Hexagon Nutrition IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 19.77x |
| NII | 161.49x |
| Retail (RII) | 26.85x |
| Total | 53.68x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 5 Jun 2026
- Close Date
- 9 Jun 2026
- Listing Date
- 12 Jun 2026
- Face Value
- ₹1
- Fresh Issue
- ₹0 Cr
- OFS
- ₹138.87 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 333 | ₹14,985 |
| Retail (Max) | 14 | 4,662 | ₹2,09,790 |
| B-HNI (Min) | 67 | 22,311 | ₹10,03,995 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 92,57,696 | 30% |
| QIB (ex-anchor) | 61,72,155 | 20% |
| NII | 46,28,956 | 15% |
| — sNII (< ₹10L) | 15,42,985 | 5% |
| — bNII (> ₹10L) | 30,85,971 | 10% |
| Retail | 1,08,00,897 | 35% |
| Total | 3,08,59,704 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 281.65 | 5.82 | 17.17 | 163.84 | 288.9 | 51.87 | — |
| FY 2024 | 304.62 | 12.21 | 24.88 | 176.29 | 250.54 | 36.89 | — |
| FY 2025 | 331.29 | 24.38 | 40.07 | 195.6 | 261.36 | 26.6 | — |
| Dec 2025 (interim) | 275.57 | 27.03 | 37.55 | 223.05 | 327.6 | 39.79 | 1.98 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 22.69x
- P/E (post-issue)
- 15.35x
- RoNW
- 12.12%
- RoE
- 13.02%
- RoCE
- 14.82%
- Debt / Equity
- 0.18
- EPS (pre-issue)
- ₹1.98
- EPS (post-issue)
- ₹2.93
- EBITDA Margin
- 14.03%
- PAT Margin
- 9.81%
- P/BV
- 2.48x
- NAV / share
- ₹18.15
- Market Cap
- ₹553.13 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Managers’ fees including brokerage and selling commission | ₹11.16 Cr |
| Commission/processing fee for - 167 A Self-Certified Syndicate Banks (SCSBs), Sponsor Bank, Bankers to the Offer, Brokerage, underwriting commission and selling commission and Bidding charges for Members of the Syndicate, Registered Brokers, RTAs and Collecting Depository Participant (CDPs) | ₹1.18 Cr |
| Fees payable to the Registrar to the Offer | ₹0.06 Cr |
| Fees payable to the other parties to the Offer includingA Statutory Auditors, Industry expert, Independent chartered engineer, Monitoring agency and Fees payable to legal counsel | ₹1.29 Cr |
| Others-Listing fees, SEBI filing fees, Upload fees,BSE and NSE processing fees, Book building software fees and other regulatory expenses | ₹1.05 Cr |
| Others-Printing and distribution of issue stationery | ₹0.24 Cr |
| Others-Advertising and marketing expenses | ₹0.97 Cr |
| Others-Miscellaneous | ₹0.44 Cr |
Promoters & Shareholding
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar
- Holding (pre-issue)
- 89.41%
- Holding (post-issue)
- 45.74%
- Dilution
- 43.67%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| BANDHAN SMALL CAP FUND | Other | 26,66,664 | ₹45 | 12 | 28.8% |
| AMPERSAND GROWTH OPPORTUNITIES FUND SCHEME-I | Other | 22,22,225 | ₹45 | 10 | 24% |
| CP Capital Ltd. | Other | 21,44,367 | ₹45 | 9.65 | 23.16% |
| VISIONARY VALUE FUND | Other | 11,12,220 | ₹45 | 5 | 12.01% |
| INNOVATIVE VISION FUND | Other | 11,12,220 | ₹45 | 5 | 12.01% |
Anchor bidding took place on 4 Jun 2026. Anchor lock-in: 50% of shares unlock on 9 Jul 2026, the remainder on 7 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Hexagon Nutrition | 1.75 | 15.91 | — | 12.46% |
| Nestle India Ltd | 16.63 | 21.35 | 88.86x | 77.91% |
| Zydus Wellness Ltd | 10.9 | 178.26 | 46.22x | 6.12% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Hexagon Nutrition IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Hexagon Nutrition IPO
The Hexagon Nutrition mainboard IPO runs from 5 Jun 2026 to 9 Jun 2026, offered at a price band of ₹42–45 per share, and is set to list on NSE and BSE. The company is looking to raise ₹138.87 crore through the offer. Retail investors bid in lots of 333 shares, a minimum application of ₹14,985.
Issue structure
The IPO is structured entirely as an offer for sale of ₹138.87 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.
Financials
In FY2025, Hexagon Nutrition reported revenue of ₹275.57 crore and a net profit of ₹27.03 crore. Revenue declined from ₹281.65 crore in FY2023 to ₹275.57 crore in FY2025 (-2.0%). Net worth stood at ₹223.05 crore at the end of FY2025. At the upper band, that puts the issue at roughly 22.7× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.35× post-issue earnings and 2.48× book value, against a return on net worth of 12.12% and a debt-to-equity ratio of 0.18. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Nestle India Ltd and Zydus Wellness Ltd, with a median peer P/E of about 67.5×. The issue's own post-issue P/E works out to 15.35×.
Promoters
The promoters of the company are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar. Promoter holding stands at 89.41% before the issue and comes down to 45.74% after listing.
Subscription
The Hexagon Nutrition IPO was subscribed 53.68 times overall. The strongest demand came from non-institutional investors (NII) at 161.49 times, with qualified institutional buyers (QIB) at 19.77× and retail investors at 26.85×.
Listing performance
Hexagon Nutrition listed on 12 Jun 2026 at ₹48, a premium of +6.7% over the issue price of ₹45.
What to weigh
When evaluating the Hexagon Nutrition IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Hexagon Nutrition
Hexagon Nutrition Ltd. is a research-focused nutrition company engaged in the development and manufacturing of micronutrient premixes, wellness and clinical nutrition products, therapeutic formulations, and ready-to-use nutritional foods. The company operates four manufacturing facilities, including three in India at Nasik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu), and one overseas facility in Tashkent, Uzbekistan. The Chennai and Thoothukudi units are located in Special Economic Zones (SEZs), offering operational benefits such as port connectivity and access to duty-free imports. Its product portfolio is broadly divided into three categories: Branded wellness and clinical nutrition products serving the B2C segment Premix formulations catering to B2B2C customers Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs) developed under its ESG-focused nutrition initiatives Hexagon Nutrition has built a PAN-India omnichannel distribution network that reaches customers through retail pharmacies, hospital networks, e-commerce platforms, online pharmacies, and its own branded websites, including Pentasure, Obesigo, Pediagold, and Nutrone. For domestic distribution, the company partners with over 342 distributors across India, including 8 distributors with multi-state operations. The company also maintains an international presence through offices in South Africa, Uzbekistan, and Hong Kong, supporting its global operations. Between fiscals 2023 and 2025, its products were exported to more than 75 countries across Asia, Africa, Europe, and South America.
Hexagon Nutrition — Contact Details
- Registered office
- 404 Global Chamber, Adarsh Nagar Link Road, Andheri (West), Mumbai, Maharashtra, 400053
- Phone
- +91 22 6213 6710
- Website
- hexagonnutrition.com/
- Registrar (IPO queries)
- hexagon.ipo@kfintech.com
Frequently asked questions
- What is the Hexagon Nutrition IPO price band?
- The Hexagon Nutrition IPO price band is ₹42 to ₹45 per share, with a lot size of 333 shares.
- When does the Hexagon Nutrition IPO open and close?
- The Hexagon Nutrition IPO opens on 5 Jun 2026 and closes on 9 Jun 2026.
- When is the Hexagon Nutrition IPO allotment and listing date?
- The shares are scheduled to list on 12 Jun 2026 on NSE and BSE.
- How many times was the Hexagon Nutrition IPO subscribed?
- The Hexagon Nutrition IPO was subscribed 53.68 times in total across all investor categories.
- What is the reservation split in the Hexagon Nutrition IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Hexagon Nutrition and what is their holding?
- The promoters are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar. Promoter holding is 89.41% before the issue and 45.74% after listing.
- What is the P/E ratio of the Hexagon Nutrition IPO?
- At the upper price band, the Hexagon Nutrition IPO is valued at 22.69× pre-issue earnings and 15.35× post-issue earnings, based on the financials disclosed in the offer document.
- Who are the lead managers and registrar of the Hexagon Nutrition IPO?
- The book-running lead managers are Cumulative Capital Pvt.Ltd., Catalyst Capital Partners Pvt.Ltd..
- Is Hexagon Nutrition a Mainboard or SME IPO?
- Hexagon Nutrition is a Mainboard IPO, listing on NSE and BSE.