Gajanand International IPO Subscribed 15.27 Times On Final Day
The SME IPO will close on September 11 and the allotment of shares is expected to be finalised by September 12.
The initial public offering of Gajanand International Ltd. was subscribed over 15 times on the third and final day of subscription. The IPO was subscribed 4.43 times on Tuesday, and 1.03 times on the first day of bidding on Monday, led by demand from retail investors.
The Rs 20.65 crore IPO is a fixed-price issue of 57.36 lakh shares. The price band for the IPO was Rs 36 per share. Retail investors could apply for a minimum of 3,000 shares, requiring an investment of Rs 1,08,000. High-net-worth individuals were required to bid for at least 6000 shares, amounting to Rs 2,16,000.
The allotment of shares is expected to be finalised by September 12. The company's shares are expected to be listed on NSE SME, with the tentative listing date set for September 16.
Fast Track Finsec Pvt. Ltd. is managing the issue as the book-running lead manager, while Skyline Financial Services Pvt. Ltd. will act as the registrar. Nikunj Stock Brokers is the market maker for this IPO.
Gajanand International IPO Subscription Status: Day 3
The IPO was subscribed 15.27 times as of 6:19 p.m. on Wednesday.
Institutional investors: Nil.
Non-institutional investors: 5.79 times.
Retail investors: 24.18 times.
Gajanand International IPO GMP Today
The grey market premium of Gajanand International is Rs 0 as of 5:31 p.m., implying zero gains over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 36 per share.
GMP is not an official price quote for the stock and is based on speculation.
About Gajanand International IPO
Established in 2009 and formerly known as Gajanand Cottex Pvt. Ltd., Gajanand International produces contamination-free and sustainable cotton. The company's product offerings include Mech Cotton, grown in Madhya Pradesh and Maharashtra, sown in June/July, and harvested from November to January.
Shankar Cotton, domestically grown variety and the most exported raw cotton in India. DCH cotton grown in Karnataka, Tamil Nadu, and Madhya Pradesh, sown in July-August, and harvested from December to March.
The company's vision is to be recognised as one of the top ten cotton producers by 2025.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
