Pajson Agro India IPO
Pajson Agro India Ltd. is launching a book-build SME IPO of Rs. 74.45 crore, comprising an entirely fresh issue of 63,09,600 equity shares.
The IPO opens on December 11, 2025 and closes on December 15, 2025. The allotment is expected on December 16, 2025 and the listing is tentatively scheduled for December 18, 2025 on BSE SME.
The price band is Rs. 112 to Rs. 118 per share and the lot size is 1,200 shares.
The minimum investment for retail investors is Rs. 2,83,200 (2,400 shares), and for HNI investors Rs. 4,24,800 (3,600 shares).
🕗 Last Update: 5 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 11, 2025 |
| IPO Close Date | December 15, 2025 |
| Allotment Date | December 16, 2025 |
| Refunds Initiation | December 17, 2025 |
| Credit to Demat | December 17, 2025 |
| Listing Date | December 18, 2025 |
| UPI Mandate Cut-off | 5 PM, December 15, 2025 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 112 to Rs. 118 per share |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 63,09,600 shares (Rs. 74.45 Cr) |
| Market Maker Portion | 3,57,600 shares (Rs. 4.22 Cr) – Giriraj Stock Broking Pvt. Ltd. |
| Net Offer to Public | 59,52,000 shares (Rs. 70.23 Cr) |
| Issue Type | Book-building Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,74,99,995 shares |
| Shareholding Post-Issue | 2,38,09,595 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 3,57,600 | 5.67% |
| QIB | 29,54,400 | 46.82% |
| NII / HNI | 9,00,000 | 14.26% |
| Retail Investors | 20,97,600 | 33.24% |
| Total | 63,09,600 | 100% |
Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bid Date | December 10, 2025 |
| Shares Offered | 17,72,400 |
| Portion Size | Rs. 20.91 Cr |
| Lock-in End (50%) | January 15, 2026 |
| Lock-in End (Remaining) | March 16, 2026 |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,400 | Rs. 2,83,200 |
| S-HNI (Min) | 3 | 3,600 | Rs. 4,24,800 |
| S-HNI (Max) | 7 | 8,400 | Rs. 9,91,200 |
| B-HNI (Min) | 8 | 9,600 | Rs. 11,32,800 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Pre-Issue | 85% |
| Post-Issue | 62.47% |
Promoters: Aayush Jain, Anjali Jain and Pulkit Jain
About Pajson Agro India Ltd.
Incorporated in 2021, Pajson Agro India processes raw cashew nuts into cashew kernels for domestic and export markets. The company also sells retail packs under its white-label brand Royal Mewa, and markets by-products such as cashew shells and husk for industrial and agricultural usage.
Sales Channels:
-
Wholesale Mandis
-
Institutional Sales
-
Exports
-
B2C / Royal Mewa brand
The company operates in 18 states and 3 Union Territories.
Its cashew processing unit is located at Visakhapatnam, Anakapalli, Andhra Pradesh, spread over 2.96 lakh sq. ft. with a capacity of 18,000 MT annually, supported by a modern packaging unit.
As of July 31, 2025, the company has 465 permanent employees.
Competitive Strengths
-
Strategically located processing facility with modern machinery
-
In-house packaging unit
-
Strong promoter experience and sourcing network
-
Efficient procurement and raw-material management
-
Wide customer base and loyal wholesaler network
-
Strong presence across domestic markets
Financial Snapshot (Rs. crore)
| 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 |
| PAT | 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 | 40.90 | 40.71 | 20.29 | 16.94 |
| Borrowing | 40.04 | 14.57 | 14.57 | 0.00 |
Key KPIs
ROE: 60.05%
ROCE: 48.21%
Debt/Equity: 0.33
RoNW: 46.18%
PAT Margin: 10.90%
EBITDA Margin: 16.16%
Market Cap: Rs. 280.95 Cr
Pre-IPO EPS: 11.67
Post-IPO EPS: 11.92
P/E Range: 9.9x – 10.11x
Objects of the Issue
| S. No. | Purpose | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Establishment of Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh | 57.00 |
| 2 | General Corporate Purposes | — |
Company Contact
Pajson Agro India Ltd.
510, 5th Floor, Pearl Omaxe Tower
Netaji Subhash Place, Pitampura
Shakur Pur I Block, North West Delhi
Delhi – 110034
📞 011-43026646
✉ investor@pajsonagro.com
🌐 www.pajsonagro.com
Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
📞 +91-22-6263 8200
🌐 https://ipo.bigshareonline.com
Market Maker: Giriraj Stock Broking Pvt. Ltd.
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Pajson Agro India has posted robust growth, with revenue rising 95% and profits jumping 509% YoY. Strong margins (EBITDA 16.16%, PAT 10.90%) and high returns (ROE 60%) reflect operational strength.
The second processing unit expansion indicates scalability, while the presence across 18 states provides market depth. Debt levels remain comfortable and pricing appears reasonable around 10x P/E.
Chanakya View: Fundamentally strong SME with scalable model. Suitable for medium-term investors. Listing gains possible depending on subscription momentum.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
