HEXAGON NUTRITION LTD IPO: Company Review, Subscription and Allotment Updates
2026-06-05 — Company overview and issue details HEXAGON NUTRITION LTD IPO (ABOUT THE COMPANY) HEXAGON NUTRITION LTD – COMPANY BACKGROUND Hexagon Nutrition Ltd is a 23-year-old company that is into the business of manufacturing products…
2026-06-05 — Company overview and issue details
HEXAGON NUTRITION LTD IPO (ABOUT THE COMPANY)
HEXAGON NUTRITION LTD – COMPANY BACKGROUND
Hexagon Nutrition Ltd is a 23-year-old company that is into the business of manufacturing products across micronutrient pre-mixes, branded wellness, clinical nutrition, and ready to use foods. It operates 3 manufacturing units at Nashik, Chennai, and Thoothukudi (TN); apart from an international unit in Tashkent. Two of the units in the state of Tamil Nadu are located in the Special Economic Zone (SEZ), providing proximity to ports and duty-free imports. Its pan-India omnichannel distribution spans retail pharmacies, hospitals, ecommerce platforms, etc; with a distributor network of 358 across India. It also has an in-house R&D facility with 12 qualified R&D professionals.
Hexagon Nutrition Ltd has been promoted by Arun Purushottam Kelkar, Vikram Arun Kelkar, Nikhil Arun Kelkar, and Aditya Kelkar. The IPO is entirely an offer for sale (OFS) of shares, with no fresh issue component. The OFS is more to give exit to key promoter shareholders and to list the stock on the bourses. The issue is being lead-managed by Cumulative Capital and Catalyst Capital; while KFIN Technologies Ltd (KFINTECH) are the registrars to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF HEXAGON NUTRITION LTD
Here are the key highlights of the public issue of Hexagon Nutrition Ltd.
The IPO is open from June 05th, 2026 to June 09th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹42 to ₹45 per share.
The IPO of Hexagon Nutrition Ltd will entirely be an offer for sale (OFS) of shares by the promoters and promoter group shareholders; with no fresh issue component.
The OFS portion comprises the sale of 3,08,59,704 shares (308.60 lakh shares), which at the upper price band of ₹45 per share translates into an OFS size of ₹138.87 crore.
As there is no fresh issue component, the overall IPO will comprise of the OFS portion 3,08,59,704 shares (308.60 lakh shares), which at the upper price band of ₹45 per share translates into overall issue size of ₹138.87 crore.
While overall shares outstanding will remain the same; the promoter holding in the company will come down due to the dilutive impact of the OFS sale from 89.41% to 64.29% of the total shares outstanding.
The IPO of Hexagon Nutrition Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on June 04, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Hexagon Nutrition Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Friday, 5 June, 2026 |
| IPO Close Date | Tuesday, 9 June, 2026 |
| Basis of Allotment | Wednesday, 10 June, 2026 |
| Initiation of Refunds to non-allottees | Thursday, 11 June, 2026 |
| Credit of Shares to Demat | Thursday, 11 June, 2026 |
| Listing Date on NSE and BSE | Friday, 12 June, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 92,57,696 shares | 30.00% of total IPO size |
| QIB Shares Offered | 61,72,155 shares | 20.00% of total IPO size |
| NII (HNI) Shares Offered | 46,28,956 shares | 15.00% of total IPO size |
| Retail Shares Offered | 1,08,00,897 shares | 35.00% of total IPO size |
| Total Shares Offered | 3,08,59,704 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Hexagon Nutrition Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 333 | ₹ 14,985 |
| Retail (Max) | 13 | 4,329 | ₹ 1,94,805 |
| S-HNI (Min) | 14 | 4,662 | ₹ 2,09,790 |
| S-HNI (Max) | 66 | 21,978 | ₹ 9,89,010 |
| B-HNI (Min) | 67 | 22,311 | ₹ 10,03,995 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 333 shares)
FINANCIAL HIGHLIGHTS OF HEXAGON NUTRITION LTD
The table captures the key financials of Hexagon Nutrition Ltd for last 3 financial years. For FY26, the company has only filed data for the first 9 months.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 324.93 | 297.73 | 278.50 |
| Sales Growth (%) | 9.14% | 6.90% | |
| Profit after Tax (₹ in crore) | 24.38 | 12.21 | 6.10 |
| PAT Margins (%) | 7.50% | 4.10% | 2.19% |
| Total Equity (₹ in crore) | 194.18 | 175.87 | 163.08 |
| Total Assets (₹ in crore) | 261.36 | 250.54 | 288.90 |
| Return on Equity (%) | 12.55% | 6.94% | 3.74% |
| Return on Assets (%) | 9.33% | 4.87% | 2.11% |
| Asset Turnover Ratio (X) | 1.24 | 1.19 | 0.96 |
| Earnings per share (₹) | 1.75 | 0.99 | 0.47 |
| EBITDA (₹ in Crore) | 40.07 | 24.88 | 17.17 |
| EBITDA Margins (%) | 12.33% | 8.36% | 6.17% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has shown a steady trend in revenues while the net profit margins have also grown from 2.2% to 7.5% between FY23 and FY25. During the same period, the EBITDA margins have doubled to 12.33%, while the asset turnover ratio has stayed above 1%, showing proper sweating of assets.
VALUATION METRICS OF HEXAGON NUTRITION LTD IPO
At the IPO price of ₹45 per share, the indicative P/E comes to about 25.7X at the FY25 full-year EPS of ₹1.75 per share. However, if the annualized EPS of the 9 months of FY26 is considered, then the P/E looks more reasonable at 15.3X. A lot will depend on how the company builds earnings traction in a highly competitive business.
Apart from the relative attractive valuations, the company brings some added advantages to the table like a broad-based portfolio of wellness products, long standing client relationships, diversified manufacturing base and strong omnichannel networks for product distribution. The only concern that investors need to focus on is the relatively high level of current ratio and quick ratio, which shows a large amount locked up in current assets!
2026-06-05 — Anchor allocation
HEXAGON NUTRITION LTD IPO (ANCHOR ALLOCATION 30.00%)
BRIEF ON ANCHOR ALLOCATION OF HEXAGON NUTRITION LTD
The anchor issue of Hexagon Nutrition Ltd saw a strong response on 04th June 2026 with 30.00% of the IPO size absorbed by anchors. Out of 3,08,59,704 shares (308.60 lakh shares) on offer in the IPO, anchors picked up 92,57,696 shares (92.58 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹45 per share. This includes the face value of ₹1 per share plus a share premium of ₹44 per share. The anchor bidding opened and closed on 04th June 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Hexagon Nutrition Ltd
| Bid Date | June 04, 2026 |
|---|---|
| Shares Offered | 92,57,696 shares |
| Anchor Portion Size (₹ in crore) | ₹41.66 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Jul 10, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sep 08, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN HEXAGON NUTRITION LTD
On 02nd June 2026, Hexagon Nutrition Ltd allotted 92,57,696 shares to 5 anchor investors. The allocation was done at the upper IPO price band of ₹45 per share which resulted in overall anchor allocation of ₹41.66 crore. The anchors have already absorbed 30.00% of the total issue size of ₹138.87 crore. Listed below are the Top 5 IPO anchor investors who accounted for anchor collection of ₹41.66 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of Hexagon Nutrition Ltd. The individual anchor allocation of top-10 investors is captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Bandhan Small Cap Fund | 26,66,664 | 28.82% | ₹ 12.000 |
| 02 | Ampersand Growth Opportunities Fund - I | 22,22,225 | 24.00% | ₹ 10.000 |
| 03 | CP Capital Ltd | 21,44,367 | 23.16% | ₹ 9.650 |
| 04 | Visionary Value Fund | 11,12,220 | 12.01% | ₹ 5.005 |
| 05 | Innovative Vision Fund | 11,12,220 | 12.01% | ₹ 5.005 |
| Grand Total | 92,57,696 | 100.00% | ₹ 41.660 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 92,57,696 shares allocated to the anchors in the IPO, there were a total of 26,66,664 shares allocated to mutual funds registered with SEBI. The allocation was made to 1 mutual fund schemes of a single AMC. Mutual funds accounted for 28.82% of the total anchor allocation of the IPO.
There was no anchor allocation made to life insurance companies regulated by IRDA. Apart from domestic mutual funds; the rest of the anchor allocation was made to alternate investment funds (AIFs).
NEXT STEPS IN HEXAGON NUTRITION LTD IPO
Post the closure of the IPO subscription on 09th June 2026, the basis of allotment will be finalized on 10th June 2026 and the refunds will be initiated on 11th June 2026. In addition, the demat credits are expected to also happen on 11th June 2026 and the stock will list on 12th June 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th June 2026 under ISIN (INE0JUI01012).
2026-06-10 — Day-3 subscription update
Hexagon Nutrition Ltd (Day-3 Final Subscription at 53.68 times)
HEXAGON NUTRITION LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.15 pm on 09th May 2026, out of the 216.02 lakh shares on offer in the IPO (excluding anchor portion), Hexagon Nutrition Ltd saw bids for 11,596.14 lakh shares. This implies an overall subscription of 53.68X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Hexagon Nutrition Ltd was as under:
| Employees (N.A.) | QIBs (19.77X) | HNI / NII (161.49X) | Retail (26.85X) |
|---|
The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. While the QIB portion saw heavy subscription on the last day, the HNI / NII portion also saw bulk of corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 30.00% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 92,57,696 | 92,57,696 | 41.66 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 19.77 | 61,72,155 | 12,20,36,508 | 549.16 |
| HNIs / NIIs | 161.49 | 46,28,956 | 74,75,41,377 | 3,363.94 |
| Retail Investors | 26.85 | 1,08,00,897 | 29,00,35,674 | 1,305.16 |
| Total | 53.68 | 2,16,02,008 | 1,15,96,13,559 | 5,218.26 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Hexagon Nutrition Ltd was open up to May 09, 2026, and has closed for subscription as of the close of trading hours on May 09, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹5,259.92 crore.
NEXT STEPS IN THE HEXAGON NUTRITION LTD IPO
Post the closure of the IPO subscription on 09th June 2026, the basis of allotment will be finalized on 10th June 2026 and the refunds will be initiated on 11th June 2026. In addition, the demat credits are expected to also happen on 11th June 2026 and the stock will list on 12th June 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th June 2026 under ISIN (INE0JUI01012).
Interested in applying for this IPO?
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