The primary market is heating up as Amir Chand Jagdish Kumar (Exports) Ltd, the company behind the iconic “Aeroplane” basmati rice brand, officially announced its ₹440 crore Initial Public Offering (IPO). The Haryana-based exporter has fixed the price band and confirmed that subscription will open on Tuesday, March 24, 2026.
Key IPO Details & Price Band
The company, which initially planned to raise ₹550 crore, has revised its issue size downwards to ₹440 crore. Unlike many recent tech IPOs, this is a 100% fresh issue, meaning all proceeds will flow into the company to fuel growth rather than providing an exit for existing promoters.
| Category | Details |
| Price Band | ₹201 – ₹212 per share |
| Issue Size | ₹440 Crore (Entirely Fresh Issue) |
| Lot Size | 70 Shares (Min. Investment: ₹14,840) |
| Valuation | ₹2,195 Crore (at upper price band) |
| Pre-IPO Round | Raised ₹13 crore at ₹172 per share |
The IPO Timeline
Mark your calendars for the following key dates:
- Anchor Investor Bidding: Monday, March 23, 2026
- Public Opening: Tuesday, March 24, 2026
- Public Closing: Friday, March 27, 2026
- Allotment Finalization: Monday, March 30, 2026
- Listing Date (NSE/BSE): Thursday, April 2, 2026
Business Strategy: From Rice to FMCG
Amir Chand Jagdish Kumar is using this capital infusion to pivot from a pure-play rice exporter into a broader FMCG player.
- Working Capital: Approximately ₹400 crore of the proceeds is earmarked to fund the procurement of basmati paddy, ensuring a stable supply chain amidst current global market volatility.
- Product Diversification: While rice currently accounts for 99% of revenue, the company is aggressively expanding its “Aeroplane” sub-brands into kitchen staples like Atta (flour), Suji (semolina), Besan, Salt, and Sugar.
- Global Footprint: With registered trademarks in 38 countries, the company is leveraging its existing export network in Europe and Asia to introduce its new FMCG range to the Indian diaspora.
Financial Health & Peer Comparison
The company has shown robust growth, with profits doubling in the last fiscal year.
- Revenue (FY25): ~₹2,001 Crore (up 29% YoY)
- Profit After Tax (FY25): ₹60.8 Crore (up 100% YoY)
- EBITDA Margin: ~8.2%
- Listed Peers: The company will compete for investor attention alongside established players like KRBL (India Gate), LT Foods (Daawat), and Sarveshwar Foods.
Grey Market Sentiment (GMP)
As of March 19, 2026, early activity in the grey market suggests a cautious but positive start. The current Grey Market Premium (GMP) is hovering around ₹5, indicating a flat-to-modest listing gain. Analysts suggest the “sober” pricing (compared to the pre-IPO valuation of ₹1,877 crore) might attract value-oriented retail investors.
