The AJC Jewel IPO is scheduled to open for subscription on June 23, 2025 (Monday) and will close on June 26, 2025 (Thursday). The basis of allotment will be finalized on June 27, 2025 (Friday), while refunds and credit of shares to Demat accounts will be processed by June 30, 2025 (Monday). The IPO is expected to be listed on BSE SME on July 1, 2025 (Tuesday).
AJC Jewel is raising around ₹14.59 crores through this IPO, which is a completely fresh issue of 15.36 lakh equity shares with a face value of ₹10 each. The price band is fixed at ₹90 to ₹95 per share. The IPO follows the book-building process, with 35% of the issue reserved for retail investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-Worth Individuals (HNIs).
The minimum lot size for retail investors is 1,200 shares, requiring an investment of around ₹1,08,000 at the lower price band. However, it is advisable to apply at the cut-off price, where the amount comes to approximately ₹1,14,000. For HNI investors, the minimum application is 3 lots (3,600 shares), amounting to ₹3,42,000.
On the financial front, AJC Jewel reported a revenue of ₹246.84 crores in FY 2024, compared to ₹194.25 crores in FY 2023. The net profit increased to ₹3.24 crores in 2024, up from ₹1.99 crores in the previous year. These numbers reflect consistent growth in both top-line and bottom-line performance. Considering its financial trajectory, the IPO is being viewed as a promising long-term investment opportunity.
Overview of Contents
About AJC IPO
AJC Jewel Manufacturers Limited, incorporated in 2018, is a Kerala-based jewelry manufacturing company known for creating a wide variety of gold ornaments for men, women, and children. The company specializes in crafting plain gold, rose gold, studded gold, and custom name jewelry in 18K and 22K, including rings, bangles, bracelets, earrings, anklets, pendants, necklaces, and chains.
Originally started as a family business in 1999 by founder Mr. Kunhimohamed Perinkadakkat, the company was formally rebranded in 2018 and moved into a 15,000 sq. ft. state-of-the-art manufacturing facility at Inkel Industrial Park, Malappuram. This facility, now expanded to over 21,780 sq. ft., is equipped with modern machines like 3D printers, casting, and polishing units, allowing smooth and quality production under one roof. AJC Jewel supplies its jewelry to showrooms, dealers, corporates, and small retailers across Kerala and Tamil Nadu through its branch network.
The company has a strong in-house R&D team focused on creative design innovation and personalized jewelry offerings. With 67 skilled employees as of February 2025, an experienced promoter, and long-standing dealer relationships, AJC Jewel continues to grow its presence in the South Indian market with a wide product range, design expertise, and customer-focused approach.
AJC Jewel IPO Overview
| Particulars | Details |
|---|---|
| Issue Type | Book Building Issue (BSE SME) |
| Face Value per Share | ₹10 |
| Price Band | ₹90 to ₹95 per share |
| Lot Size (Retail Minimum) | 1,200 shares |
| Market Maker Portion | 84,000 shares |
| Total Shares (Excl. MM) | 15,36,000 shares |
| Total Issue Size | ₹14.59 Crores (approx.) |
| Fresh Issue Size | ₹14.59 Crores (15.36 lakh shares) |
| Retail Investor Reservation | Up to 35% |
| QIB Reservation | Up to 50% |
| NII Reservation | Up to 15% |
| Pre-Issue Shareholding | 44,48,360 shares |
| Post-Issue Shareholding | 59,84,360 shares |
| Listing Platform | BSE SME |
AJC Jewel IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
AJC Jewel IPO Dates
| Event | Date & Day |
|---|---|
| IPO Open Date | June 23, 2025 (Monday) |
| IPO Close Date | June 26, 2025 (Thursday) |
| Basis of Allotment | June 27, 2025 (Friday) |
| Refunds Initiation | June 30, 2025 (Monday) |
| Credit to Demat Account | June 30, 2025 (Monday) |
| IPO Listing Date | July 1, 2025 (Tuesday) |
AJC Jewel IPO Review
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AJC Jewel IPO Lot Size
Investors applying for the AJC Jewel IPO can place bids starting with a minimum of 2 lots (2,400 shares). Applications must be in multiples of 1,200 shares thereafter. The table below highlights the investment details for retail investors and HNIs based on lot size and amount at the upper price band of ₹95.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min & Max Allowed) | 2 | 2,400 | ₹2,28,000 |
| d | 3 | 3,600 | ₹3,42,000 |
AJC Jewel IPO Promoter Holding
The promoters of AJC Jewel Manufacturers Limited are Mr. Ashraf P, Mr. Kunhimohamed P, and Ms. Fathima Jasna Kottekattu. Before the IPO, the promoters held 76.85% of the company’s shares, which will reduce to 56.33% post-issue, reflecting equity dilution due to the fresh issue.
Objects of the Issue
- Funding of capital expenditure requirements for purchase of new Equipment by the Company
- Repayment/prepayment of all or certain of the borrowings availed of by the Company
- Funding working capital requirements of the company
- General corporate purposes
AJC Jewel IPO Financial Performance
| Particulars | Dec 31, 2024 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
|---|---|---|---|---|
| Total Assets | 34.28 | 36.73 | 36.00 | 16.42 |
| Revenue from Operations | 175.53 | 246.84 | 194.25 | 127.40 |
| Profit After Tax (PAT) | 1.85 | 3.32 | 2.04 | 1.26 |
| Net Worth | 13.90 | 12.04 | 7.12 | 5.08 |
| Reserves & Surplus | 9.45 | 7.60 | 4.28 | 2.24 |
| Total Borrowings | 18.41 | 22.48 | 26.23 | 6.61 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|---|---|---|---|---|
| Sky Gold Limited | 35.18 | 73.12 | 16.58% | 184.42 | – Cr. | 35.18 | 73.12 | 16.58% | 184.42 | – Cr. |
| Patdiam Jewellery Limited | 14.3 | 17.87 | 10.33% | 138.41 | – Cr. | 14.3 | 17.87 | 10.33% | 138.41 | – Cr. |
AJC Jewel IPO Valuation Summary – FY2024
AJC Jewel Manufacturers has delivered a strong financial performance in FY2024 with healthy returns and stable margins. The company reported a solid Return on Equity (ROE) and a manageable debt level, indicating efficient capital use and financial discipline. Here’s a look at the key valuation metrics:
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 34.28% |
| Return on Capital Employed (ROCE) | 30.36% |
| EBITDA Margin | 2.19% |
| PAT Margin | 1.32% |
| Debt to Equity Ratio | 0.67 |
| Earnings Per Share (EPS) | ₹7.29 (Basic) |
| Price/Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 27.29% |
| Net Asset Value (NAV) | ₹26.73 |
AJC Jewel IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: [email protected]
Website: https://ipo.bigshareonline.com/IPO_Status.html
IPO Lead Managers aka Merchant Bankers
- Smart Horizon Capital Advisors Private Limited
Company Address
AJC Jewel Manufacturers Limited
38/227-Z, Inkel Greens Edu City,
Karathode-Konampara Road, Panakkad Village,
Pattarkadavu, Malappuram, Ernad,
Phone: +91 9567916106
Email: [email protected]
Website: https://ajcjewel.com/ab
AJC Jewel IPO FAQs
When does the AJC Jewel IPO open and close?
The IPO opens on June 23, 2025 (Monday) and closes on June 26, 2025 (Thursday).
What is the AJC Jewel IPO price band?
The price band for the IPO is ₹90 to ₹95 per equity share.
What is the lot size and minimum investment for retail investors?
Retail investors must apply for a minimum of 2 lots (2,400 shares), which amounts to ₹2,28,000 at the upper band.
How much is the total issue size of the AJC Jewel IPO?
The IPO is a fresh issue of 15.36 lakh shares, aggregating to ₹14.59 crores.
When will the allotment be finalized?
The allotment for the IPO is expected to be finalized on June 27, 2025 (Friday).
When will AJC Jewel list on the stock exchange?
The company is expected to be listed on the BSE SME platform on July 1, 2025 (Tuesday).
What percentage of the issue is reserved for retail investors?
35% of the issue is reserved for Retail Individual Investors (RIIs).
How is the company performing financially?
In FY2024, AJC Jewel reported a revenue of ₹246.84 crores and a net profit of ₹3.32 crores, showing consistent growth.
Is AJC Jewel IPO a good investment?
The company has demonstrated solid financials, experienced promoters, and growing demand. Investors may consider it for long-term potential, subject to personal risk appetite.