The Hexagon Nutrition IPO attracted robust investor demand during the first two days of bidding, with the issue witnessing strong subscription across investor categories.
Hexagon Nutrition IPO opened for subscription on 5 June, and closes on 9 June. Hexagon Nutrition shares are proposed to be listed on the stock exchanges on 12 June 2026.
Ahead of the IPO launch, Hexagon Nutrition mobilised ₹41.66 crore from anchor investors, reflecting strong institutional interest in the offering. Hexagon Nutrition IPO price band has been fixed at ₹42-45 per share, with the IPO size pegged at ₹138.87 crore at the upper end of the band.
Established in 1993, Hexagon Nutrition started as a micronutrient formulations company and has since evolved into a diversified nutrition-focused business. Its product portfolio includes popular brands such as Pentasure, Obesigo, and Pediagold, serving the health, wellness, and clinical nutrition segments.
The company has expanded its presence across 75 countries and offers a broad range of products, including micronutrient premixes, therapeutic and clinical nutrition solutions, fortified foods, and wellness products, positioning itself as a global player in the nutrition and healthcare space.
Hexagon Nutrition IPO GMP today
Hexagon Nutrition IPO GMP is ₹6.5. Considering the upper end of the IPO price band and the current grey-market premium, the estimated listing price of Hexagon Nutrition shares is ₹51.5 apiece, which is 14.44% above the IPO price of ₹145.
Based on grey-market activity over the last 15 sessions, today’s IPO GMP is showing an upward trend and is anticipated to have a strong listing. Experts indicate that the lowest GMP recorded is ₹0.00, while the highest GMP is ₹12.
Hexagon Nutrition IPO details
The Hexagon Nutrition IPO is an offer-for-sale (OFS) comprising more than 3.08 crore equity shares offered by its promoters. As this is strictly an OFS, Hexagon Nutrition will not acquire any funds from this offering, and all proceeds will go to the selling shareholders. Cumulative Capital Pvt. Ltd. is the book-running lead manager, and Kfin Technologies Ltd. serves as the registrar for the issue.
Hexagon Nutrition IPO review
SBICAP Securities has assigned a “Subscribe” rating to the Hexagon Nutrition IPO, citing the company’s strong positioning in the nutrition and wellness industry, which is benefiting from rising health awareness and growing demand for fortified food products. The brokerage highlighted Hexagon’s diversified business model, leadership in premix formulations, and expanding international footprint as key strengths. It also pointed to the company’s healthy financial performance, with revenue, EBITDA, and profit after tax recording compound annual growth rates (CAGR) of 8%, 35.1%, and 104.6%, respectively, between FY23 and FY25. At the upper end of the price band of ₹45 per share, SBICAP noted that the IPO is valued at 15.3 times annualised 9MFY26 earnings and recommended subscribing to the issue from a long-term perspective.
BP Equities has also maintained a “Subscribe” rating on the issue. The brokerage believes Hexagon Nutrition is well positioned to deliver sustainable growth, supported by its leadership in the nutrition segment, an integrated business model, anestablished brand portfolio, improving financial metrics, and favourable industry trends. BP Equities noted that the IPO is valued at around 25.7 times FY25 earnings at the upper end of the price band and recommended the issue for investors with a medium- to long-term investment horizon.
Swastika Investmart acknowledged the company’s improving financial profile, highlighting that EBITDA margins have expanded from 6.2% in FY23 to 14% in the first nine months of FY26, while profit after tax has nearly quadrupled over the past two years. The brokerage also noted the company’s low debt levels, with a debt-to-equity ratio of 0.18, and stated that the business appears to be on a positive growth trajectory.
However, Swastika Investmart flagged several concerns, including that the IPO is an entirely offer-for-sale, meaning the company will not receive any proceeds from the issue. It also pointed out that promoters are partially exiting at significantly higher valuations than their original investment cost, manufacturing facilities are operating at only around 30% capacity utilisation, and the business remains dependent on a limited number of segments. The brokerage further highlighted certain past compliance-related issues.
Given the opportunities and risks, Swastika Investmart advised investors to consider the IPO only with a two- to three-year investment horizon, rather than for short-term listing gains. While it views Hexagon Nutrition as a fundamentally sound business, it cautioned that the stock carries the inherent risks of a small-cap company.
Hexagon Nutrition IPO subscription status
Hexagon Nutrition IPO subscription status is 10.98x on day 3, so far. The retail portion is subscribed 11.71x, and NII portion has been booked 24.80x, QIBs portion received 19% bids.
The company has received bids for 24,24,89,934 shares against 2,16,02,008 shares on offer at 11:09 IST, according to BSE data.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
