After overwhelming demand and successful IPO allotment, the shares of Hexagon Nutrition are also set to debut on the NSE and the BSE on June 12. With this, the primary market is closely tracking grey market premium (GMP) trends of the shares. The mainboard issue, open from June 5 to 9, recorded an overall subscription of more than 54 times.
The data on NSE website showed that the IPO received bids for 115.6 crore shares against the 2.16 crore shares offered. The Qualified Institutional Buyers (QIB) category was subscribed 20 times. The Non-Institutional Investors (NII) segment witnessed the highest demand, subscribing 162 times. The Retail Individual Investor (RII) portion was overbooked 27 times.
Ahead of its debut, here’s what the GMP trend reflects about the market sentiment for this issue.
Hexagon Nutrition IPO Expected Listing Price
The Hexagon Nutrition IPO’s GMP stood at Rs 1.25 on June 11, indicating an estimated listing price of Rs 46.25 (cap price + today’s GMP). Based on the latest GMP, the expected gain per share for investors now stands 2.78%, lower than 5% earlier in the day.
The IPO GMP was at its peak a day ahead of opening of the issue on June 4. According to InvestorGain, the GMP on that day was recorded at Rs 12, projecting gains of nearly 27% for investors. Since then, the GMP has witnessed gradual decline.
Note: GMP does not represent official data and is based on speculation.
Hexagon Nutrition IPO Details:
Hexagon Nutrition IPO was a book-built issue worth Rs 138.87 crore, comprising entirely an offer-for-sale (OFS) of 3.09 crore equity shares. The IPO price band was fixed at Rs 42 – 45 per share, with a lot size of 333 shares. Retail investors need a minimum investment of Rs 14,985 at the upper price band to participate in the IPO.
The share allotment process was finalised on June 10. Cumulative Capital Pvt. Ltd. is acting as the book-running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar to the issue.
About Hexagon Nutrition:
Founded in 1993, Hexagon Nutrition Ltd. is a research-based nutrition company that produces micronutrient premixes, wellness and clinical nutrition products, therapeutic formulations, and ready-to-use foods.
It operates manufacturing plants in Nasik, Chennai, and Thoothukudi in India. It also has a unit in Tashkent, Uzbekistan. The company distributes products across India through more than 358 distributors. It also has in-house R&D centers in Nasik and Chennai and employs over 500 people.
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Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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