Gajanand International IPO subscribed over 10 times on day 3. Check GMP and other details

Gajanand International IPO subscription status: As of 2:27 PM on September 11, 2024, the Gajanand International IPO has been subscribed 10.79 times overall. The public offering has seen substantial interest, with subscriptions reaching 18.42 times in the retail category, in the Qualified Institutional Buyers (QIB) segment, and 3.17 times in the Non-Institutional Investors (NII) category.

On the first day of bidding, the IPO was subscribed 1.03 times, followed by a significant increase to 4.43 times on the second day, driven primarily by retail investor demand.

The IPO, valued at ₹20.65 crore, offers 57.36 lakh shares at a fixed price of ₹36 per share. Retail investors are required to apply for a minimum of 3,000 shares, which amounts to an investment of ₹1,08,000, while high-net-worth individuals must bid for at least 6,000 shares, which amounts to ₹2,16,000.

The issue will close on September 11, with share allotments anticipated to be finalized by September 12. Gajanand International’s shares are expected to debut on NSE SME, with a tentative listing date of September 16.

Fast Track Finsec Pvt. Ltd. serves as the book-running lead manager for the IPO, with Skyline Financial Services Pvt. Ltd. acting as the registrar. Nikunj Stock Brokers is designated as the market maker for this offering.

Grey Market Premium (GMP)

At 12:30 PM, the grey market premium (GMP) for Gajanand International stood at ₹5, indicating a 13.89 per cent gain over the IPO price, according to Chittorgarh's Investorgain. Based on the GMP, the estimated listing price is ₹41 per share. It is important to note that GMP is speculative and not an official price quote.

Gajanand International background

Founded in 2009 and formerly known as Gajanand Cottex Pvt. Ltd., Gajanand International produces contamination-free and sustainable cotton. The company's offerings include Mech Cotton, sourced from Madhya Pradesh and Maharashtra, Shankar Cotton, the most exported raw cotton in India, and DCH Cotton, cultivated in Karnataka, Tamil Nadu, and Madhya Pradesh. Gajanand International aims to be among the top ten cotton producers by 2025.