Hexagon Nutrition IPO open for subscription on June 5: Check price band, business model, financials & more

Hexagon Nutrition will launch its ₹139 crore initial public offering (IPO) on June 5. This new mainboard IPO is coming after a gap of several months, as the domestic IPO market is witnessing a dry spell and prolonged slowdown amid market volatility.

Hexagon Nutrition IPO will remain open for subscription till June 9. The IPO is a complete offer-for-sale of over 3 crore shares.

Hexagon Nutrition IPO details

Hexagon Nutrition IPO aims to raise ₹139 crore through its public issue. The issue is a complete offer-for-sale of over 3 crore shares.

The company has fixed the price band of the issue at ₹42 to ₹45 per share. The lot size, or the minimum bid quantity to apply for the issue, is 333 shares. This equates to a minimum investment amount of ₹14,985 per lot at the upper end of the price band for retail investors.

Hexagon Nutrition has appointed Cumulative Capital Pvt.Ltd as the book-running lead managers of the IPO, while Kfin Technologies Ltd is the registrar for the issue.

Hexagon Nutrition IPO: Important dates

Hexagon Nutrition IPO will remain open for bidding from 5 to 9 June. After the bidding is closed, the allotment of shares is expected to be finalised on June 10.

Successful bidders can expect the shares to be credited to their demat accounts by June 11, with others receiving refunds on the same day. Hexagon Nutrition shares are scheduled to list on the BSE and NSE on June 12.

Hexagon Nutrition IPO objective

Hexagon Nutrition Financials

About the company

Hexagon Nutrition has a presence across India and exports products to 75+ countries. Over the years, the company has expanded its portfolio by launching a new brand, “NUTRONE”.

The company has three domestic manufacturing facilities, located in Nashik (Maharashtra), Chennai (Tamil Nadu) and Tuticorin (Tamil Nadu) and one International manufacturing facility in Tashkent (Uzbekistan). The manufacturing plants located in Chennai and Tuticorin are located within an SEZ, providing the advantage of proximity to ports and duty-free importation. Its integrated and standardised manufacturing 270 processes enable it to maintain the quality of the products.

In FY25, the company operated with an installed monthly capacity of 835 MT for dry premix, 42.5 MT for liquid premix, 59.65 MT for MNPs, 680 MT for RUFs and 110 MT for clinical nutrition products under a two-shift operation model. During FY25, actual production stood at 259.2 MT for dry premix, 7.96 MT for liquid premix, 5.99 MT for MNPs, 193.88 MT for RUFs and 51.71 MT for clinical nutrition products. Capacity utilisation remained moderate across most categories, with clinical nutrition having the highest utilisation at 47.01%, followed by dry premix at 31.04% and RUFs at 28.51%.

The company’s business is divided into three key segments. The branded wellness and clinical nutrition (B2C) segment contributed nearly 30% of 9MFY26 revenue and includes brands such as PENTASURE for adult wellness and clinical nutrition, OBESIGO for weight management, and PEDIAGOLD for pediatric nutrition. The Premix Formulations (B2B2C) segment accounted for ~51% of 9MFY26 revenue and caters to leading Indian and multinational FMCG companies by supplying customised vitamin and mineral premixes for food and beverage fortification. The therapeutic nutrition or ESG segment contributed 17.93% of 9MFY26 revenue and includes Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs), which are used to address malnutrition among children and support the nutritional requirements of pregnant and lactating women.

During FY25, the company had 275 repeat customers in the B2B2C segment, 7 in the B2C segment and 12 in the ESG segment. In FY25, 38.66% revenue came from domestic sales while exports made up 61.25%. In FY25, Maharashtra, Karnataka and Tamil Nadu were key contributors in revenue, and the UAE, Ethiopia and Indonesia were the main exporting countries.

The Indian nutrition market is estimated at ₹1,52,800 crore in CY25 and is expected to grow to ₹2,81,400 crore by CY30, a CAGR of 13%. This exponential growth will be supported by rising demand for protein supplements, functional and immunity-focused foods, along with premiumisation and clean-label trends.

The growth opportunity in Indian markets is largely supported by the high level of nutritional deficiency in India. More than 50% of women and children suffer from anaemia, around 35% of the population is deficient in Vitamin A, and nearly 57% of women in the 15 to 49 age group are anaemic. These health concerns continue to drive demand for fortified food products, micronutrient supplements and clinical nutrition solutions across the country.

Strengths and Opportunities

• Strong global nutrition play: The company's successful creation of recurring brands of clinical nutrition has been bolstered by regulatory clearances in 14+ jurisdictions, a sales force of 167 members serving around 20,843 healthcare professionals, and e-commerce generating 6.51% of its 9MFY26 revenues.
• Repeat revenue visibility: Business stability through long-term relationships between the company and its customers is seen from its repeated customers generating ₹148.6 crore or 55.54% of total 9MFY26 sales, which include ₹118.6 crore (44.32%) generated by repeated B2B2C customers.

Risks and Threats

• Dependent on premix segment: The premix formulation business brings in 51.4% of income in 9MFY26, indicating strong dependency on this segment, and even a minor issue related to demand, customers, cost of materials, or delay of up to 9–12 months in Nashik and Chennai plants renovation will have an adverse effect.
• High customer concentration: Top 10 clients accounted for revenue contribution of 41.82% in 9MFY26, while the largest client accounted for 10.32%, yet the lack of long-term contracts in many businesses makes them prone to price pressures and risks of losing their customers.
• Weak cash flow generation: The operating cash flow became negative at ₹(4.07) crore during 9MFY26 due to the increase in the working capital cycle days up to 149 days, receivables stood at ₹84.95 crore, while short-term borrowings increased almost double to ₹29.13 crore, showing rising liquidity and funding pressure.