We can see the ‘tactical’ game at play in listings like this one – Amir Chand Jagdish Kumar.

When an IPO is largely driven by the HNI/NII bucket, like this one, where the issue was overall subscribed 3.23x but HNIs were 12.71x while QIBs were only 1.11x and retail 1.36x, it usually signals tactical, price-sensitive demand rather than deep institutional conviction. HNI participation is often supported by IPO financing and geared towards listing gains, so it can inflate the headline subscription but tends to be less “sticky” ownership once trading begins.

As against the IPO price of Rs.212, it got listed on the BSE at Rs.182, indicating that post-listing supply (profit-booking/repayment selling) overwhelmed genuine long-term demand. In simple terms, the book cleared, but it didn’t clear with strong institutional sponsorship, so the market found its own price lower once the stock hit the screen.

Amir Chand Jagdish Kumar is a B2B rice processor, with top 10 customers accounting for half of Rs. 2,000 cr revenue.

In our IPO Analysis, we had concluded - grossly expensive for weak fundamentals. A clear avoid.