Gajanand International made a solid debut on the stock market on September 16, with shares listing at ₹42 on the NSE SME platform, reflecting a 17% premium over the issue price. This listing exceeded grey market expectations, where no premium was anticipated before the IPO.
Despite a moderate retail response, the IPO saw a subscription rate of 15.27 times over three days. Retail investors purchased 24 times their allotted portion, while non-institutional investors subscribed 5.7 times. Qualified institutional buyers did not participate in the offer.
Founded in 2009, Gajanand International specializes in producing contamination-free, sustainable cotton. Their portfolio includes Mech1 cotton, cultivated in Madhya Pradesh and Maharashtra, and Shankar6 cotton, a widely exported variety.
The company plans to use the IPO proceeds to meet working capital needs, cover general corporate expenses, and manage costs related to the issue. The NSE Emerge listing is also expected to offer additional growth opportunities.
