Amir Chand IPO Sees GMP Increase to 3% Ahead of Third Day of Subscription

Amir Chand Jagdish Kumar (Exports) IPO Update

Grey Market Premium Shares of Amir Chand Jagdish Kumar (Exports) are trading at a grey market premium (GMP) of more than 3%, with prices quoted at a premium of around Rs 6.5. This indicates a potential listing gain of about 3.07%, as per IPO Watch estimates.

IPO Subscription The Rs 440-crore IPO received 1.47 times subscription on the second day of bidding, with bids for 2.77 crore shares against 1.89 crore shares on offer. The non-institutional investor category was subscribed 5.24 times, while the quota for qualified institutional buyers (QIBs) saw 78% subscription. The retail individual investors (RIIs) portion was subscribed 56%.

IPO Details The IPO, which opened earlier this week, will close on March 27. The price band has been fixed at Rs 201-212 per share, valuing the company at around Rs 2,200 crore. The proceeds from the issue will be used to meet working capital requirements and for general corporate purposes.

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Company Profile Amir Chand Jagdish Kumar (Exports) Ltd is engaged in processing and exporting basmati rice and sells its products under the “Aeroplane” brand. The company also has a presence in the FMCG segment, offering staples and other kitchen products. It had raised Rs 60 crore from anchor investors on Monday.