The Rs 138.87 crore issue is a pure OFS. PAT doubled in FY25. Somerset exited last year. Here is the complete picture before anchor bidding opens June 4.
| Metric | Details |
|---|---|
| Price Band | ₹42 – ₹45 |
| Issue Size | ₹138.87 Cr |
| Lot Size | 333 Shares |
| Minimum Investment | ₹14,985 |
| FY25 Revenue | ₹331.28 Cr |
| FY25 PAT | ₹24.38 Cr |
Hexagon Nutrition Limited fixed a price band of Rs 42 to Rs 45 per equity share for its Rs 138.87 crore IPO on Monday, per the red herring prospectus filed with SEBI. The Hexagon Nutrition IPO opens for subscription on June 5, 2026, closes on June 9, and carries a tentative listing date of June 12 on both BSE and NSE. Anchor investor bidding, the first real signal of institutional appetite, opens a day earlier on June 4.
Key IPO dates
| Event | Date | Status |
|---|---|---|
| Anchor investor bidding | June 4, 2026 | Upcoming |
| IPO subscription opens | June 5, 2026 | Open |
| IPO subscription closes | June 9, 2026 | Deadline |
| Tentative listing on BSE & NSE | June 12, 2026 | Listing |
What this IPO is and what it is not
The Hexagon Nutrition IPO is a 100% Offer for Sale of 3,08,59,704 equity shares by promoter-group shareholders, Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Nutan Subhash Kelkar, and Aditya Kelkar. No fresh shares are being issued. Every rupee raised goes to the selling shareholders, not the company. Hexagon Nutrition’s working capital, debt position, and cash on books remain exactly as they were pre-IPO.
This is the company’s second attempt at going public. Hexagon Nutrition first filed its DRHP in December 2021 for a much larger Rs 600 crore issue that included a Rs 100 crore fresh issue component. That plan stalled in 2022 due to market volatility.
The current Hexagon Nutrition IPO is a leaner, restructured version with no fresh issue, a smaller OFS, and roughly one-fourth the originally targeted size.
Consolidated financials (FY23–FY25)
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹278.5 Cr | ₹300.7 Cr | ₹331.28 Cr |
| Revenue growth (YoY) | — | +8.0% | +8.8% |
| Profit after tax (PAT) | — | ₹12.21 Cr | ₹24.38 Cr |
| PAT growth (YoY) | — | — | +100% |
| Basic EPS | — | — | ₹1.75 |
| NAV per share | — | — | ₹15.91 |
| Export revenue share | — | — | >61% |
| Implied P/E at Rs 45 | — | — | ~25.7x |
At Rs 45 per share, the Hexagon Nutrition IPO implies a market capitalisation of roughly Rs 524 crore and a P/E multiple of approximately 25.7 times FY25 earnings. The PAT doubling from Rs 12.21 crore to Rs 24.38 crore is notable, but investors should determine whether FY25 was a genuine inflection or a low-base bounce off a weak FY24 before pricing in further growth.
ICRA’s credit assessment flagged one risk metric specifically: total debt to OPBDITA exceeding 2.0 times on a sustained basis is the stated downgrade trigger. Total borrowings stood at Rs 26.6 crore against cash of Rs 15.2 crore as of March 31, 2025, manageable for now, but a number to track post-listing.
FY25 revenue segment breakdown
| Segment | Revenue share | Model | Key brands / products |
|---|---|---|---|
| Premix formulations | 47.6% | B2B2C | Supplied to FMCG majors |
| Branded clinical & wellness nutrition | 28.3% | B2C | Pentasure, Obesigo, Pediagold, Nutrone |
| Therapeutic nutrition (RUFs & MNPs) | 24.0% | ESG / UN programmes | Micronutrient Powders, Ready-to-Use Foods |
Nearly half of Hexagon Nutrition’s revenue comes from premix formulations, customised vitamin and mineral blends supplied to domestic and multinational FMCG companies for food fortification. The therapeutic segment, though the smallest by revenue share, is among the most defensible: Hexagon Nutrition is one of India’s largest licensed MNP suppliers under UN-led nutrition programmes, giving it a procurement channel that does not depend on consumer demand cycles.
Over 61% of FY25 revenue came from exports, with products reaching customers in more than 75 countries across Africa, Southeast Asia, the Middle East, Europe, and Latin America. The company operates manufacturing facilities in India and Uzbekistan, and maintains offices in South Africa, Uzbekistan, and Hong Kong.
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Allocation structure
| Investor category | Allocation | Note |
|---|---|---|
| Qualified institutional buyers (QIB) | Up to 50% | — |
| ↳ Anchor investors (within QIB) | Up to 60% of QIB | Discretionary |
| Non-institutional investors (NII) | At least 15% | — |
| Retail individual investors (RII) | Minimum 35% | — |
Issue structure and management
| Detail | Information |
|---|---|
| Issue type | 100% Offer for Sale (OFS) — zero fresh issue |
| Total OFS shares | 3,08,59,704 equity shares |
| Face value | ₹1 per share |
| Book running lead managers | Cumulative Capital Pvt Ltd & Catalyst Capital Partners Pvt Ltd |
| Registrar | KFin Technologies Ltd |
| Listing exchanges | BSE & NSE (designated exchange: NSE) |
| Process | Book building — SEBI ICDR Regulations |
| SEBI approval date | February 10, 2026 |
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FAQ: Real Investor Questions, Specific Answers
Q1. What is the Hexagon Nutrition IPO lot size and minimum investment?
The minimum lot is 333 equity shares. At the upper price band of Rs 45, one lot costs Rs 14,985. Applications must be in multiples of 333 shares.
Q2. What is the tentative Hexagon Nutrition IPO listing date?
June 12, 2026, per the RHP. Allotment status will be available on the KFin Technologies registrar portal after the issue closes on June 9.
Q3. Will Hexagon Nutrition receive any money from this IPO?
No. This is a 100% offer for Sale. All proceeds go to the promoter-selling shareholders. The company’s financials, working capital, debt, and cash position remain unchanged by this transaction.
The immediate trigger to watch is anchor allocation on June 4. Hexagon Nutrition’s IPO at Rs 45 implies a market cap of roughly Rs 524 crore, a size at which institutional interest will depend heavily on whether the FY25 PAT growth of 100% is repeatable or whether it was a base-effect bounce off a weak FY24.
