Pajson Agro India IPO: Check GMP, price band, issue size and other details

Pajson Agro India’s Rs 74.45 crore IPO will open for subscription on Thursday with zero premium in the grey market, indicating a cautious start despite the company’s strong financial growth and expansion plans. The book-built issue will close on December 15, and the stock is scheduled to list on December 18 on the BSE SME platform.

The company is offering 63.09 lakh fresh shares in a price band of Rs 112–118, valuing Pajson Agro India at a pre-issue market cap of Rs 280.95 crore. Retail investors must apply for a minimum of 2,400 shares (Rs 2.83 lakh), making it a high-ticket SME participation.

Anchor investors have already committed Rs 20.91 crore, subscribing to 17.72 lakh shares on December 10.

IPO details

The IPO is entirely a fresh issue aimed at funding Pajson Agro India’s expansion. The company plans to invest Rs 57 crore in setting up a second cashew-processing facility in Vizianagaram, Andhra Pradesh, which will add significant capacity beyond its existing 18,000-MTPA plant in Anakapalli, Visakhapatnam. The remaining funds will be used for general corporate purposes.

Company overview

Pajson Agro India processes raw cashew nuts into kernels for domestic and export markets. It sells in bulk as well as under its retail brand Royal Mewa. The business runs across four channels: wholesale mandis, institutional buyers, export clients and B2C retail distribution.

The company currently operates in 18 states and 3 Union Territories and employs 465 permanent workers. Its production chain spans shelling, peeling, grading, sorting and packaging, all carried out in-house.

Financial performance

Pajson Agro India has reported sharp growth in the past two years. Revenue rose 95% in FY25 to Rs 187.28 crore, while profit after tax jumped from Rs 3.35 crore in FY24 to Rs 20.42 crore in FY25, a rise of 509%. For the first half of FY26, the company posted Rs 118.37 crore in revenue and Rs 14.20 crore in PAT.

The market maker allocation is 3.57 lakh shares, while QIBs get 46.82%, NIIs 14.26%, and retail investors 33.24% of the offer. Despite sharp financial growth, the business remains exposed to raw-material price swings and agro-commodity cycles.

With GMP at 0%, the listing outcome will likely hinge on subscription traction over the next two days and broader sentiment in SME listings.

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