Gajanand International IPO subscription status: Gajanand International Ltd. initiated its initial public offering (IPO) on Monday, aiming to secure ₹20.65 crore. This IPO features a fixed-price offer of 57.36 lakh shares, with the share price set at ₹36. On the second day of bidding, September 10, the IPO was subscribed over 3.2 times.
As of 2:46 PM on Day 2, September 10, the Gajanand International IPO has seen notable subscription activity, particularly from Retail Individual Investors (RIIs). 5,518 applications have been received, with 1,75,26,000 shares bid for across all categories. The retail category has shown the strongest interest, with 5,334 applications accounting for 1,60,02,000 shares. Non-institutional investors (NIIs) have submitted 184 applications, bidding for 15,24,000 shares, with individuals (other than RIIs) making up the majority in this category with 178 applications and 14,88,000 shares. However, no bids have yet been recorded by Qualified Institutional Buyers (QIBs). Overall, the IPO is drawing considerable interest, especially from retail participants.
The SME IPO will conclude on September 11, with share allotments expected to be finalized by September 12. The company’s shares are anticipated to be listed on NSE SME, with a tentative date of September 16.
Gajanand International IPO Details
Fast Track Finsec Pvt. Ltd. oversees the issue as the book-running lead manager, while Skyline Financial Services Pvt. Ltd. serves as the registrar. Nikunj Stock Brokers is the designated market maker for the IPO.
Founded in 2009 and formerly known as Gajanand Cottex Pvt. Ltd., Gajanand International specializes in contamination-free and sustainable cotton production. Their product line includes Mech Cotton, cultivated in Madhya Pradesh and Maharashtra from June/July to November/January; Shankar Cotton, a widely exported domestic variety; and DCH cotton, grown in Karnataka, Tamil Nadu, and Madhya Pradesh from July/August to December/March.
The company aims to be among the top ten cotton producers by 2025.
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