Pajson Agro India shares off to a decent start despite stock market fall, list at 5% premium on BSE SME

Pajson Agro India IPO listing: Shares of Pajson Agro India were listed at a premium on Thursday, December 18, defying the weak stock market sentiment. Pajson Agro India share price got listed at ₹124 on the BSE SME, a premium of ₹6 or 5.08% over its initial public offering (IPO) price of ₹118.

The listing was in line with expectations, as seen from the grey market premium (GMP). Pajson Agro India IPO GMP ahead of listing was ₹6, signalling a listing premium of 5.08%.

Pajson Agro India IPO Details

Pajson Agro India IPO saw a decent demand, garnering 2,71,70,400 applications as against 41,79,600 shares on offer, translating into a subscription of 6.50 times. The retail portion of the IPO was booked 3.85 times, and the non-institutional investor (NII) quota was subscribed 6.86 times. Lastly, the qualified institutional buyer (QIB) segment received 10.92 times bids.

Pajson Agro India IPO was open for bidding from December 11 to December 15. The allotment for Pajson Agro India IPO was finalised on December 16. Meanwhile, the credit of shares to the allottees took place on December 17, along with the refund to those who did not receive allotment, also occurred on the same day.

Pajson Agro India IPO, worth ₹74.45 crore, was entirely a fresh share sale of 0.63 crore shares. The offer was priced at ₹112 to ₹118 per share. Investors could apply for the IPO in a lot size of 1200 shares.

The minimum investment required by a retail investor for Pajson Agro India IPO was ₹2,83,200 at the upper end of the price band as they needed to bid for at least two lots.

The company plans to use the IPO proceeds for setting up a second cashew processing facility at Vizianagaram, Andhra Pradesh, and the rest for general corporate purposes.

Incorporated in 2021, Pajson Agro India is engaged in the processing of raw cashew nuts into high-quality cashew kernels for supply to both domestic and international markets.

The company operates in bulk sales as well as retail packaging under its white-label brand, Royal Mewa, in the dry fruits segment. In addition, Pajson Agro India markets cashew by-products, including husk and shells, for industrial and agricultural applications.

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