Pajson Agro India Receives in-Principle Approval From BSE to Raise Funds via IPO

City-based Pajson Agro India on Thursday said it has received in-principle approval from BSE Ltd to raise funds through an initial public offering in the SME category. The initial public offer (IPO) is entirely a fresh issue of a little over 63.09 lakh shares with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP).

The net proceeds of Rs 57 crore from the fresh issue will be used to set up a second cashew processing facility in Vizianagaram, Andhra Pradesh, and for general corporate purposes. Incorporated in 2021, Pajson Agro India is engaged in processing raw cashew nuts into kernels for domestic and international markets.

The company offers various grades of cashew nuts, processed and packaged in both bulk and consumer retail packs, and markets select dry fruits under its brand "Royal Mewa" through a mix of e-commerce platforms and offline distribution channels. It also supplies its products to various entities like Bikanervala, More Retail, Nutraj, Farmley, Reliance Retail, and Haldiram, among others.

On the financial front, the company reported a revenue of Rs 187.26 crore and profit after tax of Rs 20.42 crore in FY25. The company's shares are proposed to be listed on the BSE's SME platform. Smart Horizon Capital Advisors Pvt Ltd is the sole book-running lead manager, and Bigshare Services is the registrar for the IPO.