Amir Chand Jagdish Kumar (Exports) witnessed strong participation in its IPO, achieving 1.47 times subscription by the second day. The Rs 440-crore offering saw a significant response from non-institutional investors. The company, known for its 'Aeroplane' brand, aims to utilize proceeds for working capital and corporate purposes.

Strong Market Debut: Amir Chand Jagdish Kumar's IPO Achieves 1.47 Times Subscription

Amir Chand Jagdish Kumar (Exports) Ltd's initial public offering (IPO) witnessed robust demand, achieving a subscription rate of 1.47 times on its second day of bidding. The Rs 440-crore IPO received 2.77 crore shares of bids against 1.89 crore shares on offer, as per NSE data.

Notably, the segment for non-institutional investors saw a remarkable 5.24 times subscription, while the category for Qualified Institutional Buyers (QIBs) garnered 78% subscription. Retail Individual Investors (RIIs) subscribed to 56% of their allotted quota. On the back of this interest, the company raised Rs 60 crore from anchor investors earlier.

The Haryana-based basmati rice exporter, known for its 'Aeroplane' brand, plans to allocate the IPO proceeds towards working capital and general corporate purposes. Competing with other major rice players like KRBL Ltd and LT Foods, the company also offers a range of FMCG products, diversifying its market presence.

(With inputs from agencies.)