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Gajanand International Ltd

Gajanand International Ltd IPO

Status: Closed

Overview

IPO date
09 Sept 2024 to 11 Sept 2024
Face value
₹ 10 per share
Price
₹ 36 per share
Issue Size
5,736,000 shares
(aggregating up to ₹ 20.65 Cr)
Allotment Date
12 Sept 2024
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Textiles

Objectives of Gajanand International Ltd IPO

Public issue of 57,36,000 equity shares of face value Rs. 10/- each of Gajanand International Limited. ("Gajanand" or the "Company" or the "Issuer") for cash at a price of Rs. 36/-per equity share ("Issue Price") including a share remium of Rs. 26/- per equity share), aggregating to aggregating to Rs. 20.65 crores ("The Issue"), out of which, 2,76,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 36/- per equity share aggregating to Rs. 0.99 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 54,60,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 36/- per equity share aggregating to Rs. 19.66 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 30.45% and 28.99%, respectively of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each and the issue price is Rs. 36 the issue is 3.6 times of the face value.

Gajanand International Ltd IPO Strategy

  • Improving operational efficiencies.
  • Expand geographical reach.
  • Strengthening its brand.
  • Training its employees.

About Gajanand International Ltd

Gajanand International Ltd was originally incorporated as a Private Limited Company with the name 'Gajanad Cottex Private Limited' pursuant to a Certificate of Incorporation dated June 15, 2009 issued by the RoC. The name of the Company changed to Gajanand International Private Limited' dated May 26, 2023, thereafter upon conversion into a Public Company, the name finally got changed to Gajanand International Limited' and fresh Certificate of Incorporation was issued by the RoC dated June 01, 2023. The Company presently is into cotton and textile industry where it take kapas as raw material and process Indian Cotton Fiber Quality Standards by minimizing Trash and Moisture, Improving the Cotton Grade Standard and Cotton Packing Standard, and Providing Logistic Support to Ensure Timely Delivery. It has manufacturing infrastructure with a completely automated, cutting-edge technology-based factory in the cotton industry that produces contamination-free and sustainable cotton. In addition, it has spacious warehouse and packaging facility in their infrastructure unit. Thereafter, the warehouse is kept clean and sanitized which ensures that the warehouse is free of moisture and insects. Furthermore, the infrastructural unit is divided into various sections in order to store their extensive product line in a logical manner. This allows for quick product identification and, as a result, hassle-free product shipping. The Company was founded in year 2009, under MSME. In 2010, it flourished and began exporting the products domestic and global. In 2015, it established supply chain and logistics to various states in India. In 2021, it got the Membership under Powerloom Development & Export Promotion Council (PDEXCIL). And in 2024, the Company has been recognized from Federation of Indian Export Organisations (FIEO) to their product 'Cotton Bales'. The Company is proposing the Public Issue of 57,36,000 Fresh Issue Equity Shares by raising capital of Rs 20.65 Cr.

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T&C*

Strengths vs Risks of Gajanand International Ltd

Know the pros & cons

Strengths

  • arrowGood track record.
  • arrowGovernment support Textile industry.
  • arrowLeveraging the experience of its Promoters.
  • arrowExperienced management team and a motivated and efficient work force.
  • arrowCordial relations with its consumers.
  • arrowQuality assurance and control.

Risks

  • arrowIts business is subject to seasonal volatility which contributes to fluctuations in the company's results of operations and financial condition.
  • arrowThe company does not have long term contracts with its suppliers and therefore, there may be potential unavailability of raw materials (Supply Chain Risks) in future which may adversely affect its business operations.
  • arrowIts present promoters of the Company are first generation entrepreneurs.
  • arrowThe Company has negative cash flows from its operating activities, investing activities as well as financing activities in the current and past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
  • arrowOmission of Some Objects in the Memorandum of Association of the Company.
  • arrowIts top 5 customers contributed 84.39%, 85% and 98% of the company total revenue from operations for the year ended March 31, 2024, for the year ended March 31, 2023 and for the year ended March 31, 2022. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • arrowThe company has not entered into any long term or definitive agreements with its customers. If the company customers choose not to source their requirements from it, its business, financial condition and results of operations may be adversely affected.
  • arrowIts top 5 customers contributed 84.39%, 85%and 98% of the company total revenue from operations for the year ended March 31, 2024, for the year ended March 31, 2023 and for the year ended March 31, 2022. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • arrowIts dependence upon transportation services for supply and transportation of the company products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
  • arrowAny adverse movement in the price of the raw material may affect the price of the finished products and affect its profitability.
  • arrowThe company operates in a competitive industry and any failures to compete effectively may result in a decline in its market share.
  • arrowThe company requires a number of approvals, licenses, registration and permits for its business and failures to obtain or renew them in a timely manner may adversely affect its operations. In some cases, its may be operating without all the required permissions, risking civil and criminal sanctions.
  • arrowIts results of operations could be adversely affected by a disruption of operations at the company manufacturing facilities.
  • arrowIts business is dependent on the company manufacturing facilities and the company is subject to certain related risks. Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in its manufacturing operations or underutilization of the company manufacturing capacities could have an adverse effect on its business, results of operations, cash flows and financial condition.
  • arrowThe present production capacity installed at its manufacturing unit is not fully utilized.
  • arrowIts existing manufacturing operation is geographically located at one place. Hence, the company may face the risk of geographical non-diversification of manufacturing facilities.
  • arrowThe prices the company is able to obtain for its products that its trade depend largely on prevailing market prices.
  • arrowIf the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
  • arrowIn the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • arrowThe Company has entered into certain related Party transactions and may continue to do so in the future.
  • arrowFailures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
  • arrowCertain Agreements, deeds or licenses may be in the previous name of the company.
  • arrowThe company depends on certain brand names and logo "GAJANAND INTERNATIONAL LIMITED" that the company may not be able to protect and/or maintain.
  • arrowThe company has incurred substantial indebtedness which exposes it to various risks which may have an adverse effect on its business and results of operations.
  • arrowThe Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flow.
  • arrowThere is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • arrowThe Company, Promoters, and Directors are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
  • arrowAny changes in regulations or applicable government incentives would adversely affect the Company's operations and growth prospects.
  • arrowThe company sell its products in highly competitive markets and the company inability to compete effectively may lead to lower market share or reduced operating margins, and adversely affect its results of operations.
  • arrowThe company is subject to risks associated with expansion into new geographic regions.
  • arrowIts success depends largely on the company senior management and other key personnel and its ability to attract and retain them.
  • arrowThe average cost of acquisition of Equity Shares by its Promoter is lower than the issue price.
  • arrowThe present production capacity installed at its manufacturing unit is not fully utilized.
  • arrowIts ability to pay dividends in the future will depends upon the company's future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • arrowIts future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • arrowObsolescence, destruction, theft, breakdowns of its major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
  • arrowCertain information contained in this Prospectus is based on management estimates and the company cannot assure you of the completeness or accuracy of the data.
  • arrowCertain of its old corporate records are not available with the company.
  • arrowIts ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • arrowThe company cannot assure you that its equity shares will be listed on the NSE Emerge in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
  • arrowIts may not be successful in implementing the company's business strategies.
  • arrowThe Company has file e-form with delayed fees and have received Regulators orders against it.

Gajanand International Ltd Peer Comparison

Understand the company’s industry standing

Gajanand International Ltd
Laxmi Cotspin Ltd
Spright Agro Ltd
Face Value
10
10
1
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
2.17
-0.16
0.12
EPS-Diluted
---
---
---
NAV Per Share
17.16
3.67
1.31
P/E-Basic EPS
4.61
-207.12
---
P/E-Diluted EPS
---
---
---
RONW(%)
19.3
0.02
0.23
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 09 Sept 2024 & closes on 11 Sept 2024.

Gajanand International Ltd was originally incorporated as a Private Limited Company with the name 'Gajanad Cottex Private Limited' pursuant to a Certificate of Incorporation dated June 15, 2009 issued by the RoC. The name of the Company changed to Gajanand International Private Limited' dated May 26, 2023, thereafter upon conversion into a Public Company, the name finally got changed to Gajanand International Limited' and fresh Certificate of Incorporation was issued by the RoC dated June 01, 2023. The Company presently is into cotton and textile industry where it take kapas as raw material and process Indian Cotton Fiber Quality Standards by minimizing Trash and Moisture, Improving the Cotton Grade Standard and Cotton Packing Standard, and Providing Logistic Support to Ensure Timely Delivery. It has manufacturing infrastructure with a completely automated, cutting-edge technology-based factory in the cotton industry that produces contamination-free and sustainable cotton. In addition, it has spacious warehouse and packaging facility in their infrastructure unit. Thereafter, the warehouse is kept clean and sanitized which ensures that the warehouse is free of moisture and insects. Furthermore, the infrastructural unit is divided into various sections in order to store their extensive product line in a logical manner. This allows for quick product identification and, as a result, hassle-free product shipping. The Company was founded in year 2009, under MSME. In 2010, it flourished and began exporting the products domestic and global. In 2015, it established supply chain and logistics to various states in India. In 2021, it got the Membership under Powerloom Development & Export Promotion Council (PDEXCIL). And in 2024, the Company has been recognized from Federation of Indian Export Organisations (FIEO) to their product 'Cotton Bales'. The Company is proposing the Public Issue of 57,36,000 Fresh Issue Equity Shares by raising capital of Rs 20.65 Cr.

Gajanand International Ltd IPO will close on 11 Sept 2024.

  • Good track record.
  • Government support Textile industry.
  • Leveraging the experience of its Promoters.
  • Experienced management team and a motivated and efficient work force.
  • Cordial relations with its consumers.
  • Quality assurance and control.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Ashok Bhagvanbhai Monsara 3096256 23.64 3096256 16.44
2 Truptiben Ashokbhai Monsara 489600 3.74 489600 2.6
3 Ashish Dhirajlal Monsara 2393568 18.27 2393568 12.71

  • Its business is subject to seasonal volatility which contributes to fluctuations in the company's results of operations and financial condition.
  • The company does not have long term contracts with its suppliers and therefore, there may be potential unavailability of raw materials (Supply Chain Risks) in future which may adversely affect its business operations.
  • Its present promoters of the Company are first generation entrepreneurs.
  • The Company has negative cash flows from its operating activities, investing activities as well as financing activities in the current and past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
  • Omission of Some Objects in the Memorandum of Association of the Company.
  • Its top 5 customers contributed 84.39%, 85% and 98% of the company total revenue from operations for the year ended March 31, 2024, for the year ended March 31, 2023 and for the year ended March 31, 2022. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • The company has not entered into any long term or definitive agreements with its customers. If the company customers choose not to source their requirements from it, its business, financial condition and results of operations may be adversely affected.
  • Its top 5 customers contributed 84.39%, 85%and 98% of the company total revenue from operations for the year ended March 31, 2024, for the year ended March 31, 2023 and for the year ended March 31, 2022. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • Its dependence upon transportation services for supply and transportation of the company products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
  • Any adverse movement in the price of the raw material may affect the price of the finished products and affect its profitability.
  • The company operates in a competitive industry and any failures to compete effectively may result in a decline in its market share.
  • The company requires a number of approvals, licenses, registration and permits for its business and failures to obtain or renew them in a timely manner may adversely affect its operations. In some cases, its may be operating without all the required permissions, risking civil and criminal sanctions.
  • Its results of operations could be adversely affected by a disruption of operations at the company manufacturing facilities.
  • Its business is dependent on the company manufacturing facilities and the company is subject to certain related risks. Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in its manufacturing operations or underutilization of the company manufacturing capacities could have an adverse effect on its business, results of operations, cash flows and financial condition.
  • The present production capacity installed at its manufacturing unit is not fully utilized.
  • Its existing manufacturing operation is geographically located at one place. Hence, the company may face the risk of geographical non-diversification of manufacturing facilities.
  • The prices the company is able to obtain for its products that its trade depend largely on prevailing market prices.
  • If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
  • In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • The Company has entered into certain related Party transactions and may continue to do so in the future.
  • Failures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
  • Certain Agreements, deeds or licenses may be in the previous name of the company.
  • The company depends on certain brand names and logo "GAJANAND INTERNATIONAL LIMITED" that the company may not be able to protect and/or maintain.
  • The company has incurred substantial indebtedness which exposes it to various risks which may have an adverse effect on its business and results of operations.
  • The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flow.
  • There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • The Company, Promoters, and Directors are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
  • Any changes in regulations or applicable government incentives would adversely affect the Company's operations and growth prospects.
  • The company sell its products in highly competitive markets and the company inability to compete effectively may lead to lower market share or reduced operating margins, and adversely affect its results of operations.
  • The company is subject to risks associated with expansion into new geographic regions.
  • Its success depends largely on the company senior management and other key personnel and its ability to attract and retain them.
  • The average cost of acquisition of Equity Shares by its Promoter is lower than the issue price.
  • The present production capacity installed at its manufacturing unit is not fully utilized.
  • Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • Its future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • Obsolescence, destruction, theft, breakdowns of its major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
  • Certain information contained in this Prospectus is based on management estimates and the company cannot assure you of the completeness or accuracy of the data.
  • Certain of its old corporate records are not available with the company.
  • Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • The company cannot assure you that its equity shares will be listed on the NSE Emerge in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
  • Its may not be successful in implementing the company's business strategies.
  • The Company has file e-form with delayed fees and have received Regulators orders against it.

The Issue type of Gajanand International Ltd is Fixed Price - SME.

The minimum application for shares of Gajanand International Ltd is 3000.

The total shares issue of Gajanand International Ltd is 5736000.

Public issue of 57,36,000 equity shares of face value Rs. 10/- each of Gajanand International Limited. ("Gajanand" or the "Company" or the "Issuer") for cash at a price of Rs. 36/-per equity share ("Issue Price") including a share remium of Rs. 26/- per equity share), aggregating to aggregating to Rs. 20.65 crores ("The Issue"), out of which, 2,76,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 36/- per equity share aggregating to Rs. 0.99 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 54,60,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 36/- per equity share aggregating to Rs. 19.66 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 30.45% and 28.99%, respectively of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each and the issue price is Rs. 36 the issue is 3.6 times of the face value.