Amir Chand Jagdish Kumar (Exports) IPO opens today: Should you subscribe to it?

The initial public offering (IPO) of Amir Chand Jagdish Kumar (Exports) opens for subscription on Tuesday, March 24. The rice exporter is offering its shares in the range of Rs 201-212 apeice and investors can apply for minimum 70 equity shares and its multiples thereafter. The issue will close for subscription Friday, March 27.

The IPO of Amir Chand Jagdish Kumar (Exports) is entirely a fresh share sale of 2,07,54,716 equity shares. It is looking to raise a total of Rs 440 crore as its primary offering. The net proceeds from the issue shall be utilized towards funding working capital requirements and general corporate purposes.

Incorporated in 2003, New Delhi-based Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other FMCG products in India under the 'Aeroplane' brand. The company operates fully integrated operations across the basmati rice value chain, including procurement, storage, processing, marketing, and sales.

Amir Chand Jagdish Kumar (Exports) raised Rs 60 crore from three anchor investors as it allocated 28,30,380 equity share for Rs 212 apiece. Its anchor book included names like Rajasthan Global Securities, Chanakya Opportunities Fund and Lords Multigrowth Fund.

Amir Chand Jagdish Kumar (Exports) reported a net profit of Rs 48.65 crore, with a revenue of Rs 1,024.30 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 60.82 crore with a revenue of Rs 2,004.03 crore for the financial year 2024-25. At the current valuations, it commands a market capitalization of close to Rs 2,200 crore.

Amir Chand Jagdish Kumar (Exports) has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get 35 per cent of the reservation in the issue. Last heard, it was commanding a grey market premium (GMP) of Rs 7 apeice, suggesting a listing pop of 3 per cent for investors.

Emkay Global Financial Services is the sole book running lead manager of Amir Chand Jagdish Kumar (Exports) IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on April 2, Thursday. Here's what a host of brokerage firms say about the IPO of Amir Chand Jagdish Kumar (Exports):
 

Angel One
Rating: Subscribe
The issue is valued at a post-issue P/E of 22.6 times, which appears fairly valued compared to listed peers in the basmati rice segment. The valuation is supported by healthy growth momentum and a strong export franchise, with incremental visibility from expansion in branded and domestic segments, said Angel One, with a 'subscribe' rating.

"The company remains exposed to commodity-linked and cyclical risks, including raw material price volatility and monsoon dependency, along with government interventions (export restrictions), and geopolitical and logistics disruptions, which may adversely impact margins, supply chain efficiency, and overall business performance," it added as key risks for the company.
 

Swastika Investmart
Rating: Avoid
Revenue has grown to Rs 2,004.03 crore and net profit has nearly doubled in one year, showing solid business momentum. At a pre-IPO P/E of 28.86 times, the company is priced higher than all listed peers. ROCE of just 9.16 per cent is relatively low for a capital-light rice processing business, indicating the company isn't generating strong returns on the capital deployed, said Swastika.

"For an FMCG food export company, having zero product liability insurance is a serious governance concern. One quality issue abroad could be catastrophic. The combination of expensive valuation, weak RoCE, customer concentration risk, and governance gaps make this a risky bet, better to 'avoid' this IPO for now," it added.
 

SBI Securities
Rating: Subscribe
Rice business is generally working capital intensive as companies require significant funds for paddy procurement which is seasonal while their inventory days are higher as they need to undergo mandatory aging process for basmati rice. ACJKEL will utilize IPO proceeds towards funding of its working capital requirements which will aid its growth, said SBI Securities.

"The company is valued at FY25/1HFY26 annualized PE of 36.1 times/22.6 times on post issue capital. ACJKEL has reported faster revenue, Ebitda and profit CAGR of 23.3 per cent, 43.3 per cent and 86.5 per cent, respectively between FY23-25 period. We recommend investors to 'subscribe' to the issue at the cut-off price for long-term investment horizon," it added.
 

BP Equities
Rating: Subscribe
"Amir Chand Jagdish Kumar (Exports) is valued at a P/E multiple of 28.4 times based on FY25 earnings. Given its historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. We recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon," said BP Equities.

Ventura Securities
Rating: Subscribe
Integrated basmati rice player with strong 'Aeroplane' brand, extensive domestic and export distribution network, diversified product portfolio, established procurement network, scalable operations, and consistent revenue growth supported by rising global demand, said Ventura Securities.

However, it has highlighted high dependence on the basmati rice segment, exposure to commodity price volatility, reliance on key procurement agents, low-capacity utilization, thin margins, and sensitivity to export regulations and global demand fluctuations as key risks but has given a 'subscribe' rating to the issue.