MM Forgings’ Board approves fundraising plan
25 Mar 2026
New Delhi, Mar 25 (PTI) The initial share sale of basmati rice exporter Amir Chand Jagdish Kumar (Exports) received 1.47 times subscription on the second day of bidding on Wednesday.
The Rs 440-crore initial public offer (IPO) got bids for 2,77,21,680 shares against 1,89,05,270 shares on offer, according to NSE data.
The quota for non-institutional investors attracted 5.24 times subscription. The category for Qualified Institutional Buyers (QIBs) received 78 per cent subscription, while the portion for Retail Individual Investors (RIIs) subscribed 56 per cent.
Amir Chand Jagdish Kumar (Exports) Ltd on Monday mobilised Rs 60 crore from anchor investors.
The company’s initial public offering (IPO) will conclude on March 27. The price band has been fixed at Rs 201-212 per share, valuing the company at Rs 2,200 crore.
The Haryana-based company’s IPO has a fresh issue of equity shares, with no offer-for-sale (OFS) component.
The company, which is known for its “Aeroplane" basmati rice brand, plans to utilise the net proceeds from the issue to fund its working capital requirements and for general corporate purposes.
The offer size has been reduced to Rs 440 crore, compared with the Rs 550 crore issue size proposed in the Draft Red Herring Prospectus (DRHP) filed in June 2025.
Amir Chand Jagdish Kumar (Exports) Ltd is a processor and exporter of basmati rice in India. The company markets its products under the flagship brand “Aeroplane". It competes with the likes of other large basmati rice companies, including KRBL Ltd, LT Foods and Sarveshwar Foods, and various other unorganised processors.
Apart from its core basmati rice business, the company has diversified into FMCG products, offering staples and other essential kitchen items. PTI SUM SUM BAL BAL
