borrowings of Rs 39.79 crore and cash and cash equivalents of Rs 23.4 crore, resulting in adjusted net debt of Rs 16.39 crore. Its total equity stood at Rs 220.94 crore, with an adjusted net debt-to-equity ratio of 0.07 times, reflecting a relatively low debt burden.