Hexagon Nutrition IPO
LISTEDMAINBOARDSUBSCRIBEListing Performance
Listed
Issue Price
₹45
Listed On
12 Jun 2026
- Price Band
- ₹42 – ₹45
- Lot Size
- 333
- Lot Value
- ₹14,985
- Open Date
- 05 Jun 2026
- Close Date
- 09 Jun 2026
- Min Investment
- ₹14,985
Hexagon Nutrition — Live Stock Performance
IPO Timeline
Issue Opens
05 Jun 2026 · Fri
Issue Closes
09 Jun 2026 · Tue
Bidding Cut-off (UPI Mandate)
09 Jun 2026 · 5:00 PM IST
Allotment
10 Jun 2026 · Wed
Listing
12 Jun 2026 · Fri
About Hexagon Nutrition
Hexagon Nutrition is a health and nutrition company offering branded wellness and clinical nutrition products, micronutrient premix formulations, and institutional nutrition solutions across India and over 75 countries. The company operates manufacturing facilities in Nashik (Maharashtra), Chennai (Tamil Nadu), and Uzbekistan, with commercial presence in South Africa and Hong Kong.
Revenue generated through three segments: branded B2C wellness and clinical nutrition products distributed offline and online; B2B2C premix formulations supplied to FMCG companies for product fortification; and institutional nutrition solutions.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Research-driven pure-play nutrition company with 30+ years of expertise since 1993
- •One of India largest micronutrient premix manufacturers and UN licensed supplier for global food fortification
- •Fully integrated across value chain — R&D, manufacturing, quality control to distribution
- •Exports to 75+ countries across Asia, Africa, Europe and South America — strong global presence
- •Three distinct business segments — B2B premixes, branded wellness (Pentasure, Obesigo) and clinical nutrition
- •Dedicated in-house R&D facilities at Nasik and Chennai supporting continuous product innovation
Risk Factors (6)
- •Entire IPO is 100% OFS — company receives zero proceeds from the offering
- •Revenue and customer concentration — significant dependence on limited number of large B2B clients
- •Export revenue vulnerable to regulatory, economic and geopolitical developments in overseas markets
- •Raw material price volatility for micronutrient inputs directly impacts manufacturing margins
- •Branded wellness segment faces intense competition from large FMCG and pharma companies
- •Regulatory risk — nutrition and health products subject to evolving FSSAI and export regulations
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Strong investor demand with 40x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.”
- ✅Subscribed 40x
- ✅Strong QIB demand 18x
- ⚠️Neutral GMP +8%
- ✅6 business strengths identified
- ⚠️6 risk factors noted
- ✅Mainboard IPO (higher regulatory standards)
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
IPO Details
| Registrar | Kfin Technologies Ltd. |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹1 |
| Issue Size | ₹138.87 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Cumulative Capital Private Limited, Catalyst Capital Partners Private Limited |
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹1.11 Cr |
| Equity Shares (Pre-Issue) | 11,06,30,000 |
| Equity Shares (Post-Issue) | — |
Source: Hexagon Nutrition offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Hexagon Nutrition's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Hexagon Nutrition's filing.
Source: Hexagon Nutrition offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Arun Purushottam Kelkar15,36,477 sh
- Subhash Purushottam Kelkar2,41,88,993 sh
- Aditya Kelkar15,26,092 sh
- Nutan Subhash Kelkar36,08,142 sh
Source: Hexagon Nutrition offer document (DRHP/RHP).
Board & Management
Board of Directors (10)
- Arun Purushottam Kelkar₹1.48 Cr p.a.
Chairman and Executive Director
- Vikram Arun Kelkar₹2.17 Cr p.a.
Managing Director
- Nikhil Arun Kelkar₹1.61 Cr p.a.
Joint Managing Director
- Subhash Purushottam Kelkar₹1.11 Cr p.a.
Executive Director
- Aditya Kelkar₹0.52 Cr p.a.
Non-Executive Director
- Aparna Deepak Sakpal
Independent Director
- Meena Mehta
Independent Director
- Nimesh Shukla
Independent Director
- Keval Shah
Independent Director
- Payal Gaglani
Independent Director
Key Managerial Personnel (9)
- Soman Nemai Jana
Chief Financial Officer
- Vedanti Swapnil Vartak
Company Secretary and Compliance Officer
- Santosh Dyaneshwar Patole
General Manager - Human Resources
- Samir Prakash Laud
General Manager – Sales and Marketing (Domestic Premix)
- Rahul Jain₹0.40 Cr p.a.
General Manager – Sales and Marketing (International Premix)
Bachelor of Science from University of Delhi, Executive Programme in Business Management from IIM Calcutta
Over 15 years of experience in Sales and Marketing
- Sawant Raghunath Dattaram
General Manager Operations and Corporate Quality
- Devendra Mehta
General Manager in Information Technology
- Satya Sai Eshwar Arigala
Vice President – Sales and Marketing
- Harmeet Satwant Juss
Chief Supply Chain Officer
Source: Hexagon Nutrition offer document (DRHP/RHP).
Industry & Market
Per Custom Market Insights, CareEdge Research, a report commissioned by the company (not independent).
Promoters
Arun Purushottam Kelkar
Chairman and Executive Director · age 76
Subhash Purushottam Kelkar
Executive Director · age 66
Vikram Arun Kelkar
Managing Director · age 44
Nikhil Arun Kelkar
Joint Managing Director · age 47
Aditya Kelkar
Non-Executive Director · age 39
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Hexagon Nutrition Limited | — | 1.75 | 12.46 | 15.91 |
| Zydus Wellness Limited | 46.22 | 10.9 | 6.12 | 178.26 |
| Nestlé India Limited | 88.86 | 16.63 | 77.91 | 21.35 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 6 | 0.06 |
| Statutory | Company | 1 | — |
| Tax | Company | 5 | 0.369 |
| Civil | Subsidiaries | 1 | — |
| Civil | Subsidiaries | 3 | — |
| Tax | Subsidiaries | 1 | 0.008 |
| Statutory | Promoters | 1 | — |
| Tax | Promoters | 6 | 0.029 |
| Tax | Group | 2 | — |
The company faces regulatory notices from Tahasildar Office Dindori regarding unauthorized industrial construction on agricultural land at Plot No. 92, Village Lakhmapur, Dindori, Nashik; however, as of September 25, 2025, the company has obtained the required Non-Agricultural Order and building approvals from competent authorities and paid all regularization fees to remediate the non-compliance.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Kfin Technologies Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 324.93 | 24.38 | 1.75 | — | 12.46% |
| FY24 | 297.73 | 12.21 | — | — | — |
| FY23 | 278.5 | 5.82 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 17.17 | 24.88 | 40.07 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
25.7x
Price ÷ EPS
EPS (FY25)
₹2
Earnings per share
RoNW
12.46%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
12.3%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | 0.00x | 17.79x | 0.01x | 17.79x |
| sNII (S-HNI) | 2.32x | 84.20x | 7.06x | 83.32x |
| bNII (B-HNI) | 1.08x | 131.95x | 3.83x | 131.95x |
| Retail | 1.77x | 20.00x | 4.55x | 19.72x |
| Total | 1.21x | 39.95x | 3.33x | 39.74x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
19.72x
Allotment Ratio
1 lot per 20 applicants
Allotment Probability
~5.1%
Non-Institutional Investors (NII / HNI)
Subscription
115.74x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
17.79x
Allotment Type
Discretionary allotment
Total Subscription
39.74x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
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Documents
Frequently Asked Questions
When is the Hexagon Nutrition IPO opening?
The Hexagon Nutrition IPO opens on 05 Jun 2026 and closes on 09 Jun 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Hexagon Nutrition IPO?
The price band for the Hexagon Nutrition IPO is ₹42 to ₹45. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Hexagon Nutrition IPO?
The minimum lot size is 333 shares with a minimum investment of ₹14,985. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Hexagon Nutrition IPO today?
The latest Grey Market Premium for Hexagon Nutrition is ₹4 (+8.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Hexagon Nutrition IPO list on NSE and BSE?
The Hexagon Nutrition IPO is expected to list on 12 Jun 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Hexagon Nutrition IPO allotment status?
The registrar for this IPO is Kfin Technologies Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Hexagon Nutrition IPO a mainboard or SME issue?
Hexagon Nutrition is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Hexagon Nutrition IPO?
You can apply for the Hexagon Nutrition IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Hexagon Nutrition IPO?
Based on the current GMP of ₹4, the expected listing price of Hexagon Nutrition is ₹49 (issue price ₹45 + GMP ₹4). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Hexagon Nutrition IPO?
Based on the retail subscription of 19.72x, the estimated allotment ratio is 1 lot per 20 applicants (approximately 5.1% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Hexagon Nutrition IPO?
Based on our algorithmic analysis, Hexagon Nutrition IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 40x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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