Hexagon Nutrition IPO: From financials to key risks — 10 key things to know from the RHP ahead of offer launch

Hexagon Nutrition IPO: The initial public offering (IPO) of Hexagon Nutrition is set to open for bidding later this week on Friday, 5 June, with an aim to raise ₹139 crore. The offer will close on 9 June. The company recently announced the price band for its upcoming share sale at ₹42 to ₹45 per share.

Hexagon Nutrition IPO would be the first mainboard offering to hit Dalal Street in a month. The last was OnEMI Technology Solutions, which closed on 5 May. So far this year, only 20 IPOs have opened for bidding this year with the market sentiment impacted by the ongoing conflict in the Middle East. The three-month-long conflict has pushed the Nifty 50 down 10.15% on a year-to-date basis.

The grey market activity for this upcoming IPO also remains absent. According to investorgain.com, Hexagon Nutrition IPO's grey market premium (GMP) is nil, suggesting a listing at par with the offer price so far.

Hexagon Nutrition IPO: Key things to know from RHP

Ahead of the offer launch, here are key things to know about Hexagon Nutrition IPO from the company's red herring prospectus (RHP):

1. Hexagon Nutrition IPO structure

The IPO is entirely an offer for sale of up to 30,859,704 shares, with no fresh issue component. This means all proceeds from the offer will go to the company.

2. Who are the sellers in Hexagon Nutrition IPO?

Promoters, including Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Aditya Kelkar and Nutan Subhash Kelkar, are offloading shares in the IPO.

3. Hexagon Nutrition IPO allocation

According to the company's RHP, 50% of the offer is reserved for qualified institutional buyers (QIBs), at least 15% is allocated to non-institutional investors and the rest 35% for retail investors.

4. Hexagon Nutrition IPO financials

The company's revenue from operations rose 9% year-on-year (YoY) to ₹324.92 crore for the financial year ended 31 March 2025. The figure stood at ₹297.7 crore last fiscal. The profit after tax (PAT), meanwhile, jumped 99.5% YoY in FY25 to ₹24.3 crore from ₹12.2 crore in FY24.

Margin performance remained healthy at 12.33% in FY25 compared with 8.36% in the last fiscal and 6.17% in FY23.

5. About the company

Established in 1993, Hexagon Nutrition is a differentiated and research-oriented pure play nutrition company. It offers products across a whole range starting with micronutrient premixes, including therapeutic and clinical products. According to the RHP, it is also one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies.

6. Manufacturing facilities

The company operates three manufacturing facilities in India, located in Nashik (Maharashtra), Chennai (Tamil Nadu) and Thoothukudi (Tamil Nadu), along with one international manufacturing facility in Tashkent, Uzbekistan. Two of its Indian manufacturing facilities are situated in SEZ zones, offering strategic advantages such as proximity to major ports and access to duty-free imports.

7. Large export market

Hexagon Nutrition also boasts a large export market. It has exported its products to over 75 countries, including South Africa, Malaysia, Ethiopia, France, French Polynesia, Ghana, Indonesia, Kenya, Madagascar, Mozambique, Papua New Guinea, Nigeria, Philippines, Qatar, UAE, Mauritius, Brazil, amongst others.

8. Key risks

• A large portion of the company's revenue comes from a limited number of customers, exposing it to concentration risk. The top 10 customers accounted for 45.87% of the revenue in FY25. A large portion of our revenue comes from a limited number of customers, and losing them or reduced orders may harm our business.
• The company does not have long-term contracts with the raw material suppliers, and volatility in raw material prices or adverse sourcing conditions may adversely impact the operations, profitability, and financial performance.
• Majority of the revenue from operations is generated from key states of India, including Maharashtra, Karnataka, Tamil Nadu and Gujarat which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect operations. In fiscal 2025, Maharashtra, Karnataka, Tamil Nadu, and Gujarat together accounted for approximately 57.51% of domestic sales.

9. Strong distribution network

The company boasts pan-India omnichannel distribution capabilities supported by the presence across retail pharmacies, hospital networks, leading e-commerce platforms, and online pharmacies. In India, it has more than 358 non-exclusive distributors, including 8 distributors who have presence in multiple states.

During the nine-month period ended December 31, 2025, the company reached out to over 20,843 healthcare professionals across India through our 167-member sales force to recommend our brands.

10. Hexagon Nutrition IPO BRLMs

Cumulative Capital and Catalyst Capital Partners are the book-running lead managers for the offer. Meanwhile, KFin Technologies is the registrar for the offer.