AJC Jewel IPO is a book-built issue worth ₹15.39 crore and consists entirely of a fresh issue of 16.20 lakh equity shares. The IPO opens for public subscription on June 23, 2025, and will close on June 26, 2025. The allotment of shares is expected to be finalised on June 27, 2025.
The IPO is proposed to be listed on the BSE SME platform, with the tentative listing date set for July 1, 2025. The price band for AJC Jewel IPO has been fixed between ₹90 and ₹95 per share. Retail investors are required to apply for a minimum of 1,200 shares, with the minimum investment amounting to ₹2,16,000.
However, to avoid the risk of missing out due to oversubscription, investors are advised to consider bidding at the cut-off price, which would amount to approximately ₹2,28,000. For HNI investors, the minimum lot size is 3 lots or 3,600 shares, requiring an investment of ₹3,42,000.
Smart Horizon Capital Advisors Private Limited is the book-running lead manager for the IPO, with Bigshare Services Pvt Ltd acting as the registrar. Rikhav Securities Limited is the market maker.
Industry Outlook
- India’s manufacturing sector is witnessing robust growth, contributing 16–17% of GDP pre-pandemic and aiming for US$ 1 trillion in exports by 2030. This strong momentum can offer AJC Jewel Manufacturers Limited greater market opportunities and export potential.
- Manufacturing PMI touched a 16-year high of 59.1 in March 2025, indicating increased demand and job creation. This expansion suggests a favourable environment for AJC Jewel to scale production and meet rising consumer needs.
- Global gold demand reached a record annual high of 4,974 tonnes, while gold prices surged past US$3,000/oz in 2025. With rising investment and consumption, AJC Jewel Manufacturers Limited stands to benefit from higher product demand and value realisation.
AJC Jewel IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use the funds to purchase new equipment, helping expand and improve production capacity.
- A portion of the proceeds will be used to repay or prepay existing borrowings, reducing interest costs and strengthening the balance sheet.
- The remaining funds will be used for general corporate purposes, supporting daily operations and future business needs.
About AJC Jewel Manufacturers Limited
AJC Jewel Manufacturers Limited is involved in manufacturing and designing a wide variety of wholesale gold jewellery. The product range includes plain gold, studded gold, and personalised named jewellery available in both 22 karat and 18 karat gold.
As of December 31, 2024, revenue was primarily contributed by studded jewellery at 42.12%, followed by plain gold at 33.45%, and named jewellery at 6.34%. The company caters to dealers, showrooms, corporates, and small jewellery shops.
Its collection features anklets, bangles, bracelets, earrings, necklaces, pendants, rings, and customised name-based designs for men, women, and children. Jewellery designs are crafted by in-house CAD designers and freelance experts.
AJC Jewel began operations under the brand “Vismaya Gold” in 2014 and was officially incorporated as a private limited company in 2018. It later became a public limited company in 2024. The manufacturing unit is located at Inkel Greens Edu City, Malappuram, spanning 21,780.76 sq. ft. on lease, and is equipped with modern machinery for seamless production.
The company ensures high-quality standards through a dedicated quality control team and procures gold bullion from DGFT-nominated banks and verified bullion dealers. While the business is primarily wholesale, occasional retail orders are hallmarked as needed.
How To Check the Allotment Status of AJC Jewel IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the AJC Jewel IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the AJC Jewel IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of AJC Jewel IPO
Registered office: 38/227-Z, Inkel Greens Edu City, Karathode-Konampara Road, Panakkad Village, Pattarkadavu, Malappuram, Ernad, Kerala-676519,
India
Phone: +91 9567916106
E-mail: investors@ajcjewel.com
AJC Jewel IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
7,56,000 (46.67%) |
|
Market Maker Shares Offered  |
84,000 (5.19%) |
|
NII (HNI) Shares Offered  |
2,37,600 (14.67%) |
|
Retail Shares Offered |
5,42,400 (33.48%) |
AJC Jewel IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
1,200 |
₹1,08,000 |
|
Retail (Max) |
2 |
2,400 |
₹2,28,000 |
|
HNI (Min) |
2 |
3,600 |
₹3,42,000 |
AJC Jewel IPO Anchor Investors Details
|
Bid Date |
June 20, 2025 |
|
Shares Offered |
4,52,400 |
|
Anchor Portion Size (In Cr.) |
4.30 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
July 27, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
September 25, 2025 |
AJC Jewel IPO Promoter Holding
The company is promoted by Mr. Ashraf P, Mr. Kunhimohamed P, and Ms. Fathima Jasna Kottekattu.
|
Share Holding Pre-Issue |
76.85% |
|
Share Holding Post Issue  |
56.33% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for AJC Jewel IPO
|
KPI |
Value |
|
ROE (%) |
34.64 |
|
RoCE (%) |
17.47 |
|
Price to Book Value |
3.55 |
|
PAT Margin |
1.35 |
|
Debt/Equity |
1.87 |
AJC Jewel IPO Prospectus
AJC Jewel IPO Registrar and Lead Managers
AJC Jewel IPO Lead Managers
- Smart Horizon Capital Advisors Private Limited
Registrar for AJC Jewel IPO
Bigshare Services Private Limited
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
AJC Jewel IPO Registrar
Financial Performance of AJC Jewel Manufacturers Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 24,588.99 | 19,418.14 |
| Profit/ (loss) for the year (in ₹ lakh) | 331.94 | 203.89 |
| Earnings per Share (₹) | 8.24 | 7.17 |
| Net Worth (in ₹ lakh) | 1,204.42 | 711.96 |
| Return on Equity (RoE) (%) | 34.64 | 33.42 |
| Return on Capital Employed (RoCE) | 17.47 | 11.31 |
| EBITDA (in ₹ lakh) | 539.63 | 394.08 |
Know before investing
Strengths
8AJC offers 22K and 18K jewellery across 9+ product categories.
Studded jewellery contributed 42.12% of revenue as of December 2024.
Designs cater to all age groups, tastes, and regional preferences.
Promoter brings over 13 years of gold industry experience.
Long-term ties with reputed jewellery dealers drive consistent business.
Single-roof facility boosts efficiency, control, and supply assurance.
Investment planned in automated equipment to scale operations.
Debt-equity ratio of 1.32 targeted for improvement to strengthen finances.
Risks
8No long-term raw material contracts expose AJC to supply risks.
Gold price volatility directly affects AJC’s cost and margins.
Record-high gold rates may impact AJC’s profitability and pricing.
AJC depends on a few clients, increasing customer concentration risk.
Debt-equity ratio of 1.32 indicates moderate financial leverage exposure.
Related party transactions formed 20.30% of revenue in FY2024.
Intense jewellery market competition threatens AJC’s business and growth.
Regulatory changes in gold metal loans may affect AJC’s liquidity.
AJC Jewel IPO Peer Comparison
| Company Name | EPS (Basic) | NAV per share (₹) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|
| AJC Jewel Manufacturers Limited | 8.24 | 29.88 | 27.56 | 3.28 |
| Sky Gold Limited | 35.18 | 184.42 | 16.58 | 2.01 |
| Patdiam Jewellery Limited | 14.30 | 138.41 | 10.33 | 2.74 |
