New Delhi, April 2 Shares of basmati rice exporter Amir Chand Jagdish Kumar (Exports) were listed on Thursday at a discount of 8 per cent to the issue price of Rs 212.
The stock began trading at Rs 195, a decline of 8.02 per cent on the BSE. Later, it further declined by 10.59 per cent to Rs 189.55.
On the NSE, it started trading at Rs 200, a drop of 5.66 per cent. The company's shares later fell by 12 per cent to trade at Rs 186.76 on the exchange.
The company's market capitalization stood at Rs 1,933.83 crore on the BSE, while it was Rs 1,906.49 crore on the NSE.
The stock made its debut on a day when equity markets crashed due to escalating tensions in the Middle East. The 30-share BSE Sensex fell by 1,469.54 points, or 2.01 per cent, to 71,664.78. The 50-share NSE Nifty tumbled by 476.65 points, or 2.10 per cent, to 22,202.75.
The Rs 440 crore Initial Public Offering (IPO) received 3.23 times subscription on the final day of the offering on March 27.
The company had fixed a price range of Rs 201-212 per share.
The Haryana-based company's IPO has a fresh issue of equity shares, with no Offer For Sale (OFS) component.
The company, known for its "Aeroplane" basmati rice brand, plans to use the net proceeds from the issue to fund its working capital requirements and for general corporate purposes.
The offer size has been reduced to Rs 440 crore, compared to the Rs 550 crore issue size proposed in the Draft Red Herring Prospectus (DRHP) filed in June 2025.
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 other large basmati rice companies, including KRBL Ltd, LT Foods, and Sarveshwar Foods, and various other unorganized processors.
Besides its core basmati rice business, the company has diversified into FMCG products, offering staples and other essential kitchen items.