Hexagon Nutrition's IPO Sees Strong Demand on Day 2, Subscription Reaches 1.65x

Hexagon Nutrition IPO Sees Strong Investor Interest on First Day of Bidding

The initial public offering (IPO) of Hexagon Nutrition witnessed a significant amount of investor interest on its first day of bidding, with the issue achieving full subscription within hours of opening. The public issue is open for subscription from 5 June to 9 June 2026, while the company's shares are scheduled to be listed on the stock exchanges on 12 June 2026.

Ahead of the IPO launch, Hexagon Nutrition raised ₹41.66 crore from anchor investors. The company has fixed the IPO price band at ₹42-45 per share, valuing the issue at ₹138.87 crore at the upper end of the price range. Founded in 1993, Hexagon Nutrition began as a micronutrient formulations company before expanding into branded nutrition products. Its portfolio includes well-known brands such as Pentasure, Obesigo, and Pediagold, catering to the health, wellness, and clinical nutrition segments.

The company has built a global footprint spanning 75 countries and offers a diverse range of products, including micronutrient premixes, therapeutic and clinical nutrition solutions, fortified foods, and wellness products.

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Grey-Market Premium

Hexagon Nutrition IPO GMP today 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. The grey-market activity over the last 14 sessions shows that today's IPO GMP is on an upward trend and is expected to have a solid listing. The lowest GMP recorded is ₹0.00, while the highest is ₹12, according to experts.

IPO Details

Hexagon Nutrition IPO consists entirely of an offer-for-sale (OFS) of over 3.08 crore equity shares from the promoters. Because this is strictly an OFS, Hexagon Nutrition will not receive any funds from this offering, and all the proceeds will be directed to the selling shareholders. Cumulative Capital Pvt. Ltd. serves as the book-running lead manager, while Kfin Technologies Ltd. acts as the registrar for the issue.

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Brokerage Reviews

Brokerages have largely maintained a positive view on the Hexagon Nutrition IPO, citing the company's strong position in the nutrition and wellness segment, diversified business model, and favourable industry outlook. SBICAP Securities said Hexagon Nutrition operates in a structurally growing nutrition and wellness industry, supported by rising health awareness and increasing demand for fortified food products. The brokerage highlighted the company's diversified business model, leadership in premix formulations, and growing international presence as key strengths.

SBICAP Securities also pointed to the company's strong financial performance, with revenue, EBITDA, and profit after tax growing at CAGRs of 8%, 35.1%, and 104.6%, respectively, between FY23 and FY25. At the upper end of the price band of ₹45 per share, the IPO is valued at a P/E multiple of 15.3 times annualised 9MFY26 earnings. Based on its growth prospects and industry positioning, SBICAP Securities has recommended investors "Subscribe" to the issue with a long-term investment horizon.

BP Equities has also assigned a "Subscribe" rating to the IPO. The brokerage noted that at the upper end of the price band, the issue is valued at around 25.7 times FY25 earnings. It believes Hexagon Nutrition is well-positioned to deliver sustainable, long-term growth, backed by its leadership in the nutrition segment, its integrated business model, its established brand portfolio, its improving financial profile, and favourable industry dynamics. Accordingly, BP Equities has recommended the issue for investors with a medium- to long-term investment horizon.

Subscription Status

The ₹139-crore public issue attracted bids for 3.55 crore shares against 2.16 crore shares on offer, resulting in an overall subscription of 1.65 times, according to NSE data. The retail investor portion was subscribed 2.42 times, while the non-institutional investor (NII) category was booked 2.03 times. The Qualified Institutional Buyers (QIB) segment, however, did not receive bids on the first day.