Gajanand International IPO opens for subscription. Check issue size, price band, and more

SME IPO: Gajanand International Ltd's Initial Public Offering (IPO) opened for subscription starting September 9, 2024, and will close on September 11, 2024. The allotment of shares is expected to be finalized by Thursday, September 12, 2024.

The IPO will be listed on the NSE SME exchange, with a tentative listing date of Monday, September 16, 2024.

The issue price of the IPO is ₹36 per share. Retail investors must apply for a minimum of 3,000 shares, requiring an investment of ₹108,000. High-net-worth individuals (HNIs) must apply for at least two lots (6,000 shares), amounting to ₹216,000.

The IPO involves a fixed-price issue of 57.36 lakh shares, valued at ₹20.65 crores. Fast Track Finsec Pvt. Ltd. is the lead manager of the issue, while Skyline Financial Services Pvt. Ltd. serves as the registrar. Nikunj Stock Brokers will act as the market maker for the IPO.

The funds raised will be allocated to meet the company’s working capital needs, cover general corporate expenses, and cover the costs associated with the IPO.

Gajanand International Company Overview

Founded in 2009 and formerly known as Gajanand Cottex Pvt. Ltd., Gajanand International produces contamination-free, sustainable cotton. Its product range includes Mech Cotton, grown in Madhya Pradesh and Maharashtra and harvested between November and January, and Shankar Cotton, the most exported raw cotton in India. The company also produces DCH Cotton, grown in Karnataka, Tamil Nadu, and Madhya Pradesh and harvested from December to March.

Gajanand International aims to become one of the top ten cotton producers by 2025 and has a presence across several Indian states, including Maharashtra, Madhya Pradesh, Odisha, and Telangana.

Amid the growing excitement and surge of primary market offerings, 14 IPOs are set to launch for bidding this week, encompassing both mainboard and SME segments, with a goal of raising over ₹9,043 crore. Seven IPOs have opened for subscription today, consisting of three from the mainboard and four from the SME category.