Hexagon IPO Lists at 7% Premium, And Then This Happened. What’s Next in India’s IPO Pipeline
Hexagon IPO: CMR Green Technologies listed at ₹275.40 on BSE, delivering 43% gains on listing day. Hexagon Nutrition listed on Friday at about 7 per cent premium. Here’s what both mean for investors — and the IPO pipeline ahead.
By North Desk Bureau
Chandigarh, June 11
[UPDATED on JUNE 12]
The IPO drought is officially over — and the first two mainboard offerings to break it have told two very different stories.
CMR Green Technologies, the Faridabad-based non-ferrous metal recycler, listed on Wednesday, at ₹275.40 on the BSE — a premium of 43.44 per cent over its issue price of ₹192. On the NSE, it opened at ₹268, a 39.58 per cent gain. Allottees who received shares at ₹192 made about ₹6500 per lot at the BSE listing price.
Hexagon IPO: Hexagon Nutrition, the 33-year-old nutrition company from Mumbai, had a different story ahead of its Friday listing: subdued but positive, with grey market signals pointing to a modest single-digit gain. And what happened was what was expected. And actually, not exactly so.
CMR Green: A Debut That Outran Its Own GMP
The grey market had been pricing CMR Green at around a 32 per cent listing premium in the days ahead of its June 10 listing. The stock did better. A 43 per cent opening on the BSE beat most pre-listing estimates — though profit booking set in through the morning session, bringing the NSE price down to around ₹253 by mid-session.
That correction is normal for a heavily subscribed IPO. The issue closed with 127.04 times overall subscription, driven by qualified institutional buyers at 270.46 times and non-institutional investors at 172.35 times. When that many investors pile in hoping for a listing pop, a portion will book profits within minutes of the opening bell.
The company’s NSE upper circuit is ₹294.80 and lower circuit ₹241.20 for the first day of trading. The stock settled in the ₹250–260 band through the late-morning session — still a solid 30 per cent above issue price for those holding.
Hexagon IPO: The Friday Listing to Watch
Hexagon IPO: Hexagon Nutrition listed on BSE and NSE this Friday, June 12. The grey market, as of allotment day on Wednesday and Thursday, was a more measured story.
Shares of Hexagon Nutrition were commanding a grey market premium of ₹4 per share. On Thursday it’s GMP was around ₹3.5 per share ahead of allotment, implying a listing gain of nearly 7.8 per cent over the upper end of the price band of ₹45 per share.
On Friday it listed at Rs 48.25–a listing gain of Rs 3.25 or 7.22 per cent. But then it zoomed up. Immediately afterwards, it was trading at Rs 50.66–12.5 per cent further above. That was it upper circuit.
Actually, earlier the GMP of Hexagon IPO stood at ₹12 before the subscription window opened, but has since dropped sharply even after CMR Green’s strong debut and despite a 53.68 times overall subscription. The NII segment led with 161.49 times subscription; retail investors came in at 26.85 times and QIBs at 19.77 times.
The compressed GMP is not necessarily a red flag on the company. Hexagon Nutrition is structurally sound — FY25 revenue from operations stood at ₹324.9 crore with a net profit of ₹24.3 crore, compared to ₹297.7 crore in revenue and ₹12.2 crore in profit in FY24. That near doubling of net profit in a single year is notable for a 33-year-old company.
What Comes Next: The Pipeline Is Loaded
CMR Green and Hexagon Nutrition were the appetiser. The main course is still in the kitchen.
In the first week of June 2026 alone, SEBI issued observation letters to five companies — Prism (OYO’s parent), Truhome Finance, Veegaland Developers, Advanta Enterprises, and Mehta Hitech Industries — clearing a combined pipeline that merchant bankers estimate could raise nearly ₹10,000 crore.
The biggest of these is Prism. After two withdrawn attempts, OYO’s parent has received SEBI clearance to raise up to ₹6,650 crore, targeting a valuation of $7–8 billion. Prism plans to submit its updated filing in early July 2026, with the IPO targeted for FY 2026–27.
Beyond Prism, the marquee names in the pipeline read like a who’s who of India’s digital economy: Zepto, PhonePe, Flipkart, SBI Mutual Fund, and NSE are all at various stages of IPO preparation. Reliance Jio remains the potential headline act — if it proceeds, it would rank among the largest public offerings globally.
India’s IPO pipeline for 2026 spans approximately 200 firms looking to raise over ₹2.6 lakh crore in total, with 103 companies still awaiting regulatory approval for ₹1.39 lakh crore.
For investors watching the near-term calendar, Reliance Jio, NSE, Zepto, Rayzon Solar, and Tata Play are among the most closely watched upcoming listings.
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. North Desk 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.
Disclaimer on Grey Market Premium (GMP): GMP is a speculative indicator of investor sentiment and is not recognised by SEBI or the stock exchanges. It can change rapidly and should not be treated as a reliable predictor of listing price or post-listing performance.
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ALSO: CMR Green IPO, Hexagon Nutrition End India’s Mainboard IPO Drought in June 2026
