Amir Chand Jagdish Kumar Exports, the processor and exporter of basmati rice and other FMCG products, has received approval from the Securities and Exchange Board of India (SEBI) to go ahead with its IPO plan.
The company has filed draft papers with the capital markets regulator on June 27 this year. The regulator has issued observation letter on the said papers on October 8.
The issuance of observation letter means the company can launch its IPO within the next one year.
Amir Chand Jagdish Kumar Exports, which markets rice products under the flagship brand Aeroplane, proposed to raise Rs 550 crore via initial public offering (IPO), consisting of entirely fresh issue component.
The company may consider raising funds up to Rs 50 crore in a pre-IPO round, which is a part of fresh issue.
It plans to spend Rs 500 crore of IPO proceeds mainly for working capital requirements, and the remainder amount for general corporate purposes.
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The company also sells products under more than 40 different sub-brands including Aeroplane La-Taste, Aeroplane Classic, Ali baba, World Cup, and Jet and earned 99 percent business revenue through rice products. Haryana-based Amir Chand Jagdish Kumar Exports operates business through its 3 manufacturing, processing and packaging facilities in Punjab, Haryana and New Delhi, competing with listed peers like LT Foods, KRBL, Chaman Lal Setia Exports, GRM Overseas, and Sarveshwar Foods.
The merchant bankers managing the Amir Chand Jagdish Kumar Exports IPO are Emkay Global Financial Services, and Keynote Financial Services.
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