Hexagon Nutrition, a Mumbai-based research-driven nutrition company, has launched its initial public offering (IPO) today, June 5, 2026. The subscription window will remain open until June 9, 2026, offering shares in a price band of Rs 42 to Rs 45 per equity share. Investors can apply for a minimum of 333 equity shares, with each lot costing Rs 14,985 at the upper end of the price band.
The IPO is structured as an entirely offer-for-sale (OFS) of up to 3,08,58,704 equity shares by its promoters, aiming to raise Rs 138.86 crore. Hexagon Nutrition will not receive any proceeds from this public issue, as all net proceeds will go to the selling shareholders.
Company Profile and Financial Performance
Established in 1993, Hexagon Nutrition specializes in developing and manufacturing micronutrient premixes, branded wellness and clinical nutrition products, therapeutic formulations, and ready-to-use foods. The company operates three manufacturing facilities in India—located in Nashik (Maharashtra), Chennai, and Thoothukudi (Tamil Nadu)—along with an international unit in Tashkent, Uzbekistan. It boasts a pan-India omnichannel distribution network, covering retail pharmacies, hospital networks, e-commerce platforms, online pharmacies, and its own branded websites.
Financially, Hexagon Nutrition reported a net profit of Rs 27.03 crore on a revenue of Rs 275.57 crore for the nine months ending December 31, 2025. For the full financial year 2024-25, the company recorded a net profit of Rs 24.38 crore with a revenue of Rs 331.29 crore. The company's current market capitalization stands at just over Rs 553 crore.
Anchor Investors and Allocation Details
Ahead of the IPO, Hexagon Nutrition successfully raised Rs 41.66 crore from anchor investors, allocating 92,57,696 equity shares at Rs 45 apiece. Notable anchor investors included Bandhan Small Cap Fund, Ampersand Growth Opportunities Fund Scheme-I, CP Capital Limited, Visionary Value Fund, and Innovative Vision Fund.
The IPO allocation reserves 50 percent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will receive 15 percent, and retail investors will be allocated 35 percent of the shares.
Grey Market Premium and Listing Details
The grey market premium (GMP) for Hexagon Nutrition shares was last reported at Rs 10-12 per share, indicating a potential listing gain of approximately 27 percent for investors. Cumulative Capital and Catalyst Capital Partners are serving as the book-running lead managers for the IPO, with Kfin Technologies acting as the registrar. The shares are scheduled to be listed on both the BSE and NSE on June 12, 2026.
Brokerage Recommendations
- SBI Securities: Recommended 'Subscribe for long-term,' citing the company's strong position in a growing nutrition and wellness industry, diversified business model, and robust profitability growth.
- Swastika Investmart: Rated 'Subscribe with caution,' noting improving margins and profits with low debt, but highlighted risks such as the entirely OFS nature, low factory capacity utilization (30%), dependence on one segment, and past compliance issues.
- BP Equities: Issued a 'Subscribe' rating for medium-to-long-term, considering the company's leadership in the nutrition segment, integrated business model, strong brand portfolio, and favorable industry outlook.
- SMIFS: Recommended 'Subscribe,' emphasizing positive outlook across business verticals, strong growth in branded nutrition, benefits from regulatory-backed food fortification, and potential upside from ESG segment recovery.
- Master Capital Services: Advised 'Subscribe with caution,' recognizing Hexagon Nutrition's strong market position in India's nutrition sector, diversified portfolio, and export presence, but suggesting it as a potential long-term opportunity.
- Ventura Securities: Rated 'Subscribe,' highlighting key strengths like an integrated nutrition value chain, diversified product mix, strong R&D, and international footprint. Key risks identified include dependence on the premix segment, limited large customers, and suboptimal capacity utilization.
- Beacon Capital Advisors: Recommended 'Subscribe,' based on the company's leading position as a micronutrient formulation player, strong R&D, scalable manufacturing, and robust distribution network.