Upcoming IPO: Aeroplane Basmati Maker Gets SEBI Nod For Rs 550 Crore Issue

Amir Chand Jagdish Kumar Exports, a leading processor and exporter of basmati rice and FMCG products, has received the green light from the Securities and Exchange Board of India on Tuesday to proceed with its proposed initial public offering.

The Haryana-based company, known for its flagship rice brand Aeroplane, plans to raise Rs 550 crore through the IPO. The issue will be an entirely fresh issue of shares, with no offer-for-sale component.

In addition, the company may explore a pre-IPO placement of up to Rs 50 crore, which would be adjusted against the overall issue size.

Amir Chand Jagdish Kumar Exports generates 99% of its business revenue from rice products, sold under more than 40 different sub-brands such as Aeroplane La-Taste, Aeroplane Classic, Ali Baba, World Cup, and Jet. The company operates three manufacturing, processing, and packaging facilities located in Punjab, Haryana, and New Delhi. The company has also diversified into FMCG products, offering staples and essential kitchen supplies.

It competes in the listed space with major players including LT Foods, KRBL, Chaman Lal Setia Exports, GRM Overseas, and Sarveshwar Foods.

The IPO is being managed by Emkay Global Financial Services and Keynote Financial Services as the lead merchant bankers, and KFin Technologies is the registrar to the issue.

For the nine-month period ended December 31, 2024, the company posted a revenue from operations of Rs 1,421.3 crore and profit after tax of Rs 48.77 crore.

Recent companies that have received approval from the market regulator include Lenskart Solutions Ltd., Cordelia Cruises operator Waterways Leisure Tourism and Wakefit Innovations .

The other IPOs that received SEBI's green light include those of Shree Ram Twistex Ltd., Tenneco Clean Air India Ltd. and Lamtuf Ltd.