Gajanand International IPO subscribed 3.23 times so far on day 2: Check offer size, price band and other key details

The initial public offering (IPO) of Gajanand International Limited was subscribed 3.23 times on the second day of subscription, driven by high retail demand.

The retail category is leading the demand for Gajanand International’s shares, with the portion reserved for them being subscribed 5.97 times. The Non-institutional investors (NIIs) category was booked 48%.

Gajanand International IPO price band and offer size

The Gajanand International IPO is an entirely fresh issue of 57.36 lakh shares, aggregating to ₹20.65 crore. The IPO price has been fixed at ₹36 per equity share.

The minimum lot size of Gajanand International IPO is 3,000 shares per application for retail investors, amounting at an investment of ₹1,08,000. The minimum application size for high networth individuals (HNIs) is 2 lots amounting to an investment of ₹2,16,000.

Gajanand International IPO allotment status and listing date

The Gajanand International IPO is open for bidding from September 9 to September 11.

The share allotment status is expected to be finalised on September 12. Refunds for unsuccessful bidders will be initiated on September 13, and the successful applicants will receive shares in their Demat accounts on the same day.

The Gajanand International IPO listing date has been tentatively scheduled as September 16. The stock will make its debut on the NSE SME platform, Emerge.

Gajanand International IPO registrar

Skyline Financial Services Private Ltd is the registrar for the Gajanand International IPO and Fast Track Finsec Pvt Ltd. The market maker for the IPO is Nikunj Stock Brokers, while ICICI Bank is the sponsored bank.

Gajanand International IPO objectives

Gajanand International plans to use the proceeds from the fresh issue to meet working capital requirements and for general corporate purposes. The company will also use the proceeds to meet out the issue expenses.

About Gajanand International Ltd

Founded in 2009, Gajanand International Ltd. produces contamination-free and sustainable cotton. Its products include Mech1 cotton, Shankar cotton, DCH 32 cotton and Khol. It has its registered office and factory in Rajkot, Gujarat. As of March 31, 2024, the company had 22 employees.