The Rs 74.45 crore book-built IPO was subscribed 6.5 times overall, led by qualified institutional buyers, who subscribed their portion nearly 11 times. Non-institutional investors bid close to seven times their quota, while retail investors subscribed about 3.85 times. The issue had also raised Rs 20.91 crore from anchor investors ahead of its opening, lending some stability to the demand profile.
The issue was entirely a fresh offering of 63.1 lakh shares, with the bulk of the proceeds earmarked for setting up a second cashew processing facility in Vizianagaram, Andhra Pradesh, and the rest for general corporate purposes.
Pajson Agro India is engaged in processing raw cashew nuts into kernels, which are sold in domestic and international markets. The company operates through multiple channels, including wholesale mandis, institutional clients, exports and its white-label retail brand, Royal Mewa. It has a large processing facility in Anakapalli, Andhra Pradesh, with a capacity of 18,000 metric tonnes, and employs over 450 permanent workers.
Financially, the company has reported sharp growth over the past year, with revenue rising 95% in FY25 and profit after tax increasing more than five-fold. For the first half of FY26, Pajson Agro posted a PAT of Rs 14.2 crore. At the IPO price, the stock is valued at under 10 times post-issue earnings.
With a single-digit grey market premium and moderate subscription levels, Pajson Agro India’s listing expectations point to a steady debut rather than a sharp pop, with post-listing performance likely to hinge on execution at the new facility and margin sustainability.