Hexagon Nutrition Files DRHP for 3.09 Crore-Share Offer for Sale

Mumbai, October 1, 2025 – Hexagon Nutrition Limited has submitted its Draft Red Herring Prospectus (DRHP) with the capital market regulator for listing through a maiden public offering of shares in its entirety through an Offer for Sale (OFS). Up to 3,08,59,704 equity shares of face value ₹1 each held by existing shareholders are to be sold. The IPO does not involve a fresh issue, and as such, Hexagon Nutrition shall not receive any proceeds from the listing. The equity shares are to be listed on both the BSE and the NSE. The price band, issue dates, lot size, and anchor book participation will be announced later, following due consultations with the book-running lead managers.

Hexagon Nutrition IPO Snapshot

The upcoming issue is 100% OFS, with no new issue components. The selling shareholders are important promoters and part of the promoter group: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Nutan Subhash Kelkar, and Aditya Kelkar. The purpose of the offer is to provide an exit option for these shareholders while allowing the company to gain public listing visibility. The IPO will be handled by Cumulative Capital Pvt Ltd and Catalyst Capital Partners Pvt Ltd, while the registrar will be KFin Technologies Ltd.

Company Overview

Established as a research-based nutrition company, Hexagon Nutrition operates through three verticals: premix formulations, branded clinical and wellness nutrition products, and therapeutic nutrition solutions, including Ready-to-Use Therapeutic Foods (RUTF) and Micronutrient Powders (MNPs), which support ESG and government programs. The firm has inbuilt abilities across R&D, manufacturing, and marketing. The promoters are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, and Nikhil Arun Kelkar. Premix formulations contributed 47.6% to revenue, branded clinical and wellness products accounted for 28.3%, and therapeutic nutrition for 24% in FY25.

Hexagon Nutrition IPO Financial Performance

Hexagon Nutrition reported steady growth in the past three financial years. Consolidated revenue increased from ₹2,816.46 million in FY23 to ₹3,312.87 million in FY25. Profit after tax (PAT) more than doubled from ₹122.14 million in FY24 to ₹243.77 million in FY25, with basic EPS climbing to ₹1.75. Net worth was ₹1,955.99 million, with total borrowings of ₹266.00 million and cash & equivalents of ₹152.23 million. NAV per share of the company was ₹15.91 as on FY25. This financial path is a sign of good operational performance and efficient capital management.

Hexagon Nutrition IPO Key Points for Investors

Investors should note that the IPO is entirely an OFS; the company will not receive funds from this transaction. The DRHP highlights Hexagon Nutrition’s strong revenue and profit growth, with nearly half of FY25 revenue derived from premix formulations. However, risks include raw material price volatility, capacity utilization challenges, and regulatory oversight in export markets. These factors may impact margins and operational flexibility.

Outlook

The BSE and NSE listing is likely to raise Hexagon Nutrition’s profile in the market and give liquidity to current shareholders. The company’s strong financials and diversified portfolio of products make it a significant player in the nutrition and wellbeing space. At the same time, investors will have to balance OFS-related factors and industry-specific risks.

Note: All details are sourced from Hexagon Nutrition Limited’s DRHP dated September 23, 2025. Final issue dates, size in rupee terms, price band, and allocation details will be confirmed closer to the launch.

REF: https://www.bseindia.com/corporates/download/349506/IPO Prior/Hexagon_Nutrition_Limited_20250923201507.pdf

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