Indogulf Cropsciences Limited IPO...
26 Jun, 2025
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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
AJC Jewel Manufacturers Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
AJC Jewel Manufacturers Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 23, 2025 to June 26, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹90 to ₹95 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 15,36,000 shares |
| (Ex Market Maker) | (aggregating up to ₹14.59 Cr) |
| Fresh Issue | 15,36,000 shares |
| (Ex Market Maker) | (aggregating up to ₹14.59 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 44,48,360 shares |
| Share Holding Post Issue | 59,84,360 shares |
| Market Maker Portion | 84,000 shares |
AJC Jewel Manufacturers Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Jun 23, 2025 |
| IPO Close Date | Thu, Jun 26, 2025 |
| Tentative Allotment | Fri, Jun 27, 2025 |
| Initiation of Refunds | Mon, Jun 30, 2025 |
| Credit of Shares to Demat | Mon, Jun 30, 2025 |
| Tentative Listing Date | Tue, Jul 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
AJC Jewel Manufacturers Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,28,000 |
| Retail (Max) | 2 | 2,400 | ₹2,28,000 |
| HNI (Min) | 3 | 3,600 | ₹3,42,000 |
AJC Jewel Manufacturers Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 76.85% | 56.33% |
Competitive Strength:
- ● Advanced manufacturing facility with modern technology ensuring quality and efficiency.
- ● Diverse product portfolio catering to a broad customer base in the mid-market segment
- ● Strong revenue growth with improving profitability and controlled debt levels.
- ● Established relationships with multiple bullion suppliers ensure competitive raw material pricing.
- ● Experienced management with deep industry knowledge.
AJC Jewel Manufacturers Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-Dec-24 | 34.28 | 175.53 | 1.85 | 13.9 | 18.41 | |||||||||||||||||||||||||||||||||||
| 31-Mar-24 | 36.73 | 246.84 | 3.32 | 12.04 | 22.48 | |||||||||||||||||||||||||||||||||||
| 31-Mar-23 | 36 | 194.25 | 2.04 | 7.12 | 26.23 | |||||||||||||||||||||||||||||||||||
| 31-Mar-22 | 16.42 | 127.4 | 1.26 | 5.08 | 6.61 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 34.64% |
| ROCE | 17.47% |
| Debt/Equity | 1.87 |
| RoNW | 27.56% |
| PAT Margin | 1.35% |
| Price to Book Value | 3.18 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.46 | 4.13 |
| P/E (x) | 12.73 | 23.01 |
IPO Objectives
The funds raised through the IPO will be primarily used for:
- Funding capital expenditure requirements for the purchase of new equipment.
- Repayment or prepayment of certain borrowings availed by the company.
- General corporate purposes.
Conclusion
AJC Jewel Manufacturers Limited’s IPO offers investors an opportunity to participate in a growing mid-market gold jewellery manufacturer with a modern production facility and a track record of revenue growth. The company’s focus on quality, technology and efficient procurement positions it well for future expansion. The IPO proceeds will strengthen the company’s financial position and support capacity enhancement.
RHP:
DRHP:
Read more :
- Safe Enterprises Retail Fixtures Limited IPO
- Mayasheel Ventures Limited IPO
- Aakaar Medical Technologies Limited IPO
Frequently asked Questions (FAQs )
-
1. When does the AJC Jewel Manufacturers IPO open and close?
The IPO opens on June 23, 2025 and closes on June 26, 2025.
-
2. What is the price band and lot size for the IPO?
The price band is ₹90 to ₹95 per share, with a lot size of 1,200 shares.
-
3. On which stock exchange will the shares be listed?
Shares will be listed on the BSE SME platform.
-
4. What is the minimum investment required to apply for the IPO?
The minimum investment is approximately ₹1,08,000 to ₹1,14,000, depending on the final issue price.
-
5. What are the main objectives of the IPO?
To fund new equipment purchases, repay borrowings and meet general corporate purposes.
