Public Market

IPO

Basmati rice exporter Amir Chand Jagdish Kumar’s Rs.440-Cr IPO subscribed 3.23 times

MoneyControl   Amir Chand Jagdish Kumar (Exports)  

The initial public offering (IPO) of Haryana-based Amir Chand Jagdish Kumar (Exports) received 3.23 times subscription. The INR 440-crore initial share sale of the basmati rice exporter got bids for 6.10-crore shares against 1.89-crore shares on offer.The quota for non-institutional investors attracted 12.71 times subscription. The category for Qualified Institutional Buyers (QIBs) received 1.11 times subscription, while the portion for Retail Individual Investors (RIIs) subscribed 1.36 times.Earlier, the company mobilised INR 60 crore from anchor investors. The price band for the issue has been fixed at INR 201-212 per share, valuing the company at INR 2,200 crore.The company, which is known for its "Aeroplane" basmati rice brand, plans to use the net proceeds from the issue to fund its working capital requirements and for general corporate purposes.

For FY24, Aeroplane Rice had reported about INR 1,345 Cr in Operating Income and about INR 22 Cr in PAT.