The (IPO) of Hexagon Nutrition was subscribed 3.87 times as of 2.54 pm on Day 2 of bidding, driven by strong interest from retail and non-institutional investors.
The retail investor portion was subscribed 5.51 times, while the non-institutional investor (NII) category saw 5.01 times subscription. The qualified institutional buyers (QIB) segment was booked 0.17 times.
The ₹139-crore IPO will close for subscription on June 9, 2026. The company has fixed a price band of ₹42-45 per equity share for the issue.
The public issue is entirely an offer-for-sale (OFS) of more than 3.08 crore equity shares by promoters. At the upper end of the price band, the total issue size is estimated at ₹138.87 crore.
Anchor bids
Ahead of the IPO opening, Hexagon Nutrition raised ₹41.66 crore from anchor investors. According to a BSE circular, the company allotted 92.57 lakh equity shares to anchor investors at ₹45 apiece.
Bandhan Small Cap Fund was the only domestic mutual fund participant in the anchor book and received an allocation of 26.66 lakh shares worth ₹12 crore. Other investors in the anchor round included Ampersand Growth Opportunities Fund Scheme-I, CP Capital Ltd, Visionary Value Fund and Innovative Vision Fund.
Hexagon Nutrition said the proposed listing is aimed at enhancing its visibility, strengthening brand recognition and providing liquidity to existing shareholders.
Founded in 1993, the company began as a micronutrient formulations business and later diversified into branded nutrition products. Its portfolio includes brands such as Pentasure, Obesigo and Pediagold across health, wellness and clinical nutrition categories.
The company operates in over 75 countries and offers products including micronutrient premixes, therapeutic nutrition, clinical nutrition, wellness products and fortified foods. Shares of the company are expected to be listed on the stock exchanges on June 12.
Brokerage view
SBI Securities has recommended “subscribe” to the IPO for a long-term investment horizon.
The brokerage said Hexagon Nutrition operates in a structurally growing nutrition and wellness industry, supported by increasing health awareness and rising demand for fortified food products. It added that the company benefits from a diversified business model and holds a strong position in premix formulations backed by its global presence.
According to SBI Securities, the company reported robust profitability growth, with revenue, EBITDA and profit after tax growing at a CAGR of 8 per cent, 35.1 per cent and 104.6 per cent, respectively, between FY23 and FY25.
“At the upper price band of ₹45, the IPO is valued at a P/E multiple of 15.3x based on annualised 9MFY26 earnings. We recommend investors to subscribe to the issue for long-term investment horizon,” the brokerage said.
However, SBI Securities also flagged risks including high dependence on the premix formulations segment, customer concentration, raw material price volatility and regulatory risks in the food and nutrition business.