Pajson Agro India IPO is a book-built issue worth ₹74.45 crore. The IPO consists entirely of a fresh issue of 0.63 crore equity shares. The IPO opens for subscription on December 11, 2025, and closes on December 15, 2025. The allotment is expected to be finalised on December 16, 2025, with tentative listing on BSE SME scheduled for December 18, 2025.
The IPO is priced in a band of ₹112 – ₹118 per share. Retail investors must apply for a minimum of 1 lot comprising 2,400 shares, requiring an investment of ₹2,83,200 at the upper price band. HNI investors must apply for a minimum of 3 lots (3,600 shares), amounting to ₹4,24,800.
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager to the issue, and Bigshare Services Pvt. Ltd. is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Pajson Agro India IPO RHP.
Industry Outlook
- India’s cashew industry holds a prominent position globally, with annual production ranging between 170,000 and 195,000 metric tonnes, making the country the largest producer of cashew kernels. The sector is economically significant, employing over 10 lakh people across farms and processing units in rural areas. Cashew cultivation spans approximately 0.7 million hectares, and India processes more than 0.8 million tonnes annually, reinforcing its status as the world’s leading processing hub.
- Government initiatives such as duty-free import of raw cashew nuts from least developed countries under the DFTP scheme, mechanisation support through the Medium-Term Framework, and financial assistance for international trade promotion under the Market Access Initiative are expected to drive efficiency and competitiveness. These measures aim to modernise processing facilities, reduce operational costs, and expand India’s footprint in global markets.
- The industry is witnessing a shift towards automation and quality enhancement, with increased investment in advanced machinery and technology to meet international standards.
- Rising consumer demand for premium-grade kernels and value-added products, coupled with the growth of e-commerce and branded retail segments, is creating new opportunities for processors and exporters. However, the market remains competitive, with organised players and regional processors vying for share, while global supply dynamics and import policies continue to influence pricing and margins.
Pajson Agro India IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Set up a second cashew processing facility in Vizianagaram, Andhra Pradesh, including construction, installation of advanced machinery, and related infrastructure to boost production capacity and meet rising demand.
- Upgrade operational efficiency and support strategic initiatives aimed at strengthening the company’s market position and long-term sustainability.
- Fund general corporate purposes, such as administrative expenses, brand-building activities, and other initiatives that enhance overall business performance.
- Improve corporate visibility and governance through listing on the BSE SME platform, enabling better investor confidence, access to capital markets, and opportunities for future partnerships.
About Pajson Agro India Limited
Pajson Agro India Limited was originally incorporated as Pajson Agro India Private Limited on September 17, 2021 under the Companies Act, 2013. It was subsequently converted into a public limited company and renamed Pajson Agro India Limited on February 08, 2025 following a special resolution passed on December 24, 2024.
The company is engaged in the processing of raw cashew nuts into cashew kernels, catering to both domestic and international markets. Its product portfolio includes multiple grades of cashew kernels, packaged in bulk and consumer-friendly retail packs. In addition, Pajson markets select dry fruits under its white-label brand “Royal Mewa”, leveraging e-commerce platforms and offline distribution channels.
Pajson operates through a multi-channel sales structure comprising wholesale mandis, institutional sales, exports, and its B2C brand. With a strong focus on quality and operational efficiency, the company has established a processing facility in Andhra Pradesh and plans to expand capacity through a second unit in Vizianagaram.
The company’s growth strategy is driven by technological upgrades, capacity expansion, and diversification into branded retail segments. By capitalising on India’s position as a global cashew processing hub and the rising demand for premium-grade kernels and dry fruits, Pajson Agro India Limited aims to strengthen its market presence and deliver sustainable value to stakeholders.
How To Check the Allotment Status of the Pajson Agro India IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Pajson Agro India IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Pajson Agro India IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Pajson Agro India IPO
Registered Office: 510, 5th Floor, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, Shakur Pur I Block, North West Delhi – 110034, India.
Phone: +91 11 43026646
E-mail:investor@pajsonagro.com
Pajson Agro India IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,57,600 (5.67%) |
| QIB Shares Offered | 29,54,400 (46.82%) |
| − Anchor Investor Shares Offered | 17,72,400 (28.09%) |
| − QIB (Ex. Anchor) Shares Offered | 11,82,000 (18.73%) |
| NII (HNI) Shares Offered | 9,00,000 (14.26%) |
| − bNII > ₹10L | 6,00,000 (9.51%) |
| − sNII < ₹10L | 3,00,000 (4.75%) |
| Retail Shares Offered | 20,97,600 (33.24%) |
| Total Shares Offered | 63,09,600 (100.00%) |
Pajson Agro India IPO Promoter Holding
The promoters of the company are Aayush Jain, Anjali Jain and Pulkit Jain.
| Share Holding Pre-Issue | 85% |
| Share Holding Post Issue | 62.47% |
Key Performance Indicators for Pajson Agro India IPO
| KPI | Value |
| EBITDA Margin (%) | 16.16 |
| PAT Margin (%) | 10.90 |
| Return on Equity RoE (%) | 60.05 |
| Return on Capital EmployedRoCE (%) | 48.21 |
Pajson Agro India IPO Prospectus
Pajson Agro India IPO Registrar and Lead Managers
Pajson Agro India IPO Lead Managers
- Smart Horizon Capital Advisors Private Limited
Registrar for Pajson Agro India IPO
Bigshare Services Private Limited
- Contact Number: 022-6263 8200
- Email Address: ipo@bigshareonline.com
Pajson Agro India IPO Registrar
Strengths and Opportunities of Pajson Agro India IPO
- India’s leading cashew processing hub with strong domestic and export potential.
- Established multi-channel distribution network covering wholesale, institutional, and retail segments.
- Expansion plans with a second processing facility to boost production capacity and operational efficiency.
- Growing demand for premium-grade cashew kernels and dry fruits, supported by rising health-conscious consumption trends.
Risks and Threats of Pajson Agro India IPO
- Heavy dependence on Dubai-based group companies for raw cashew procurement.
- Significant fluctuations in profit margins over recent years.
- High customer concentration – top 10 customers contribute ~60% of revenue.
- Limited operating history, making future performance harder to predict.
