Amir Chand Jagdish Kumar IPO fully subscribed on Day 1: Check price band, lot size and key dates

Amir Chand Jagdish Kumar IPO: The initial public offering of basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd was fully subscribed on Tuesday, March 24, the first day of bidding. The issue will end on March 27.

The ₹440 crore initial share sale, with a price band of ₹201 to ₹212 per share, is an exclusive fresh issuance of 2.08 crore shares, with no offer-for-sale component.

The objectives of the offer include funding working capital requirements of the company and general corporate purposes.

"In addition, our company expects to receive the benefits of listing of the equity shares on the Stock Exchanges including enhancing our company’s visibility, brand name amongst our existing and potential customers and creation of a public market for our Equity Shares in India," according to the red herring prospectus (RHP).

Amir Chand Jagdish Kumar IPO Day 1: Subscription status

The IPO has been subscribed 1.04 times so far on Day 1, with bids for 1,97,10,250 shares as against 1,89,05,270 shares on offer, according to the consolidated data on NSE until 4:08 pm.

Before the IPO, the company allocated shares worth ₹60 crore to anchor investors, including Rajasthan Global Securities Pvt Ltd, Chanakya Opportunities Fund I and Lords Multigrowth Fund.

A lot consists of 70 shares and multiples thereof.

Amir Chand Jagdish Kumar IPO: Allotment and listing date

Amir Chand Jagdish Kumar (Exports) Ltd is engaged in processing and exporting basmati rice in India under the flagship brand "Aeroplane". It competes with other large basmati rice firms, including LT Foods, Sarveshwar Foods, KRBL Ltd, and various other unorganised processors.

Apart from its core basmati rice business, the company has diversified into FMCG products like staples and other essential kitchen items.

Amir Chand Jagdish Kumar IPO GMP

According to investorgain.com and media reports, the unlisted shares of Amir Chand Jagdish Kumar are trading at ₹219, reflecting a grey market premium of 3.30% or ₹7 compared to the upper price band of ₹212.