Recently-listed Amir Chand Jagdish Kumar (Exports) has turned into a wealth destroyer for Dalal Street investors as the stock has been locked in the lower circuit since its listing.

IPO report card: 5 sessions since debut, 5 lower circuit This recent debutant tanks 43%

Recently-listed Amir Chand Jagdish Kumar (Exports) Ltd has turned into a wealth destroyer for Dalal Street investors as the stock has been locked in the lower circuit since its listing. Debuting on April 2, the stock has wiped out as much as 43 per cent of investors' wealth from its IPO price, leaving little to no-room for exit.

Known for its 'Aeroplane' brand rice, Amir Chand Jagdish Kumar Exports is having a forgettable run at Dalal Street for straight five sessions. The stock was listed at nearly an 8 per cent discount at Rs 195 on Thursday, April 2 but settled at Rs 175.5, falling another 10 per cent for the day. Emkay Global Financial Services was the book running lead manager of this IPO.

The stock again hit a 10 per cent seller circuit from Monday to Wednesday (April 6-8) but its circuit limit was revised for Thursday to 5 per cent. However, even this did not change its fate as it was seen at Rs 121.60 on Thursday, down 5 per cent from its previous close at Rs 128.

The company had issued its shares of Rs 212 apeice in the IPO and has fallen 42.6 per cent from its IPO price. The total market capitalization of the company has drastically fallen to Rs 1,259.2 crore, wiping out more than 936.10 crore from investor's pocket in just 5 sessions. Interestingly, it is more than double Rs 440 crore, which the company raised from primary markets.

The company reported in its Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI) that 22 per cent of its total revenue for the first nine months of the financial year 2025 came from the West Asia region. This area was recently affected by conflict involving the US, Israel, and Iran, with a temporary ceasefire declared on Wednesday.

According to the latest shareholding pattern as of April 1, 2026, more than 98,000 investors owned nearly 1.02 crore equity shares, or 9.85 per cent stake in Amir Chand Jagdish Kumar (Exports). The Rs 440-crore IPO was entirely a fresh issue by the company and was open for subscription between March 24-27.

The issue was overall subscribed 3.23 times, with retail book getting a 1.36 times bidding and HNI portion getting a subscription 12.71 times. The QIB portion, net of the anchor book, was subscribed only 1.11 times. Rajasthan Global Securities, Chanakya Opportunities Fund and Lords Multigrowth Fund participated in its anchor book.

For the same period, 65 per cent of the company's revenue was generated from Indian markets. The firm highlighted the impact of currency fluctuations on its business in the offer document. According to the RHP, a significant change in the exchange rate between the Indian Rupee and the US Dollar could materially affect the company's operations, cash flows and financial health.