NSE SME Gajanand International climbs on market entry

NSE SME Gajanand International were trading at Rs 39.90 on the NSE, a premium of 10.83% compared with the issue price of Rs 36.

The scrip was listed at Rs 42, a premium of 16.67% over the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 43 and a low of Rs 39.90. About 9.75 lakh shares of the company changed hands at the counter.

Gajanand International's IPO was subscribed 14.28 times. The issue opened for bidding on 9 September 2024 and it closed on 11 September 2024. The price of the IPO was set at Rs 36 per share.

The IPO comprised fresh issue of 57,36,000 equity shares. The promoter and promoter group shareholding diluted to 62.94% from 90.50% pre-IPO. The company intends to utilize the net proceeds to meet working capital requirement, to meet issue expenses and general corporate purpose.

Gajanand International is a company that specializes in manufacturing cotton and trading agro commodities like peanuts and chana. It manufactures various types of cotton, including Mech1 and Shankar6 cotton. The company has established manufacturing units equipped with hi-tech machines and tools for ginning, quality inspection, storage, and packing. As of 31 January 2024, the company has 29 employees.

The company recorded revenue from operations of Rs 108.65 crore and net profit of Rs 2.23 crore for the period as on 31 March 2024.

Powered by Capital Market - Live News