Gajanand International IPO Opens For Subscription — Check Price Band And Key Details
Established in 2009 and formerly known as Gajanand Cottex Pvt. Ltd., Gajanand International produces contamination-free and sustainable cotton.
Gajanand International Ltd's initial public offering opened for bidding on Monday. The IPO is a fixed-price issue of 57.36 lakh shares, valued at Rs 20.65 crores.
Gajanand International IPO Details
The shares are priced at Rs 36 each. 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.
The allotment for the Gajanand International IPO is expected to be finalised on September 12 and the shares will be listed on the NSE SME platform, with a tentative listing date of September 16.
The subscription period for the Gajanand International IPO runs from September 9 to September 11. Retail investors can apply for a minimum of 3000 shares, requiring an investment of Rs 1,08,000. High-net-worth individuals must bid for at least 6000 shares, amounting to Rs 2,16,000.
As per the company's red herring prospectus, 50% of the net issue shall be available for allocation to Retail Individual Investors while the remaining will be allocated to investors other than Retail Individual Investors.
About Gajanand International
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 being recognised as one of the top ten cotton producers by 2025. Domestically, the company has its presence in Maharashtra, Madhya Pradesh, Orissa, Telangana and Tamil Nadu while globally, it has a presence in Turkey, Africa, China, Vietnam and Bangladesh.
Gajanand International IPO: Use of Funds And Objectives
The funds raised from the IPO will be allocated to ensure sufficient operational liquidity through working capital requirements, address various corporate needs under general corporate purposes, and cover costs associated with the IPO process.
Financial Performance
Gajanand International's revenue increasing by 48% and profit after tax rose by 59% for the fiscal year ending March 31, 2024, compared to the previous year, as per market tracking site Chittorgarh.
Disclaimer: Potential investors are advised to review the IPO prospectus and consult with financial advisors to understand the risks and rewards associated with investing in Gajanand International.
