The much-anticipated allotment for the Pajson Agro India initial public offering (IPO) is scheduled to be finalised today, December 16. This follows the closure of the subscription period on December 15, which saw robust investor demand for the cashew processor's maiden share sale.
Strong Investor Appetite for the IPO
The public issue from Pajson Agro India witnessed a healthy subscription response, being booked 6.50 times overall. The company received a total of 2,71,70,400 bids against the 41,79,600 shares on offer. A closer look at the category-wise subscription reveals even more enthusiasm from institutional investors.
The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed a massive 10.92 times. Non-Institutional Investors (NIIs) bid for 6.86 times their allotted quota, while retail individual investors showed solid interest by subscribing their segment 3.85 times.
How to Check Your Pajson Agro India IPO Allotment Status
Investors who applied for the IPO can check their allotment status through two primary portals: the BSE website or the registrar's website. The registrar for this issue is BigShare Services Pvt. Ltd.
Checking Allotment on BSE Website
Follow these steps to check your status on the Bombay Stock Exchange (BSE) platform:
- Visit the BSE allotment status page at https://www.bseindia.com/investors/appli_check.aspx.
- Select 'Equity' as the issue type.
- From the dropdown menu for issue name, choose 'Pajson Agro India'.
- Enter your application number or PAN card number.
- Complete the 'I am not a robot' captcha verification.
- Click on the 'Search' button to view your allotment details.
Checking Allotment on Registrar's Website
Alternatively, you can use the BigShare Services portal:
- Go to the BigShare IPO allotment page: https://www.bigshareonline.com/ipo_allotment.html.
- Select an available server.
- Choose 'Pajson Agro India' from the company list.
- Select your preferred identification method: Application Number, Beneficiary ID, or PAN Number.
- Enter the corresponding details.
- Input the captcha code and hit 'Search'.
IPO Details and Use of Proceeds
The Pajson Agro India IPO was a book-built issue worth ₹74.45 crore, open for subscription from December 11 to December 15. The entire issue comprised a fresh issue of 0.63 crore equity shares, with no offer-for-sale component from existing promoters or shareholders.
The price band was set between ₹112 to ₹118 per share. With a market lot size of 1,200 shares, retail investors needed to apply for a minimum of two lots (2,400 shares). This translated to a minimum investment of approximately ₹2,83,200 at the upper price band of ₹118.
The company intends to utilise the net proceeds from the IPO primarily to fund capital expenditure for establishing a second cashew processing facility in Vizianagaram, Andhra Pradesh. The remaining funds will be allocated for general corporate purposes.
Listing and Grey Market Premium (GMP)
Shares of Pajson Agro India are expected to list on the BSE SME platform on December 18. Ahead of the listing, the Grey Market Premium (GMP) for the IPO is currently around ₹4. This indicates a potential listing price of approximately ₹122, which would be a premium of 3.39% over the upper issue price of ₹118.
It is noteworthy that the GMP has been trending lower in recent days. The highest recorded GMP for this issue was ₹9, while it has also touched nil at its lowest point. The GMP is an unofficial indicator of market sentiment and can fluctuate significantly.
About Pajson Agro India
Pajson Agro India is primarily engaged in the business of processing raw cashew nuts into edible cashew kernels. The company supplies its products to both domestic and international markets. It markets its kernels in bulk as well as in retail packaging under its own white-label brand, Royal Mewa.
In addition to cashew kernels, the company also sells by-products such as cashew husk and shells, which find applications in industrial and agricultural sectors. The book-running lead manager for the IPO was Smart Horizon Capital Advisors Pvt. Ltd.
Disclaimer: This information is for educational purposes only. The views expressed are not endorsements. Investors are strongly advised to consult with certified financial experts before making any investment decisions, as market conditions are subject to change.
