Latest IPO in India: Positive Surge! 5 Key Highlights of AJC Jewel Manufacturers Ltd IPO
Latest IPO in India — AJC Jewel Manufacturers Ltd has launched its SME IPO, presenting a fresh opportunity for investors seeking small‑cap growth in the jewellery manufacturing sector.
Company Overview
AJC Jewel, established in 2018 and based in Malappuram, Kerala, designs and manufactures a wide range of gold jewellery (22K, 18K): plain, studded, rose gold pieces—bracelets, bangles, rings, earrings, necklaces, anklets, and customized “named” designs for all genders and ages.
The company operates from a 21,780 sq ft manufacturing unit equipped with modern machinery including 3D printers, casting and polishing machines.
IPO Timeline
| Event | Date |
|---|---|
| IPO Open | June 23, 2025 |
| IPO Close | June 26, 2025 |
| Allotment Finalization | June 27, 2025 |
| Refund Initiation / Share Credit | June 30, 2025 |
| Expected Listing | July 01, 2025 |
Price Band
The IPO is priced at ₹90–₹95 per share. (Face value: ₹10; floor P/E ≈9×, cap P/E ≈9.5×)
Lot Size
- 1 lot = 1,200 shares
- Retail Minimum: 2 lots (2,400 shares, ~₹228,000)
- HNI Minimum: 3 lots (3,600 shares, ~₹342,000)
Key Dates
- Issue opens: June 23, 2025
- Closes: June 26, 2025
- Allotment: June 27, 2025
- Refunds/Credit: June 30, 2025
- Listing: July 01, 2025
Financials
- FY 2023–24 Revenue: ₹246.84 Cr (up 27% YoY)
- FY 2023–24 PAT: ₹3.32 Cr vs ₹2.04 Cr in FY 2022–23
- As of Dec 2024: Revenue ₹175.53 Cr; PAT ₹1.85 Cr
Strengths
- Modernised manufacturing with 3D tech and fully integrated setup
- Diverse product portfolio for men, women, and children
- Growth trajectory with increasing revenue and profitability
Risks
- Gold-price volatility could squeeze margins
- Single-location dependence may impact scalability
- Intense competition from larger, established jewellery firms
IPO Anchor Investors Details
| Anchor Investors | Shares Reserved |
|---|---|
| AJC Jewel Manufacturing Ltd | 452,400 (27.93%) |
IPO Promoter Holding Details
| Pre-IPO Holding | Post-IPO Holding |
|---|---|
| 76.84% | 56.33% |
IPO Grey Market Premium (GMP)
| GMP (Grey Market Premium) | ₹9 / share → Estimated Listing ₹104 |
|---|
Final Thoughts
Strengths: Modern tech, solid product diversity, good financial growth.
Valuation: P/E ~11.5× vs industry avg ~18.6×; appears attractively priced.
Risks: Gold-price swings, concentration in one plant, SME-level liquidity concerns.
GMP sentiment: Positive, but grey market is unofficial—use as one of many indicators.