The initial public offering (IPO) of Amir Chand Jagdish Kumar (Exports) Ltd, a basmati rice exporter, saw a subscription rate of 1.47 times by the second day of bidding on Wednesday, March 25. The IPO price band is set at ₹201 to ₹212 per share, and listings are expected on April 2.IPO Details
The offering includes a fresh issue of ₹440 crore. On Monday, March 23, the company raised ₹60 crore from anchor investors. The IPO does not include an offer-for-sale (OFS) portion. Based on the IPO price band, the company is valued at ₹2,200 crore.Company Overview
Amir Chand Jagdish Kumar (Exports) Ltd, based in Haryana, is recognized for its “Aeroplane” basmati rice brand. The company intends to utilize the net proceeds from the offering to meet its working capital needs and for general corporate purposes.GMP and Listing Price
The current Grey Market Premium (GMP) for the IPO is ₹8. Considering the upper end of the IPO price band and current grey market activity, the estimated listing price of Amir Chand Jagdish Kumar shares is indicated as ₹220 apiece, representing a 3.77% premium over the IPO price of ₹212.Grey market activities over the last 15 sessions show an upward trend, with the minimum GMP recorded at ₹0.00 and the maximum at ₹8, according to expert analysis. This suggests investor confidence in a robust listing.
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