Hexagon Nutrition Lists at ₹48, Up 11.98%

Hexagon Nutrition Ltd, incorporated in 1993 as a research-driven nutrition company developing and manufacturing products across micronutrient premixes, branded wellness and clinical nutrition, therapeutic formulations, and ready-to-use foods operating three manufacturing facilities in India at Nasik, Chennai, and Thoothukudi along with international unit in Tashkent, Uzbekistan with product portfolio classified into branded wellness and clinical nutrition products (B2C), premix formulations (B2B2C), and ready-to-use foods under ESG initiatives sold through PAN-India omnichannel distribution network covering retail pharmacies, hospital networks, e-commerce platforms under brands Pentasure, Obesigo, Pediagold, and Nutrone with exports to 75+ countrie, made a strong debut on BSE and NSE on Friday, June 12, 2026. The Hexagon Nutrition share price opened at ₹48.00 representing premium of 6.67% from issue price of ₹45.00, hit upper circuit at ₹50.39 (up 11.98%).

Hexagon Nutrition Listing Details

Hexagon Nutrition launched its OFS-only IPO at ₹42-45 per share with minimum investment of 333 shares costing ₹14,985 raising ₹138.87 crore including ₹41.66 crore from anchor investors. The IPO received strong response with subscription of 53.68 times - retail investors at 26.85 times, NII exceptionally strong at 161.49 times, QIB at 19.77 times, total applications of 7,71,182.

First-Day Trading Performance

Listing Price: Hexagon Nutrition stock price opened at ₹48.00 representing premium of 6.67% from issue price, hit upper circuit at ₹50.39 (up 11.98%), with VWAP at ₹48.95. The strong listing delivered gains for IPO investors with turnover of ₹6.68 crore, traded volume of 13.66 lakh shares, delivery of 100%, and market capitalisation of ₹619.38 crore against pre-IPO market cap of ₹553.13 crore.

Growth Drivers and Challenges

Growth Drivers:

Strong Profitability Growth: PAT growing from ₹5.82 crore in FY23 to ₹27.03 crore for 9M FY26 (already exceeding full FY25), PAT margin improving from 2.07% to 9.81%.

Global Footprint: Manufacturing facilities in SEZ zones with proximity to ports, overseas offices in South Africa, Uzbekistan, and Hong Kong, exports to 75+ countries providing diversified revenue streams across Asia, Africa, Europe, and South America.

Challenges:

OFS-Only Issue: Entire ₹138.87 crore proceeds go to selling shareholders with no fresh capital for company expansion; promoter holding declining from 89.41% to 45.74% post-issue.

Fully Priced Valuation: Issue appears fully priced at post-IPO P/E of 15.35x for nutrition company despite research-driven differentiation and rising market share.

Moderate Revenue Growth: Revenue growth relatively modest from ₹281.65 crore in FY23 to ₹331.29 crore in FY25 (18% over 2 years) compared to stronger bottom line expansion.

Utilisation of IPO Proceeds

Being an OFS-only issue, all proceeds of ₹138.87 crore will go to selling shareholders including promoters. The company will not receive any funds from this issue for business operations or expansion.

Financial Performance

Revenue: ₹275.57 crore for 9 months ended December 2025 (83% of full FY25), ₹331.29 crore for FY25, growth from ₹304.62 crore in FY24 and ₹281.65 crore in FY23.

Net Profit: ₹27.03 crore for 9 months FY26 (already exceeding full FY25), ₹24.38 crore in FY25 (doubled from ₹12.21 crore in FY24), growth from ₹5.82 crore in FY23, with post-IPO EPS of ₹2.93 and P/E of 15.35x. Investors tracking Hexagon Nutrition share price should note ROE of 13.02%, ROCE of 14.82%, improved PAT margin of 9.81%, and near debt-free balance sheet with 54x subscription and 7.71 lakh applications.