Basmati rice exporter Amir Chand mobilises Rs 60 cr from anchor investors

New Delhi, Mar 23 (PTI) Basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd on Monday mobilised Rs 60 crore from anchor investors ahead of its initial share sale opening for public subscription.
    Rajasthan Global Securities, Lords Multigrowth Fund and Chanakya Opportunities Fund I are the anchor investors, according to a circular uploaded on BSE's website.
    The company has allotted 28,30,380 equity shares to these funds at Rs 212 apiece, which is also the IPO's upper price band. This aggregates the transaction size to Rs 60 crore.
    The company's Rs 440 crore maiden public offering (IPO) will open for subscription on March 24 and conclude on March 27. The price band has been set at Rs 201-212 per share, valuing the company at Rs 2,200 crore.
    The Haryana-based company's proposed IPO will comprise 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 Securities and Exchange Board of India (Sebi) granted its approval to the IPO in October 2025.
    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.
    Ahead of the public issue, the company raised Rs 13 crore in a pre-IPO round by allotting 7.55 lakh shares at Rs 172 per share.
    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.
    For the nine-month period ended December 31, 2024, the company reported revenue from operations of Rs 1,421.3 crore and a profit after tax of Rs 48.77 crore.
    The company stated that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
    The basmati rice exporter will make its stock market debut on April 2.

(This story has not been edited by THE WEEK and is auto-generated from PTI)