Amir Chand IPO GMP rises to 3% ahead of Day 3 of subscription

Shares of Amir Chand Jagdish Kumar (Exports) are commanding a grey market premium (GMP) of more than 3 percent ahead of the third day of its initial public offering (IPO) subscription on Friday.

According to platforms tracking grey market activity, the company’s shares were quoted at a premium of around Rs 6.5, indicating a potential listing gain of about 3.07 percent. IPO Watch estimated the GMP at 3.3 percent.

The Rs 440-crore IPO received 1.47 times subscription on the second day of bidding on Wednesday, as per NSE data.

The issue garnered bids for 2.77 crore shares against 1.89 crore shares on offer.

The non-institutional investor category was subscribed 5.24 times, while the quota for qualified institutional buyers (QIBs) saw 78 percent subscription. The retail individual investors (RIIs) portion was subscribed 56 percent.

The company had raised Rs 60 crore from anchor investors on Monday.

The IPO, which opened earlier this week, will close on March 27. The price band has been fixed at Rs 201-212 per share, valuing the company at around Rs 2,200 crore.

The proceeds from the issue will be used to meet working capital requirements and for general corporate purposes.

Amir Chand Jagdish Kumar (Exports) Ltd is engaged in processing and exporting basmati rice and sells its products under the “Aeroplane” brand.

The company also has a presence in the FMCG segment, offering staples and other kitchen products.