Two Companies to Watch in Upcoming IPOs: CMR Green and Hexagon Nutrition

India's Primary Market Sees Two New Entrants: CMR Green Technologies and Hexagon Nutrition

India's primary market has welcomed two new entrants this week, as CMR Green Technologies and Hexagon Nutrition opened their initial public offerings (IPOs) for subscription. Both companies have structured their IPOs as pure Offer for Sale (OFS) issues, funneling all proceeds to selling shareholders rather than the companies themselves.

CMR Green Technologies Limited

CMR Green Technologies Limited, an aluminium recycling company, opened its IPO for subscription on Tuesday, June 3, 2026. The issue will remain open through June 5, 2026, with a price band set at Rs 182 to Rs 192 per share. The IPO is a book-built issue aggregating Rs 630.88 crore, structured entirely as an Offer for Sale of 3,28,58,323 equity shares by existing shareholders. The company will not receive any proceeds from the offering, as all funds will flow to the selling shareholders. The face value of each share is Rs 2, and the pre-IPO market capitalisation stands at Rs 4,205.87 crore.

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CMR Green Technologies is a non-ferrous metal recycling company engaged in manufacturing recycled aluminium alloys, zinc alloys, aluminium billets, and metal scrap products. Incorporated in 2006, the company primarily caters to automotive OEMs and Tier-1 component manufacturers across India. The company has an established position in India's non-ferrous metal recycling industry, and a diversified product portfolio spanning aluminium, zinc, and metal scrap products.

The minimum retail application is 78 shares at ₹14,976 based on the upper price band. Small non-institutional investors must apply for a minimum of 14 lots (1,092 shares) amounting to Rs 2,09,664, while big non-institutional investors must apply for at least 67 lots (5,226 shares) amounting to Rs 10,03,392. Up to 1,43,678 shares have been reserved for employees, who are eligible for a discount of Rs 18 per share.

Allotment is expected to be finalised on June 8, 2026. The shares are tentatively scheduled to list on both BSE and NSE on June 10, 2026.

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Hexagon Nutrition Ltd

Hexagon Nutrition Ltd, a Mumbai-based nutrition company, will open its initial public offering for subscription on June 5, 2026. The issue will remain open through June 9, 2026, with a price band of Rs 42 to Rs 45 per equity share. The IPO is a book-built issue aggregating Rs 138.87 crore, structured entirely as an Offer for Sale of 3,08,59,704 equity shares by existing shareholders. The company will not receive any proceeds from the offering. Promoters Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Aditya Kelkar, and Nutan Subhash Kelkar are among the selling shareholders. The face value of each share is Re 1, and the pre-IPO market capitalisation stands at Rs 553.13 crore.

Incorporated in 1993, Hexagon Nutrition is a nutrition company engaged in developing, manufacturing, and marketing products across micronutrient premixes, branded wellness, clinical nutrition, therapeutic formulations, and ready-to-use foods. The company operates three manufacturing facilities in India — at Nashik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu) — along with an overseas facility in Tashkent, Uzbekistan. The Chennai and Thoothukudi facilities are located within Special Economic Zones.

Revenue from operations rose 9 percent year-on-year to Rs 324.92 crore in FY25, compared to Rs 297.7 crore in FY24. Profit after tax jumped 99.5 percent year-on-year to Rs 24.3 crore in FY25 from Rs 12.2 crore in FY24. PAT margin stood at 12.33 percent in FY25, compared to 8.36 percent in FY24 and 6.17 percent in FY23.

The company exports to over 75 countries, which contributes more than 61 percent of revenue. Hexagon Nutrition carries a debt-to-equity ratio of 0.18.

The lot size is 333 shares. Per the RHP, 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. Share allotment is expected to be finalised on June 10, 2026. The shares are tentatively scheduled to list on both BSE and NSE on June 12, 2026.