CMR Green IPO, Hexagon Nutrition End India’s Mainboard IPO Drought in June 2026
CMR green IPO: CMR Green Technologies and Hexagon Nutrition, two mainboard IPOs, are reaking India’s month-long primary market silence. Here is what investors need to know.
By North Desk Bureau
After weeks of silence on India’s mainboard IPO front, the primary market is stirring back to life — and it has chosen a rather dramatic way to make its comeback. Two companies from very different corners of the economy are arriving almost simultaneously, handing investors their first back-to-back mainboard opportunity in nearly a month.
CMR Green IPO: CMR Green Technologies, a non-ferrous metal recycler and secondary aluminium manufacturer, closes its subscription window on June 5. Hexagon Nutrition, a three-decade-old nutrition company with a global footprint, opens its doors to investors on the very same day. It is the kind of baton pass that the primary market rarely choreographs so neatly — and going by early signals, the crowd is watching.
The Drought That Preceded the Deluge
The last mainboard IPO before this pair was OnEMI Technology Solutions (Kissht), which had debuted on Dalal Street on May 8, 2026. What followed was a stretch of nearly four weeks during which not a single mainstream company came to the primary market — a lull attributed to a cocktail of geopolitical anxiety, rising crude oil prices driven by West Asia tensions, and a cautious mood among institutional investors.
CMR Green IPO: The drought has now ended. And the timing matters: both companies have arrived at a moment when benchmark indices remain volatile, yet investor appetite — particularly from non-institutional investors and retail participants — has shown no signs of wilting.
CMR Green IPO: The Metal Recycler Making a Strong Case
CMR Green IPO: Issue Size: ₹630.88 crore; Price Band: ₹182–₹192 per share; Lot Size: 78 shares; Subscription Window: June 3–5, 2026; Listing: June 10, 2026 (BSE & NSE)
Founded in 2005, CMR Green Technologies has grown into one of India’s leading non-ferrous metal recycling companies. Its business model is straightforward but valuable: it sources metal scrap — aluminium, zinc, stainless steel, copper, brass — processes it through advanced recycling technologies, and supplies finished products to OEMs and industrial customers in sectors ranging from automotive and electrical to consumer durables and engineering.
This is not a flashy tech startup. It is a pick-and-shovel play on India’s manufacturing and circular economy ambitions — the kind of business that tends to attract institutional investors looking for hard-asset exposure with a sustainability narrative attached.
The numbers on subscription back this up. Despite benchmark indices falling over one per cent on the opening day of bidding — June 3 — due to geopolitical concerns, the issue was fully subscribed on Day 1 itself. By Day 2 (June 4), the IPO had been subscribed over 4.34 times, with non-institutional investors (NIIs) leading the charge at nearly 10 times their reserved quota.
Ahead of the CMR Green IPO, the company raised ₹188.44 crore from anchor investors, with marquee names including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Goldman Sachs Funds, BNP Paribas, and Citigroup Global Markets Mauritius among those backing the issue.
Here’s the GMP of CMR Green IPO: As of June 4, 2026, CMR Green Technologies’ shares are commanding a grey market premium of approximately ₹61 per share — implying a potential listing price of around ₹253, which translates to a premium of roughly 32 per cent over the upper end of the issue price of ₹192. At its peak, the GMP had touched ₹66, indicating an estimated premium of over 34 per cent.
(Please see GMP disclaimer at the end of this article.)
The CMR Green IPO is structured entirely as an offer for sale (OFS), which means the company itself will not receive fresh funds from the proceeds. The selling shareholders include promoter Mohan Agarwal, related HUF entities, and investor Global Scrap Processors Limited.
Hexagon Nutrition: The Quiet Giant Going Public After Three Decades
Issue Size: ₹138.87 crore | Price Band: ₹42–₹45 per share; Lot Size: 333 shares; Subscription Window: June 5–9, 2026; Listing: June 12, 2026 (BSE & NSE)
If CMR Green represents the industrial backbone of India’s economy, Hexagon Nutrition represents something equally compelling — a company that has been quietly building a global nutrition business for over 33 years, and is only now stepping into the public markets.
Founded in 1993 and promoted by the Kelkar family, Hexagon Nutrition is a research-driven, pure-play nutrition company. Its portfolio spans three core verticals: micronutrient premix products, clinical nutrition, and therapeutic foods. Its consumer-facing brands — Pentasure, Obesigo, Pediagold, and Nutrone — are stocked across retail pharmacies, hospitals, and major e-commerce platforms. In its B2B avatar, it supplies customised vitamin and mineral premix formulations to leading Indian and multinational FMCG companies for food fortification.
What sets Hexagon apart is its export depth. The company exports to more than 75 countries across Asia, Africa, Europe, and South America, with exports contributing over 61 per cent of its total revenue. Independent industry observers describe it as the largest customised premix player in India by sales and capacity, and one of the top ten globally. It is also among the largest licensed suppliers of micronutrient premixes under United Nations nutrition programmes — a credential that is not easy to replicate and speaks to the technical credibility of its formulations.
Its manufacturing presence spans four facilities — three in India at Nasik, Chennai SEZ, and Thoothukudi SEZ, plus an international unit in Tashkent, Uzbekistan. The company operates with a debt-to-equity ratio of just 0.18, indicating a conservative financial structure.
Anchor investor bidding for Hexagon Nutrition takes place on June 4 — the same day CMR Green is in its second day of subscription. The subscription window opens June 5 and runs through June 9.
Here’s the GMP: As of the eve of its subscription opening (June 4), the grey market premium for Hexagon Nutrition had ticked up to ₹10 per share — a notable move from the flat GMP it had been commanding through most of late May. At ₹10 over the upper band of ₹45, the implied listing premium stands at roughly 22 per cent. Given that the GMP was at zero just days ago, the sudden uptick ahead of anchor day is being read by market watchers as a positive signal.
(Please see GMP disclaimer at the end of this article.)
Like CMR Green, Hexagon’s issue is predominantly an OFS. The IPO is being managed by Cumulative Capital Private Ltd. and Catalyst Capital Partners Private Ltd., with KFin Technologies as registrar.
The Bigger Picture: What This Pair of IPOs Signals
Taken together, CMR Green and Hexagon Nutrition offer a snapshot of where India’s primary market is heading in the second half of 2026. Neither is a fintech unicorn or a high-octane consumer internet play. One makes recycled metal; the other makes nutrition products for hospitals, governments, and health-conscious consumers. Both are profitable, export-oriented, and grounded in real assets.
That may well be the point. After a period of investor caution — shaped by global uncertainty, rising commodity prices, and memories of some underwhelming listings from earlier in the year — the market appears to be gravitating toward businesses with tangible fundamentals.
The pipeline ahead is also building. OYO’s parent company Prism has received SEBI approval for a ₹6,650 crore IPO. Zepto is reportedly targeting a listing by July. And the long-awaited Jio Platforms IPO continues to simmer in the background. If CMR Green’s subscription numbers hold through Day 3 — and Hexagon Nutrition draws meaningful institutional interest in its anchor round — the message to the broader pipeline will be clear: the market is open for business again.
Key Dates at a Glance
CMR Green Technologies — Subscription: June 3–5; Allotment: June 8; Listing: June 10; Issue Size: ₹630.88 crore; Price Band: ₹182–₹192; GMP (June 4): ~₹61 (~32%)
Hexagon Nutrition — Subscription: June 5–9; Allotment: June 10; Listing: June 12; Issue Size: ₹138.87 crore; Price Band: ₹42–₹45; GMP (June 4): ~₹10 (~22%)
Both list on BSE and NSE.
Disclaimer on Grey Market Premium (GMP)
GMP is a speculative indicator of investor sentiment ahead of listing and is not endorsed, regulated, or recognised by SEBI or the stock exchanges. GMP can change rapidly — sometimes within hours — and should under no circumstances be treated as a reliable predictor of the actual listing price or post-listing performance of a stock. Readers are strongly advised to base their investment decisions on the company’s Red Herring Prospectus (RHP), audited financials, and other official disclosures filed with SEBI and the stock exchanges.
Investment Disclaimer
This article is published for informational and journalistic purposes only. It does not constitute investment advice, a solicitation to buy or sell securities, or a recommendation of any kind. The publication and its editorial team are not SEBI-registered investment advisers. Readers are advised to consult a qualified and registered financial adviser before making any investment decisions.
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