Founded in 2009, Gajanand International Limited, formerly known as Gajanand Cottex Private Limited, is engaged in the production of contamination-free and sustainable cotton.
The company's product portfolio includes:
- Mech1 cotton: grown in Madhya Pradesh and Maharashtra, it is sown in the June/July period and harvested from November to January.
- Shankar6 cotton: This is grown domestically and is the most exported raw cotton variety in India.
- DCH 32 cotton: It is sown in the months of July-August and is ready for harvest from December to March. It is grown in the states of Karnataka, Tamil Nadu and Madhya Pradesh.
- Khol: It is made from high-quality and pure cotton seeds.
Company strengths:
- The company has an installed capacity of 37,500 MT/year
- Location advantage: Raw material harvesting nearby/easy availability and readily available transportation.
- Increasing scalability of the company and self-consumption: By expanding its operations and diversifying its product offering, the company has improved its ability to adapt quickly to changing market demand.
As of March 31, 2024, the company had 22 employees.
| Purpose | Amount (₹ Cr) |
|---|---|
| To meet out the Working Capital requirements of the Company; | — |
| To meet out the General Corporate Purposes; and | — |
| To meet out the Issue Expenses. | — |
| Metric | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Total Assets | 3,931 | 1,901 | 1,944 |
| Revenue | 10,875 | 7,342 | 6,176 |
| PAT | 224 | 141 | 3 |
| Net Worth | 1,771 | 548 | 407 |
| Reserves | 461 | 506 | 365 |
| Total Borrowing | 1,207 | 1,179 | 1,465 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| NII / HNI | — | 2,724,000 (47%) | — |
| Retail (RII) | — | 2,724,000 (47%) | — |
| Market Maker | — | 288,000 (5%) | — |
| Total | — | 5,736,000 (100%) | — |
* Amount calculated at upper price band (₹36) · ** Total includes all investor categories
- 1 Initiation of Refund 13 Sep 2024
- 2 Credit of Shares to Demat 13 Sep 2024
- Retail allocation is strong at 47% of the total offering.
- HNI/NII demand is strong at 47%.
- The IPO P/E of 30x reflects a moderate valuation relative to typical market ranges.
- Pre-issue EPS of ₹2 compares to post-issue EPS of ₹1 after dilution.
This IPO shows strong fundamentals and healthy investor demand. Research the business model and compare with sector peers before applying.
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