Pajson Agro India Limited
Bookbuilding IPO · BSE
- Price band
- ₹112 - ₹118
- Lot size
- 1,200 shares
- Issue amount
- ₹74.45 cr
- Total subscription
- 6.59×
- Opens
- 11 Dec 2025
- Closes
- 15 Dec 2025
- Allotment
- 16 Dec 2025
- Listing
- 18 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 63,09,600 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,34,400
- Fresh issue
- ₹74.45 cr
- Offer for sale
- ₹0 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,41,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,74,99,995
- Shares after issue
- 2,38,09,595
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,83,200 |
| sHNI | 3 | 3,600 | ₹4,24,800 |
| bHNI | 8 | 9,600 | ₹11,32,800 |
Share reservation
Subscription & GMP
Subscription by category
Reported 15 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 10 |
| NIB | 0 | 846 |
| RETAIL | 874 | 3,369 |
| HNIs(10L +) | 167 | 434 |
| HNIs (2-10L) | 83 | 412 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 13.95 | 152.3 |
| FIIs | 0 | 28.25 |
| Others | 0 | 124.06 |
| RETAIL | 24.75 | 95.41 |
| HNIs 2+ | 3.54 | 18.2 |
| HNIs 10+ | 7.08 | 58.92 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0 | 0 | 0 | 0 |
| ROE | 27.67 | 60.05 | 15.16 | 0.08 |
| ROCE | 20.14 | 48.21 | 12.18 | 0.81 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 10.11 | 0 | 0 |
| POST IPO(PE) | 9.9 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Pajson Agro India Limited | 10.11 | 0 | 10.00 | 25.26 | 46.18 | 11.67 |
| Krishival Foods Limited | 78.39 | 476.60 | 10.00 | 63.55 | 9.56 | 6.08 |
| Prospect Consumer Products Limited | 17.00 | 71.21 | 10.00 | 44.98 | 8.95 | 4.19 |
| Aelea Commodities Limited | 292.98 | 167.00 | 10.00 | 50.21 | 1.13 | 0.57 |
Company information
Company profile
Incorporated in 2021, Pajson Agro India Limited processes raw cashew nuts into kernels and supplies them to both domestic and international markets, selling in bulk as well as retail under its white-label brand Royal Mewa, while also offering by-products like cashew husk and shells for industrial and agricultural use. The company operates through wholesale mandis, institutional sales to retail chains and food brands, exports, and its B2C brand presence across 18 states and 3 Union Territories in India. Its cashew processing plant is located in Anakapalli, Visakhapatnam, Andhra Pradesh, spanning over 295,990 square feet with a capacity of 18,000 MT per year, supported by a dedicated packaging unit and equipment for shelling, peeling, cleaning, grading, and sorting. As of July 31, 2025, the company has 465 permanent employees.
Strengths
- In-House Packaging Unit: Operates its own packaging facility in Delhi for the “Royal Mewa” brand, ensuring efficiency, consistent quality, and better control over post-processing.
- Experienced Promoters: Led by promoters with 35+ years of experience in agri-commodities, sourcing, and distribution, supported by strong industry networks that help drive growth.
- Diversified Customer Base: Serves wholesale mandis, institutional buyers, and retail customers through “Royal Mewa,” providing stable revenue. Addition of kernel exports expands the business internationally.
Risk factors
- Limited Operating History: Started operations in 2021, making long-term performance and growth potential difficult to evaluate.
- Geographic Revenue Concentration: A large portion of revenue comes from Delhi, Andhra Pradesh, and Rajasthan. Any issues in these regions could impact overall financial performance.
- Single-Region Processing Dependence: All current and proposed processing units are in Andhra Pradesh. Any disruption—like equipment issues, power outages, natural disasters, or shutdowns—can significantly affect production and cash flows.
Promoters
Aayush Jain
Anjali Jain
Pulkit Jain
Registrar & documents
Lead manager
Smart Horizon Capital Advisors Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
510, 5th Floor, Pearl Omaxe Tower Netaji Subhash Place, Pitampura Shakur Pur I Block, North West Delhi West Delhi, New Delhi, 110034
011-43026646
[email protected]Company website ↗Understanding PAJSON IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.