Amir Chand Jagdish Kumar (Exports), known for its 'Aeroplane' brand basmati rice, saw its shares list at a discount on Thursday. Despite a successful IPO, the shares traded significantly below the issue price on both BSE and NSE. The company is focused on expanding its working capital.

Basmati Rice Exporter Faces Initial Trading Slump

Amir Chand Jagdish Kumar (Exports), famed for its 'Aeroplane' brand of basmati rice, encountered a rocky start as its shares debuted at a discount over 17% below the initial offering price of Rs 212, on Thursday. The shares concluded trading at Rs 175.50 on BSE and Rs 180 on NSE, reaching their lower circuit limits.

This initial public offering valued at Rs 440 crore had seen substantial interest with a 3.23 times subscription rate. The Haryana-based enterprise has earmarked the funds raised to bolster its working capital and for other corporate purposes.

Despite this early setback in the stock market, Amir Chand Jagdish Kumar (Exports) remains a prominent figure in the Indian basmati rice sector, competing against major players like KRBL Ltd and LT Foods. Marking its presence further, the company has expanded into the FMCG sector, offering a broad range of essential kitchen products.