AJC Jewel Manufacturers Limited IPO

AJC Jewel Manufacturers Limited will open its Initial Public Offering (IPO) from June 23 to June 26, 2025. The offering will have shares at a price band of 90 to 95 each on a 10 face value. The issue includes a fresh allotment of 16.20 lakh shares, raising roughly 15.39 crore for the company. Investors must bid in lots of 1,200 shares, so the entry cost is about 1,08,000 at the lower band and 1,14,000 at the upper band. Successful bidders will see their stock debuts on the BSE SME platform on July 1, 2025.

Company Background

Founded in 2018, AJC Jewel Manufacturers Limited is located in Malappuram, Kerala where it is also headquartered. The company engages in the designing and manufacturing of wholesale gold jewellery. AJC specializes in 22 karat and 18 karat gold ornaments ranging from plain and studded to customized name based jewellery. It serves mostly the mid-market as well as value segments catering to local suppliers, showrooms, corporate clients and small retail jewellery outlets.

Operations & Product Range

Facility & Production:

The company operates a manufacturing facility, which spans 21,780 sq. ft., with advanced equipment such as wax injectors, casting machines and 3D printers. To ensure competitive pricing, gold bullion is acquired from a minimum of two suppliers as well as DGFT-nominated agencies. Throughout the entire production process, quality control is ensured by a separate QC/QA team.

Brands & Market Presence:
AJC Jewel Manufacturers offers a diverse product portfolio including anklets, bangles, bracelets, earrings, necklaces, nose pins, pendants, rings and customized named jewellery designed for men, women and children. The company primarily serves wholesale clients in Kerala and nearby regions, focusing on the mid-market segment.

Revenue Channels

The company’s revenue is generated mainly through the wholesale sale of gold jewellery to local dealers, showrooms, corporates and small jewellery shops. It focuses on value-driven products in the mid-market segment, leveraging competitive procurement and manufacturing efficiencies. The company reported revenues of ₹245.89 crore in FY24, up from ₹194.18 crore in FY23, with a PAT of ₹3.24 crore in FY24.

Management & Shareholding

Promoters & Shareholding:
Mr. Ashraf P, Mr. Kunhimohamed P and Ms. Fathima Jasna Kottekattu are the promoters of the company. The promoters' shareholding pre-issue is 76.85%, which will remain just 56.33% post-issue.

Board Members:
The board members of AJC Jewel Manufacturers Ltd include Ashraf P as Chairman and Managing Director, Fathima Jasna Kottekattu as Executive Director, and Anoop V and Ganesh Ramani as Independent Non-Executive Directors. Additionally, Reshmi Nilambur Kovilakam serves as the Company Secretary.