Pajson Agro India was incorporated on March 2, 2012. The company processes raw cashew nuts into kernels for domestic and international markets, offering multiple grades in bulk and retail packs. It also sells select dry fruits under the “Royal Mewa” brand and supplies cashew husk and shells as value-adding by-products for agricultural and industrial use
| Bidding Dates |
|---|
| 11 Dec 2025 - 15 Dec 2025 |
| Subscription |
|---|
| 6.07x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,68,800 | 2 | 2 | 1200 | 6.3 M | ₹112 - ₹118 | 62.47 % | ₹706.7 M - ₹744.5 M | RHP DOC |
Pajson Agro IPO SUBSCRIPTION STATUS
15 Dec '25Pajson Agro IPO overall subscription rate was 6.07 times the total available shares
Pajson Agro IPO retail subscription rate was 5.09 times in the retail segment
Pajson Agro IPO non-institutional investor subscription rate was 9.6 times in the non-institutional investor category
Pajson Agro IPO Qualified Institutional Bidder subscription rate was 5.69 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Dec 2025 (Day 3) | 5.09x | 9.6x | 5.69x |
12 Dec 2025 (Day 2) | 0.73x | 1.17x | 3.68x |
11 Dec 2025 (Day 1) | 0.12x | 0.24x | 1.84x |
Pajson Agro FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 118.4 | 14.2 | -6.0 | -16.8 | 17.8% |
| FY25 | 187.3 | 20.4 | 16.1 | 7.9 | 16.2% |
| FY24 | 95.9 | 3.4 | -8.9 | -14.5 | 6.0% |
| FY23 | 101.1 | 0.0 | 11.6 | 11.2 | 1.1% |
Pajson Agro IPO SUBSCRIPTION STATUS DETAILS
Pajson Agro had 6.3 M shares on offer
Pajson Agro IPO offer price was in the range ₹112 - ₹118
Pajson Agro IPO minimum Investment was ₹268800
Pajson Agro IPO issue size was ₹ 706.7 M - ₹ 744.5 M
Pajson Agro had a minimum lot size of 1200 Shares per application
Pajson Agro NUMBER OF SHARES ON OFFER
Pajson Agro IPO IMPORTANT DATES
| Issue Open Date | 11 Dec 2025 |
| Issue close Date | 15 Dec 2025 |
| Allotment Date | 16 Dec 2025 |
| Refund Date | 17 Dec 2025 |
| Demat Account Credit Date | 17 Dec 2025 |
| Listing Date | 18 Dec 2025 |
| Listing on Exchange(s) | BSE |
| Pajson Agro Allotment Status | Exchange/ Registrar |
Pajson Agro IPO subscription opened on 11 Dec 2025, and closed on 15 Dec 2025
IPO allotment for Pajson Agro was finalized on Tuesday, 16 Dec 2025
IPO listing for Pajson Agro was on BSE on Thursday, 18 Dec 2025
Pajson Agro IPO LISTING GAINS
| Issue Price (adjusted) | 118.0 |
| Listing Open Price | 124.0 |
| Listing Close Price | 130.2 |
| Listing Gain% | 5.1% |
| Current Gain% | 62.7% |
Pajson Agro Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pajson Agro India Ltd. | 192 | 457.1 | 18.4 | 0.9 | 1.8 | 18.2 | 12.7 | 256.9 | 37.2 | 24.8 | 21.4 | 10.4 | 21.4 |
| Adani Enterprises Ltd. | 3020 | 408730.2 | 54.9 | 3.3 | 3.7 | 11.5 | 3.6 | 102943.2 | 2.6 | 9339.5 | 31.6 | 55 | 16.7 |
| Redington Ltd. | 354.8 | 27741.3 | 16.3 | 4 | 0.2 | 14.7 | 4.4 | 119347.4 | 19.9 | 1490.2 | -7.1 | 21.8 | 4.1 |
| Lloyds Enterprises Ltd. | 83.5 | 12611.6 | 44.5 | 0.1 | 7.2 | 6.8 | 3.9 | 2183.7 | 39 | 283.4 | 396.5 | 1.9 | 396.5 |
| Swan Corp Ltd. | 308 | 9656 | 35.2 | -0.6 | 2.2 | 3.6 | 2 | 5143.5 | -25.3 | 274.1 | -63.7 | 8.7 | -63.7 |
| MMTC Ltd. | 64 | 9597 | 24.8 | 0.1 | 2814.4 | 18.3 | 13.8 | 180.6 | -31.3 | 387.4 | 347.2 | 2.6 | 347.2 |
Pajson Agro INFORMATION ON IPO ISSUE
About Pajson Agro
Pajson Agro India was incorporated on March 2, 2012. The company processes raw cashew nuts into kernels for domestic and international markets, offering multiple grades in bulk and retail packs. It also sells select dry fruits under the “Royal Mewa” brand and supplies cashew husk and shells as value-adding by-products for agricultural and industrial use
Object of the Issue
- Capital expenditure towards establishment of a second cashew processing facility at Vizianagaram, Andhra Pradesh
- General corporate purposes
Pajson Agro - PROMOTERS
| Name |
|---|
| Aayush Jain |
| Anjali Jain |
| Pulkit Jain |
Pajson Agro - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Aayush Jain | Chairman & Managing Director |
| Anjali Jain | Whole-time Director |
| Pulkit Jain | Non-Executive Non – Independent Director |
| Prince Wadhwa | Independent Director |
| Priyanka Devi | Independent Director |
Pajson Agro Book Running Lead Manager
Smart Horizon Capital Advisors Private Limited
director@shcapl.com
Pajson Agro Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Pajson Agro Strengths
In house packaging unit
The company’s in-house packaging unit helps reduce costs, maintain consistent quality, and improve turnaround time. It also ensures brand consistency for “Royal Mewa,” reduces dependence on external suppliers, supports sustainable packaging practices, and enhances overall operational efficiency
Efficient procurement
The company has a strong and efficient procurement strategy for Raw Cashew Nuts (RCN), sourcing high-quality materials from domestic and international suppliers, supported by Pajson Global DMCC. It maintains a 2–4 month inventory buffer and flexible short-term procurement arrangements, ensuring consistent supply and improved material cost efficiency
Diverse customer base
The company serves a diverse customer base, including wholesalers, retailers, institutional buyers, and retail consumers through its B2C brand *Royal Mewa*, strengthening market visibility and revenue stability. In FY25, it also entered the export market for kernels, gaining exposure to international customers
Pajson Agro Risks
Risks of damage during quality checks
The company’s multi-stage cashew processing can lead to kernel breakage, which reduces market value and affects profitability. Strict quality control and skilled handling are essential, as higher breakage rates directly impact pricing, revenue, and margins
Seasonal
The company’s raw material procurement depends on seasonal availability of Raw Cashew Nuts, which face weather-driven and market-driven price fluctuations. Any mismatch in demand forecasting or procurement timing can disrupt operations and impact revenue, cash flows, and financial performance
Capital intensive
The company operates a capital-intensive business that requires substantial funding for facilities, equipment, and technology upgrades. Any inability to secure additional financing could negatively impact its growth plans, operations, and overall financial health
IPO FAQs
The promoters of the company are Aayush Jain, Anjali Jain and Pulkit Jain.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 112.0 - 118.0.
The IPO application opens on Dec 11, 2025 and closes on Dec 15, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 268,800.0, the maximum value for this IPO is Rs 283,200.0.
This IPO will be allotted on Dec 16, 2025.
The refund will be credited to your account on Dec 17, 2025.
The allotted shares will be credited to your demat on Dec 17, 2025.
Pajson Agro India Ltd.’s shares listed on the stock exchanges on Dec 18, 2025.