- Price Band fixed at ₹201 to ₹212 per equity share of face value of ₹10 each
- Bid/Issue will open on Tuesday, March 24, 2026, and close on Friday, March 27, 2026
- The Anchor Investor Bidding Date shall be Monday, March 23, 2026.
- Bids can be made for a minimum of 70 Equity Shares of face value of ₹10 each and in multiples of 70 Equity Shares of face value of ₹10 each thereafter.
- Basmati major pitches scale, brand and global reach as growth levers
- Capacity headroom, diversification plans anchor post-listing roadmap
- Management bets on quality consistency and new markets to drive next phase
NE BUSINESS BUREAU
AHMEDABAD, MAR 21
Amir Chand Jagdish Kumar (Exports) Limited on Friday announced it is set to tap the capital markets with its ₹440 crore Initial Public Offering (IPO), opening on March 24, 2026, positioning itself as a global basmati powerhouse with ambitions that extend far beyond India’s rice bowl.
The price band has been fixed at ₹201–₹212 per equity share, with bidding scheduled from March 24 to March 27, while anchor investors will bid on March 23. The issue is entirely a fresh issue, aimed at fuelling working capital needs and corporate expansion.
With exports to over 38 countries and a diversified FMCG portfolio under its flagship “AEROPLANE” brand, the company is seeking to leverage its integrated value chain—from procurement to global distribution—to attract investors looking for exposure to India’s agri-export growth story.
Financial & Operational Snapshot
- FY25 Revenue: ₹2,001.6 crore (vs ₹1,315.8 crore in FY23)
- FY25 PAT: ₹60.8 crore (vs ₹17.5 crore in FY23)
- H1 FY26 Revenue: ₹1,021.2 crore; PAT: ₹48.7 crore
- Export footprint: 38+ countries across 4 continents
- Manufacturing: 3 facilities in Punjab, Haryana & New Delhi
- Current capacity utilisation: ~50%
Strategy, Risks & the Road Ahead
Rahul Suri, Whole-Time Director, addressed key investor concerns with a comprehensive outlook: “Our IPO valuation is anchored in strong revenue growth, improving profitability and comparison with export-focused listed peers, while factoring in our integrated supply chain and brand premium in basmati. The proceeds will primarily support working capital, enabling higher procurement volumes and better inventory cycles, alongside general corporate purposes. Over the next 2–3 years, investors should track milestones such as capacity utilisation rising from 50% to over 75%, expansion in export volumes, and deeper market penetration.
Given our export-led model, we actively hedge risks through geographic diversification, currency risk management and flexible sourcing strategies to mitigate global demand volatility and geopolitical disruptions. We are targeting expansion into newer markets in Africa, Southeast Asia and parts of Europe, which we expect to contribute a meaningful share of incremental revenues in the medium term.
While logistics and supply chain costs remain a challenge, our margins are supported by scale efficiencies, long-standing supplier relationships and premium positioning. Our competitive edge lies in consistent quality, strong global relationships and brand recall, which are difficult to replicate.
Post-listing, we plan calibrated capacity expansion that will significantly enhance revenue growth and asset utilisation. On ESG and compliance, we are aligning processes with global standards, as international buyers increasingly demand traceability and sustainability.
Our client base is well diversified across geographies, reducing concentration risks, and we continue to expand our customer portfolio. Investors should consider our IPO as a long-term growth story driven by rising global demand for premium basmati and our readiness to scale.
Consistency in aroma, grain size and taste is maintained through strict quality control, scientific storage and ageing processes. Climate change does pose risks to basmati cultivation, but we mitigate this through diversified sourcing and close farmer engagement.
Ongoing geopolitical tensions, including in West Asia, do impact trade flows and logistics, but our diversified market presence helps cushion such shocks.”
Issue allocation
- Lot Size: 70 shares and multiples thereafter
- Allocation:
- QIB: ≤50%
- NII: ≥15%
- Retail: ≥35%
Lead Managers: Emkay Global Financial Services Ltd, Keynote Financial Services Ltd
Registrar: KFin Technologies Ltd
Business Model at a Glance
The company operates across the basmati rice value chain—procurement, storage, processing and exports—while also expanding into domestic FMCG staples like atta, maida, sooji, besan, salt and sugar.
