Pajson Agro India IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Dec 11 to Dec 15 2025
Price Band
₹112 - 118
Current GMP
₹124.0 (+5.08%)
Subscription
6.50 times
IPO Details
| IPO Date | 11 to 15 Dec, 2025 |
| Listing Date | Thu, Dec 18, 2025 |
| Face Value | ₹ 10 per share |
| Price Band | ₹112 to ₹118 |
| Issue Price | ₹118 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 63,09,600 shares (agg. up to ₹ 74.45 Cr) |
| Reserved for Market Maker | 3,57,600 shares (agg. up to ₹ 4.22 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 59,52,000 shares (agg. up to ₹ 70.23 Cr) |
| Share Holding Pre Issue | 1,74,99,995 shares |
| Share Holding Post Issue | 2,38,09,595 shares |
| BSE Script Code | 544657 |
| ISIN | INE14LM01012 |
IPO Date
11 to 15 Dec, 2025
Listing Date
Thu, Dec 18, 2025
Face Value
₹ 10 per share
Price Band
₹112 to ₹118
Issue Price
₹118 per share
Lot Size
1,200 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
63,09,600 shares (agg. up to ₹ 74.45 Cr)
Reserved for Market Maker
3,57,600 shares (agg. up to ₹ 4.22 Cr) Giriraj Stock Broking Pvt.Ltd.
Net Offered to Public
59,52,000 shares (agg. up to ₹ 70.23 Cr)
Share Holding Pre Issue
1,74,99,995 shares
Share Holding Post Issue
2,38,09,595 shares
BSE Script Code
544657
ISIN
INE14LM01012
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 10.92 |
| Non-Institutional Buyers*** | 6.86 |
| bNII (bids above ₹10L) | 7.73 |
| sNII (bids below ₹10L) | 5.14 |
| Individual Investors | 3.85 |
| Total ** | 6.50 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
10.92
Non-Institutional Buyers***
6.86
bNII (bids above ₹10L)
7.73
sNII (bids below ₹10L)
5.14
Individual Investors
3.85
Total **
6.50
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Dec 11, 2025 | 3.54 | 0.18 | 0.22 | 0.10 | 0.09 | 1.08 |
| Day 2 Dec 12, 2025 | 7.07 | 0.48 | 0.56 | 0.32 | 0.55 | 2.38 |
| Day 3 Dec 15, 2025 | 10.92 | 6.86 | 7.73 | 5.14 | 3.85 | 6.50 |
DayDay 1
Dec 11, 2025
QIB (Ex Anchor)3.54
NII*0.18
NII (> ₹10L)0.22
NII (< ₹10L)0.10
Individual Investors0.09
Total1.08
DayDay 2
Dec 12, 2025
QIB (Ex Anchor)7.07
NII*0.48
NII (> ₹10L)0.56
NII (< ₹10L)0.32
Individual Investors0.55
Total2.38
DayDay 3
Dec 15, 2025
QIB (Ex Anchor)10.92
NII*6.86
NII (> ₹10L)7.73
NII (< ₹10L)5.14
Individual Investors3.85
Total6.50
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 18-12-2025 | 118.00 | 6(5.08%) | 124 |
| 17-12-2025 | 118.00 | 6(5.08%) | 124 |
| 16-12-2025 | 118.00 | 4(3.39%) | 122 |
| 15-12-2025 | 118.00 | 4(3.39%) | 122 |
| 14-12-2025 | 118.00 | 5(4.24%) | 123 |
| 13-12-2025 | 118.00 | 5(4.24%) | 123 |
| 12-12-2025 | 118.00 | 5(4.24%) | 123 |
| 11-12-2025 | 118.00 | 9(7.63%) | 127 |
| 10-12-2025 | 118.00 | 0(0.00%) | 118 |
| 09-12-2025 | 118.00 | 0(0.00%) | 118 |
| 08-12-2025 | 118.00 | 0(0.00%) | 118 |
| 07-12-2025 | 118.00 | 0(0.00%) | 118 |
| 06-12-2025 | 118.00 | 0(0.00%) | 118 |
| 05-12-2025 | 118.00 | 0(0.00%) | 118 |
| 04-12-2025 | 0(%) | (%) |
Date18-12-2025
Price118.00
GMP6(5.08%)
Estimate List Price124
Date17-12-2025
Price118.00
GMP6(5.08%)
Estimate List Price124
Date16-12-2025
Price118.00
GMP4(3.39%)
Estimate List Price122
Date15-12-2025
Price118.00
GMP4(3.39%)
Estimate List Price122
Date14-12-2025
Price118.00
GMP5(4.24%)
Estimate List Price123
Date13-12-2025
Price118.00
GMP5(4.24%)
Estimate List Price123
Date12-12-2025
Price118.00
GMP5(4.24%)
Estimate List Price123
Date11-12-2025
Price118.00
GMP9(7.63%)
Estimate List Price127
Date10-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date09-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date08-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date07-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date06-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date05-12-2025
Price118.00
GMP0(0.00%)
Estimate List Price118
Date04-12-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Thu, Dec 11, 2025 |
| IPO Close Date | Mon, Dec 15, 2025 |
| Tentative Allotment | Tue, Dec 16, 2025 |
| Initiation of Refunds | Wed, Dec 17, 2025 |
| Credit of Shares to Demat | Wed, Dec 17, 2025 |
| Tentative Listing Date | Thu, Dec 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Dec 15, 2025 |
IPO Open Date
Thu, Dec 11, 2025
IPO Close Date
Mon, Dec 15, 2025
Tentative Allotment
Tue, Dec 16, 2025
Initiation of Refunds
Wed, Dec 17, 2025
Credit of Shares to Demat
Wed, Dec 17, 2025
Tentative Listing Date
Thu, Dec 18, 2025
Cut-off time for UPI mandate confirmation
5 PM on Mon, Dec 15, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,83,200 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,24,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (Min) | 8 | 9,600 | ₹11,32,800 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,400
Amount₹2,83,200
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,400
Amount₹2,83,200
ApplicationS-HNI (Min)
Lots3
Shares3,600
Amount₹4,24,800
ApplicationS-HNI (Max)
Lots7
Shares8,400
Amount₹9,91,200
ApplicationB-HNI (Min)
Lots8
Shares9,600
Amount₹11,32,800
Key Performance Indicator
| ROE | 60.05% |
| ROCE | 48.21% |
| Debt/Equity | 0.33 |
| RoNW | 46.18% |
| PAT Margin | 10.90% |
| EBITDA Margin | 16.16% |
| Price to Book Value | 4.67 |
ROE
60.05%
ROCE
48.21%
Debt/Equity
0.33
RoNW
46.18%
PAT Margin
10.90%
EBITDA Margin
16.16%
Price to Book Value
4.67
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Pajson Agro India Ltd. | 11.67 | 11.67 | 25.26 | 46.18 | ||
| Krishival Foods Limited | 6.08 | 6.08 | 63.55 | 78.00 | 9.56 | 7.56 |
| Prospect Consumer Products Limited | 4.19 | 4.19 | 44.98 | 17.00 | 8.95 | 1.61 |
| Aelea Commodities Limited | 0.57 | 0.57 | 50.21 | 292.98 | 1.13 | 3.34 |
Company NamePajson Agro India Ltd.
EPS (Basic)11.67
EPS (Diluted)11.67
NAV (per share) (Rs)25.26
P/E (x)
RoNW (%)46.18
P/BV Ratio
Company NameKrishival Foods Limited
EPS (Basic)6.08
EPS (Diluted)6.08
NAV (per share) (Rs)63.55
P/E (x)78.00
RoNW (%)9.56
P/BV Ratio7.56
Company NameProspect Consumer Products Limited
EPS (Basic)4.19
EPS (Diluted)4.19
NAV (per share) (Rs)44.98
P/E (x)17.00
RoNW (%)8.95
P/BV Ratio1.61
Company NameAelea Commodities Limited
EPS (Basic)0.57
EPS (Diluted)0.57
NAV (per share) (Rs)50.21
P/E (x)292.98
RoNW (%)1.13
P/BV Ratio3.34
IPO Reservation
| Market Maker Shares Offered | 3,57,600 (5.67%) |
| QIB Shares Offered | 29,54,400 (46.82%) |
| − Anchor Investor Shares Offered | 17,72,400 (28.09%) |
| − QIB (Ex. Anchor) Shares Offered | 11,82,000 (18.73%) |
| NII (HNI) Shares Offered | 9,00,000 (14.26%) |
| − bNII > ₹10L | 6,00,000 (9.51%) |
| − sNII < ₹10L | 3,00,000 (4.75%) |
| Retail Shares Offered | 20,97,600 (33.24%) |
| Total Shares Offered | 63,09,600 (100.00%) |
Market Maker Shares Offered
3,57,600 (5.67%)
QIB Shares Offered
29,54,400 (46.82%)
− Anchor Investor Shares Offered
17,72,400 (28.09%)
− QIB (Ex. Anchor) Shares Offered
11,82,000 (18.73%)
NII (HNI) Shares Offered
9,00,000 (14.26%)
− bNII > ₹10L
6,00,000 (9.51%)
− sNII < ₹10L
3,00,000 (4.75%)
Retail Shares Offered
20,97,600 (33.24%)
Total Shares Offered
63,09,600 (100.00%)
Information about company
Incorporated in 2021, Pajson Agro India processes raw cashew nuts into cashew kernels and supply them to domestic and international markets. The company sell in bulk and also in retail packs under our white-label brand Royal Mewa (dry fruits segment). Further, it sells by-products (cashew husk and shells) for industrial and agricultural use.
Sales and Distribution Channels: Sales operate through four verticals; 1. Wholesale Mandis (Local markets), 2. Institutional Sales (to retail chains, food brands, etc.), exports and B2C/Royal Mewa brand. Currently the company operates in 18 states and 3 Union Territories of India.
It has a cashew processing plant in Visakhapatnam, Anakapalli, Andhra Pradesh across 295,990.20 square feet with a capacity of 18,000 metric tonnes. Also, it has a dedicated packaging unit. Its processing facility includes shelling, peeling, cleaning, grading, sorting, and related handling equipment.
As on July 31, 2025, it has 465 permanent employees.
Competitive Strengths
Disclaimer
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