Hexagon Nutrition Limited, an established research-oriented nutrition company, will open its mainboard initial public offering (IPO) for public subscription on Friday, June 5, 2026. The ₹138.87 crore initial share sale comes amid evolving market trends in the wellness and healthcare sector. Capital market participants are tracking the company’s regulatory disclosures alongside its unofficial grey market sentiment ahead of the launch
Hexagon Nutrition Initial Public Offering Structure and Timeline
According to the regulatory Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI), Hexagon Nutrition has established a price band of ₹42 to ₹45 per equity share for the public issue. The three-day subscription window opens on June 5, 2026, and is scheduled to conclude on Tuesday, June 9, 2026. Prior to the public bidding process, the anchor investor segment commenced on Thursday, June 4, 2026.
The entire issue comprises an Offer for Sale (OFS) of 3,08,59,704 equity shares, with a face value of ₹1 per share. Because the offering is structured entirely as a secondary market sale by existing shareholders, Hexagon Nutrition will not receive any fresh capital from the proceeds. Instead, the total capital raised will be distributed to the selling promoters, which include members of the Kelkar family: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Aditya Kelkar, and Nutan Subhash Kelkar. Following the completion of the public offering, the promoter group's equity stake is projected to adjust from 79.10% to approximately 56.92%.
Financial Analysis and Commercial Performance
Data from the company's financial statements highlight sustained upward movement in profitability. For the fiscal year ended March 31, 2025 (FY25), Hexagon Nutrition recorded a revenue from operations of ₹324.93 crore, a rise from the ₹297.73 crore generated during FY24. The company's profit after tax (PAT) saw a significant sharp expansion, jumping to ₹24.38 crore in FY25 compared to ₹12.21 crore in the prior fiscal period.
| Financial Parameter | FY 2024-25 (₹ Crore) | FY 2023-24 (₹ Crore) | Nine Months Ended Dec 31, 2025 (₹ Crore) |
| Revenue from Operations | 324.93 | 297.73 | 267.58 |
| Profit After Tax (PAT) | 24.38 | 12.21 | 27.03 |
| EBITDA | 40.07 | 24.88 | 37.55 |
| EBITDA Margin (%) | 12.33% | 8.36% | 14.03% |
By the end of the nine-month period concluding on December 31, 2025, Hexagon Nutrition recorded operational revenues of ₹267.58 crore and a net profit of ₹270.3 million (₹27.03 crore), underscoring stronger operational efficiencies as its EBITDA margin expanded to 14.03%. The company maintains a healthy balance sheet position, reporting a debt-to-equity ratio of 0.18 as of late 2025.
Manufacturing Facilities and Global Footprint
Founded in 1993, Hexagon Nutrition operates across multiple segments of the clinical, therapeutic, and wellness product sectors. The company specializes in manufacturing custom micronutrient premixes, ready-to-use therapeutic foods, and specialized wellness products under popular consumer brands such as Pentasure, Obesigo, and Pediagold.
The firm runs three domestic manufacturing units across India, located in Nashik (Maharastra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu). Its facilities in Chennai and Thoothukudi are strategically situated within Special Economic Zones (SEZs), providing logistics and trade advantages, including duty-free imports and direct proximity to major maritime transport hubs. Additionally, the company manages an international production facility located in Tashkent, Uzbekistan. Regulatory documents show that between FY23 and FY25, Hexagon Nutrition exported its goods to more than 75 countries spanning Asia, Africa, South America, and Europe.
Grey Market Premium and Investor Allocations
As of June 4, 2026, trackings from informal public market sources indicate that the Hexagon Nutrition IPO Grey Market Premium (GMP) is trading flat at ₹0. Market analysts note that a flat GMP suggests muted or cautious sentiment among unlisted traders ahead of the actual subscription opening. However, capital market professionals emphasize that grey market premiums are purely unofficial indicators, completely unregulated by SEBI, and subject to highly volatile shifts depending on formal institutional subscription numbers.
Official Sources Section
The operational, logistical, and historical financial disclosures outlined across this report are sourced explicitly from Hexagon Nutrition Limited's official Red Herring Prospectus (RHP) filed with the capital markets regulator, alongside administrative circulars uploaded to the National Stock Exchange of India (NSE) and the BSE Limited. The transaction's primary registrar handles investor application workflows via KFin Technologies Limited.
Executive and Advisory Statements
The investment banking entities managing the book-building processes are coordinating directly with exchange officials.
"According to officials from Cumulative Capital Private Limited and Catalyst Capital Partners Private Limited, acting as the joint Book Running Lead Managers, the formal operational steps regarding the initialization of the anchor book on June 4 have proceeded exactly as scheduled under the prescribed framework."
Furthermore, company organizers stated that the central objective of the stock exchange listing is to formalize corporate corporate structures, enhance brand presence across global markets, and offer an organized liquidity window to early-stage investors.
Why It Matters
For retail and institutional investors, the Hexagon Nutrition IPO presents an investment avenue into a pure-play, research-driven clinical nutrition company, a segment with relatively limited direct representation on Indian stock exchanges. While the secondary nature of the transaction means no new funds will enter the company's balance sheet for asset acquisition or debt reduction, the firm's established international footprint across 75 countries and strong operational cash flows over successive fiscal terms provide a foundation for transparent public market valuation.
Key Facts at a Glance
Issue Size: Completely structured as an Offer for Sale (OFS) of 3.08 crore shares aggregating up to ₹138.87 crore.
Price Band and Investment Size: Set at ₹42 to ₹45 per share, requiring a minimum retail layout of ₹14,985 for 333 shares.
Key Dates: Opens on June 5, 2026, closes on June 9, 2026, with the tentative listing set for June 12, 2026, on both the BSE and NSE platforms.
Financial Position: Reported ₹24.38 crore profit after tax for FY25, alongside an increasing EBITDA margin reaching 14.03% in the nine months ended December 2025.
Frequently Asked Questions (FAQ)
What is the current Grey Market Premium (GMP) for the Hexagon Nutrition IPO?
As of June 4, 2026, the unofficial grey market premium stands at ₹0, pointing to a flat initial demand curve in the unregulated gray market prior to the formal opening of public bidding.
Will Hexagon Nutrition use the IPO proceeds to expand its manufacturing units?
No. This initial public offering is a 100% Offer for Sale (OFS). All capital raised from successful bids will go straight to the exiting promoter shareholders, not to the company's operating funds.
When will the allotment status be finalized and visible to applicants?
The basis of share allotment is tentatively expected to be wrapped up on Wednesday, June 10, 2026. Blocked bank funds will be unallocated, and shares will hit successful Demat accounts by June 11, 2026.
Where are the company's primary production plants located?
The firm runs three factories in India (Nashik, Chennai, and Thoothukudi) and one international factory in Tashkent, Uzbekistan. Its plants in Chennai and Thoothukudi function within logistics-friendly SEZ zones.
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