Amir Chand Jagdish Kumar IPO Sees 2.4 Times Subscription on Final Day of Bidding

Amir Chand Jagdish Kumar (Exports) IPO Receives 2.45 Times Subscription

The initial public offer (IPO) of Amir Chand Jagdish Kumar (Exports), a basmati rice exporter, witnessed a strong response on the final day of bidding, with 2.45 times subscription as of 1:30 pm. The Rs 440 crore initial share sale received bids for 4.63 crore shares against the offer of 1.89 crore shares, according to data from the National Stock Exchange (NSE).

Subscription Breakdown

• Non- Institutional Investors: 9.53 times subscription
• Qualified Institutional Buyers (QIBs): 93% subscription
• Retail Individual Investors (RIIs): 1 times subscription

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Prior to the IPO, the company had mobilised Rs 60 crore from anchor investors. The price band for the issue has been fixed at Rs 201-212 per share, valuing the company at Rs 2,200 crore.

Grey Market Activity

According to platforms tracking grey market activities, the shares of Amir Chand Jagdish Kumar (Exports) are commanding a higher GMP (Grey Market Premium) of 3.77%, up from 3% in the previous session. Investorgain quoted a GMP of Rs 6.5, indicating a listing gain of 3.07%.

Company Overview

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The Haryana-based company, known for its "Aeroplane" basmati rice brand, plans to utilise the net proceeds from the issue to fund its working capital requirements and for general corporate purposes. The company has diversified into FMCG products, offering staples and other essential kitchen items.