Gajanand International IPO Day 3: NSE SME issue subscribed over 8 times so far on high retail demand

Gajanand International IPO was booked over 8 times on the third day of subscription, on Wednesday, September 12, driven by high demand from retail investors.

Retail investors placed bids for 4.09 crore shares against 27.24 lakh shares set aside for the category. The retail portion of the IPO was booked 15.03 times. The Non-Institutional Investors (NIIs) applied for 64.23 lakh shares against the 27.24 lakh shares reserved for them, leading to a subscription of 2.35 times in the category.

Gajanand International IPO price band, offer size and other details

The ₹20.65-crore public offer of Gajanand International is a fixed price offer comprising an entirely fresh issue of 57.36 lakh shares. The IPO price has been set at ₹36 per equity share.

The minimum lot size for retail investors is a single lot of 3,000 shares, aggregating to an investment of ₹1,08,000.

Gajanand International IPO allotment status and listing date

Gajanand International IPO subscription opened on September 9. The three-day subscription period will end on September 11. Gajanand International IPO share allotment status is likely to be decided on September 12. After the allotment, successful bidders will receive shares of Gajanand International in their Demat accounts, and refunds will be initiated for unsuccessful bidders on September 13.

Gajanand International shares will be listed on the NSE SME platform, Emerge. The tentative IPO listing date has been fixed as September 16.

Gajanand International IPO objectives

The company plans to use the funds raised via the public issue to meet its working capital requirements. A portion of the fund will also be used for general corporate purposes and issue expenses.

About Gajanand International Limited

Gajanand International Ltd was founded in 2009. It is engaged in the production of contamination-free and sustainable cotton. The company manufactures different types of cotton, such as Mech1, Khol, and DCH32. As of March 31, 2024, it employed 22 workers.