Bookbuilding IPO | ₹74 Cr | Listed at BSE SME | Thu, Dec 11, 2025 - Mon, Dec 15, 2025
Pajson Agro India IPO is a book build issue of ₹74.45 crores. The issue is entirely a fresh issue of 0.63 crore shares of ₹74.45 crore.
Pajson Agro India IPO bidding started from Dec 11, 2025 and ended on Dec 15, 2025. The allotment for Pajson Agro India IPO was finalized on Dec 16, 2025. The shares got listed on BSE SME on Dec 18, 2025.
Pajson Agro India IPO price band is set at ₹118 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,83,200 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹4,24,800.
Smart Horizon Capital Advisors Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Pajson Agro India IPO RHP for detailed Information.
IPO Open
Thu, Dec 11, 2025
IPO Close
Mon, Dec 15, 2025
Issue Price
₹118 per share
Market Cap (Pre-IPO)
₹280.95 Cr
| IPO Date | 11 to 15 Dec, 2025 |
| Listed on | 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 only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 63,09,600 shares (agg. up to ₹74 Cr) |
| Reserved for Market Maker | 3,57,600 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 59,52,000 shares (agg. up to ₹70 Cr) |
| Net Offered to Public | 59,52,000 shares (agg. up to ₹70 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 |
Pajson Agro India IPO comprises a total issue size of 63,09,600 shares. The net offer to the public is 59,52,000 shares, after excluding 3,57,600 shares allotted on a firm basis. Of the Net offer 29,54,400 (49.64%) are allocated to QIB, 9,00,000 (15.12%) allocated to NII 20,97,600 (35.24%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 29,54,400 | 49.64% | 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 | 15.12% | 14.26% |
| − bNII > ₹10L | 6,00,000 | 9.51% | |
| − sNII < ₹10L | 3,00,000 | 4.75% | |
| Retail Shares Offered | 20,97,600 | 35.24% | 33.24% |
| Firm Reservations | |||
| Market Maker Shares Offered | 3,57,600 | 5.67% | |
| Total Shares Offered | 63,09,600 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| 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 |
Pajson Agro India IPO raises ₹20.91 crore from anchor investors. Pajson Agro India IPO Anchor bid date is December 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Dec 10, 2025 |
| Shares Offered | 17,72,400 |
| Anchor Portion (₹ Cr.) | 20.91 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Jan 14, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Mar 15, 2026 |
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
Pajson Agro India Ltd.'s revenue increased by 95% and profit after tax (PAT) rose by 509% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 151.63 | 65.73 | 55.39 | 50.17 |
| Total Income | 118.37 | 187.28 | 96.04 | 101.13 |
| Profit After Tax | 14.20 | 20.42 | 3.35 | 0.02 |
| EBITDA | 21.07 | 30.27 | 5.74 | 1.10 |
| NET Worth | 58.40 | 44.21 | 23.79 | 20.44 |
| Reserves and Surplus | 40.90 | 40.71 | 20.29 | 16.94 |
| Total Borrowing | 40.04 | 14.57 | 14.57 | 0.00 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh | 57.00 |
| 2 | General Corporate Purpose | 8.47 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.67 | 11.92 |
| P/E (x) | 10.11 | 9.9 |
| Promoter Holding | 85% | 62.47% |
| Market Cap | ₹280.95 Cr. |
The Pajson Agro India IPO is subscribed 6.50 times on December 15, 2025 6:19:37 PM (Day 3). The public issue subscribed 3.85 times in the individual investors category, 10.92 times in the QIB category, and 6.86 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 10.92 | 11,82,000 | 1,29,07,200 | 0 |
| NII* | 6.86 | 9,00,000 | 61,77,600 | 0 |
| bNII (bids above ₹10L) | 7.73 | 6,00,000 | 46,35,600 | |
| sNII (bids below ₹10L) | 5.14 | 3,00,000 | 15,42,000 | |
| Individual Investor | 3.85 | 20,97,600 | 80,85,600 | 0 |
| Total | 6.50 | 41,79,600 | 2,71,70,400 | 4,238 |
Total Application : 4,238
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Merchant Banking Fees | 0.51 |
| 2 | Underwriting Fees | 3.72 |
| 3 | Marketing Fees | 3.97 |
| 4 | Brokerage, selling, commission, upload fees and UPI bids | 0.03 |
| 5 | Registrar to the issue | 0.02 |
| 6 | Legal Advisors | 0.05 |
| 7 | Advertising and Marketing expenses | 0.03 |
| 8 | Regulators including stock exchanges | 0.14 |
| 9 | Printing and distribution of issue stationery | 0.01 |
| 10 | Market Making | 0.15 |
| 11 | Depositories | 0.02 |
| 12 | Peer Review Auditors | 0.05 |
| 13 | Secretarial, Advisors, Monitoring Agency fees, Statutory Auditors fees related to IPO and others | 0.29 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹118.00 |
| Open | ₹124.00 |
| Low | ₹120.05 |
| High | ₹130.20 |
| Last Trade | ₹130.20 |
Lead Manager Reports
Pajson Agro India IPO is a SME IPO of 63,09,600 equity shares of the face value of ₹10 aggregating up to ₹74 Crores. The issue is priced at ₹118 per share. The minimum order quantity is 1200.
The IPO opens on Thu, Dec 11, 2025, and closes on Mon, Dec 15, 2025.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Pajson Agro India IPO using UPI as a payment gateway. Zerodha customers can apply in Pajson Agro India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Pajson Agro India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Pajson Agro India IPO opens on Thu, Dec 11, 2025 and closes on Mon, Dec 15, 2025.
Pajson Agro India IPO lot size is 1200, and the minimum amount required for application is ₹2,83,200, with 2 lots being the minimum application size.
You can apply in Pajson Agro India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Pajson Agro India IPO will be done on Tuesday, December 16, 2025, and the allotted shares will be credited to your demat account by Wed, Dec 17, 2025. Check the Pajson Agro India IPO allotment status.
The Pajson Agro India IPO listing date is on Thu, Dec 18, 2025.
