Amir Chand Jagdish Kumar IPO Day 3 LIVE: Issue subscribed 2.72x so far. Check GMP, review. Apply or not?

"At the upper price band, the company is valued at 36.1x FY25 earnings and 16.9x its FY26 earnings P/E (annualized), implying a post-issue market cap of ₹21,953 million. The company plans to scale up its brand-building and marketing efforts to capitalize on the ongoing shift towards organized and branded players in the basmati rice segment.

The company plans to expand its presence across India, focusing on deeper penetration into tier 3 and tier 4 cities, which offer strong growth potential driven by rising incomes and increasing demand for branded food products. Considering these factors, the IPO appears fully valued and is rated “Subscribe – Long Term,” said Anand Rathi.

The company’s business is primarily driven by B2C operations through general trade, modern trade, and e-commerce channels, supported by a wide distributor network catering to retail, wholesale, and institutional customers.

It also operates a D2C model, serving institutions and consumers directly via its sales team and website. Domestic distribution has strengthened, with distributors increasing from 380 (FY23) to 431 (Feb 2026).

Revenue mix has shifted towards India, contributing 67.6% in H1 FY26 vs. 30.7% in FY23, with domestic revenue growing at a ~74.9% CAGR (FY23–FY25).

The company’s product portfolio is broadly classified into two segments: (i) rice and (ii) FMCG products, with a minor contribution from other income streams such as by-products and packing materials. The business remains heavily skewed towards rice, which consistently contributes over 98–99% of total revenue across periods.

For the six months ended September 30, 2025, rice accounted for ₹10,121 million (99.4%), while FMCG contributed ₹22 million (0.2%) and others ₹41 million (0.4%). It is primarily engaged in the processing and marketing of branded basmati rice across domestic and international markets.

1. One of India’s leading producers and exporters of basmati rice
2. Integrated operations with well-established quality control system and modern equipment
3. Wide distribution network in India enabling efficient penetration in major markets
4. Strong International Presence

1. Promotion of their brand’s visibility and marketing initiatives
2. Geographical expansion and presence of their products in the Indian market
3. Expanding their reach into various FMCG products
4. Improving operational efficiency with better utilization of their Units

1. One of India’s leading producers and exporters of basmati rice
2. Integrated operations with well-established quality control system and modern equipment
3. Wide distribution network in India enabling efficient penetration in major markets
4. Strong International Presence

Tentatively, Amir Chand Jagdish Kumar IPO basis of allotment of shares will be finalised on Monday, March 30, and the company will initiate refunds on Wednesday, April 1 while the shares will be credited to the demat account of allottees on the same day following refund. Amir Chand Jagdish Kumar share price is likely to be listed on BSE and NSE on Thursday, April 2.

Amir Chand Jagdish Kumar IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

The initial public offering (IPO) of Amir Chand Jagdish Kumar (Exports), a basmati rice exporter, saw a subscription of 1.47 times by the second day of bidding on Wednesday.

The IPO, valued at ₹440 crore, garnered bids for 2,77,21,680 shares compared to the 1,89,05,270 shares available, according to data from the NSE.

The non-institutional investor segment experienced a subscription rate of 5.24 times. Meanwhile, the Qualified Institutional Buyers (QIBs) category achieved a subscription rate of 78%, and the Retail Individual Investors (RIIs) segment subscribed at a rate of 56%.

Amir Chand Jagdish Kumar IPO GMP is ₹8. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Amir Chand Jagdish Kumar shares is indicated as ₹220 apiece, which is 3.77% higher than the IPO price of ₹212.

Based on the grey market activities over the last 15 sessions, today's IPO GMP shows an upward trend and anticipates a robust listing. The minimum GMP recorded is ₹0.00, while the maximum stands at ₹8, according to expert analysis.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.