Amir Chand Jagdish Kumar's IPO Flies High with 3.23x Subscription

The IPO of basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd was oversubscribed by 3.23 times on its final day, with strong interest from non-institutional investors. The company plans to use funds raised to support working capital needs and general corporate purposes, while competing in a tightly contested market.

The initial public offering (IPO) of Amir Chand Jagdish Kumar (Exports) Ltd, a leading basmati rice exporter, received overwhelming interest, being subscribed 3.23 times on the final day.

The company attracted strong demand from non-institutional investors, with this category subscribed 12.71 times. The retail individual investors category noted a 1.36 times subscription rate, while qualified institutional buyers subscribed at 1.11 times.

The Haryana-based company plans to use the funds for bolstering working capital and general corporate purposes. This offering has been adjusted to Rs 440 crore, compared to an initially proposed Rs 550 crore. Known for its Aeroplane basmati rice brand, the company has also branched into FMCG products.

(With inputs from agencies.)