Hexagon Nutrition IPO opens today: Should you apply or not — Check price band, GMP & more

Hexagon Nutrition is set to launch its initial public offering on Friday, June 05, which can be subscribed until Tuesday, June 09. The company is selling its shares in the range of Rs 42-45 per share where investors can apply for a minimum of 333 equity shares and its multiples thereafter. Each lot shall cost Rs 14,985 at the upper end of the price band.

The IPO of Hexagon Nutrition is entirely an offer-for-sale of up to 3,08,58,704 equity shares by its promoters offloading the stake, amounting to Rs 138.86 crore. The company will not receive any proceeds from the IPO and entire net proceeds shall go to the selling shareholders.

Incorporated in 1993, Mumbai-based Hexagon Nutrition is a research-driven nutrition company. It is engaged in developing and manufacturing products across micronutrient premixes, branded wellness and clinical nutrition, therapeutic formulations, and ready-to-use foods.

It operates three manufacturing facilities in India, located at Nasik (Maharashtra), Chennai and Thoothukudi (Tamil Nadu), along with an international unit in Tashkent, Uzbekistan. Hexagon Nutrition has a PAN-India omnichannel distribution network covering retail pharmacies, hospital networks, e-commerce platforms, online pharmacies, and its own branded websites.

Ahead of its IPO, Hexagon Nutrition raised 41.66 crore from anchor investors as it allocated 92,57,696 equity shares for Rs 45 apiece. Its anchor book included names like Bandhan Small Cap Fund, Ampersand Growth Opportunities Fund Scheme-I, CP Capital Limited, Visionary Value Fund, and Innovative Vision Fund.

For the nine-months ended on December 31, 2025, Hexagon Nutrition reported a net profit of Rs 27.03 crore, with a revenue of Rs 275.57 crore. The company clocked a net profit of Rs 24.38 crore with a revenue of Rs 331.29 crore for the financial year 2024-25. At the current valuations, Hexagon Nutrition is commanding a market capitalization little more than Rs 553 crore.

The company has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) and retail investors will get 15 per cent and 35 per cent of the allocation in the IPO. Last heard, the company was commanding a grey market premium (GMP) of Rs 10-12 per share, suggesting a 27 per cent listing pop for the investors.

Cumulative Capital and Catalyst Capital Partners are the the book running lead managers of Hexagon Nutrition IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on June 12, 2026. Here’s a host of brokerage firms say about the IPO of Hexagon Nutrition:
 

SBI Securities
Rating: Subscribe for long-term
Hexagon Nutrition operates in a structurally growing nutrition and wellness industry, supported by increasing health awareness and rising demand for fortified food products. The company benefits from a diversified business model and holds a strong position in premix formulations, backed by its global presence, said SBI Securities.

“It has demonstrated robust profitability growth, with revenue, ebitda and PAT growing at a CAGR of 8 per cent, 35.1 per cent and 104.6 per cent  respectively over FY23–FY25. The IPO is valued at a P/E multiple of 15.3 times based on annualized 9MFY26 earnings. We recommend investors to ‘subscribe’ to the issue for long-term investment horizon,” it adds.
 

Swastika Investmart
Rating: Subscribe with caution
Margins and profits improving every year with low debt and the business is on the right track. Ebitda margins doubled to 14 per cent 9MFY26 nearly three years, while PAT quadrupled in 2 years with light debt-to-equity ration of 0.18, said Swastika Investmart which sees it as a good business, but risky as a small-cap bet

The brokerage added at the P/E multiple of 23 times is not overpriced compared to the peers but smaller scale limits the scope of comparison. Entirely offer-for-sale and promoters are minting 35-93 times of their acquired cost. Factories running at only 30 per cent capacity and it is ti dependent on one segment. Some past compliance issues,” it added with a ‘subscribe with caution’ rating.

BP Equities
Rating: Subscribe
The issue is valued at a P/E of around 25.7 times based on FY25 earnings. Considering its leadership position in the nutrition segment, integrated business model, strong brand portfolio, improving financial profile, and favorable industry outlook, the company is well-positioned to deliver sustainable long-term growth, said BP Equities with a ‘subscribe’ for a medium-to-long-term rating. 

SMIFS
Rating: Subscribe
The outlook remains positive across all business verticals. Branded nutrition continues to deliver strong growth, supported by healthcare professional engagement, geographic expansion, new therapy areas and additional product formats. The premix business benefits from regulatory-backed food fortification demand, while the ESG segment offers upside if global procurement cycles normalise, said SMIFS.

“Recovery in ESG revenues, continued B2C mix improvement, and utilisation levels moving toward 40–45 per cent could materially enhance profitability and return ratios. Supported by strong cash generation, a low-leverage balance sheet, and improving ROE and ROCE, we recommend subscribe to the issue as a good long term investment.,” it added.

Master Capital Services
Rating: Subscribe with caution
Hexagon Nutrition is well-positioned to benefit from growing demand across nutrition segments, supported by its diversified portfolio, integrated manufacturing capabilities, established brands, and export presence in over 75 countries, said Master Captial Services.

“As one of India’s largest premix manufacturers and a leading supplier of Micronutrient Powders under UN programs, it is well placed to capitalize on opportunities in food fortification, clinical nutrition, and wellness products. Investors may consider the IPO as a potential long-term investment opportunity,” it added.

Ventura Securities
Rating: Subscribe
Key strengths include a fully integrated nutrition value chain (R&D → manufacturing → distribution), diversified product mix across wellness, clinical and therapeutic nutrition, strong R&D and quality accreditations, and an established international footprint and export mix, said Ventura Securities.

“Key risks are dependence on the premix segment and a limited set of large customers (top 5–10 together form a significant portion of revenue), regulatory/quality risks at manufacturing sites (including past facility reconstruction at Nashik), sourcing/raw material price volatility and suboptimal capacity utilisation,” it added with a ‘subscribe’ rating.

Beacon Capital Advisors
Rating: Subscribe
It is leading micronutrient formulation player backed by strong R&D, scalable manufacturing, and a robust pan-India omnichannel distribution network. Its focus is on innovation and new product development positions the company to capitalize on evolving health and wellness trends, said Beacon Capital with a ‘subscribe’ rating,