Gold jewelry manufacturer AJC Jewel Limited is gearing up for its stock market debut with an initial public offering (IPO) worth ₹15.39 crores. The issue comprises a complete fresh offer of 16.20 lakh equity shares. The IPO will open for subscription on June 23, 2025, and close on June 26, 2025, with the company targeting a listing on the BSE SME platform by Tuesday, July 1, 2025.
The IPO offers equity shares with a face value of ₹10, priced in the range of ₹90 to ₹95 per share. Investors can bid in lots of 1,200 shares. Retail investors can participate with a minimum investment of ₹1,08,000, while High Net-worth Individuals (HNIs) can subscribe with a minimum of ₹3,42,000 (3 lots). The allotment of shares is expected to be finalized on June 27, 2025, ensuring a quick transition toward listing. As AJC Jewel Limited steps into the public markets, it opens up a fresh investment avenue in India’s jewellery space.
AJC Jewel Limited IPO is a fundraise worth ₹15.39 crores comprising purely of a fresh issue with 16.20 lakh shares reserved for the market maker Rikhav Securities Limited. The IPO will be available for subscription from June 23, 2025, to June 26, 2025, providing an opportunity for investors looking to gain a stake in the jewellery-making space.
| AJC Jewel IPO date | June 23, 2025 - June 26, 2025 |
| Price band | ₹90 to ₹95 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 16,20,000 shares amounting to ₹15.39 crores |
| Total issue size | 16,20,000 shares amounting to ₹15.39 crores |
| Listing at | BSE SME |
| Market maker portion | 84,000 shares - Rikhav Securities Limited |
| Shareholding post-issue | 60,68,360 shares |
| Shareholding pre-issue | 44,48,360 shares |
The AJC Jewel Limited IPO opens for subscription on June 23, 2025, and closes on June 26, 2025, with allotment scheduled for June 27, 2025.
| IPO open date | June 23, 2025 (Monday) |
| IPO close date | June 26, 2025 (Thursday) |
| Basis of allotment | June 27, 2025 (Friday) |
| Initiation of refunds | June 30, 2025 (Monday) |
| Credit of shares to Demat account | June 30, 2025 (Monday) |
| Listing date on BSE SME | July 1, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 (Thursday) |
Incorporated in 2018, AJC Jewel Manufacturers Limited is engaged in crafting a wide range of jewelry, including bracelets, bangles, rings, earrings, necklaces, and anklets for men, women, and children. The company specializes in converting raw bullion into finished gold jewelry and caters to a diverse client base comprising dealers, showrooms, corporates, and small retailers. Its product range includes plain gold, studded gold, rose gold, and named gold jewelry in 22K and 18K.
AJC operates from a 21,780.76 sq. ft. leased manufacturing facility in Malappuram, equipped with modern machinery such as 3D printers, casting machines, and polishing equipment to ensure high-quality production. As of February 28, 2025, the company has a workforce of 67 personnel employed across its manufacturing unit and registered office.
AJC Jewel Manufacturers Limited plans to utilize the net proceeds from its IPO for key strategic purposes, including ₹2.63 crores towards funding capital expenditure for the purchase of new equipment, ₹8.90 crores for the repayment or prepayment of certain outstanding borrowings, and the remaining amount for general corporate purposes.
As of March 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 34.64%, Return on Capital Employed (ROCE) at 17.47% and a Debt-to-Equity ratio of 1.87. The Return on Net-Worth (RoNW) stands at 27.56%, and the PAT Margin was 1.35. The Price to Book Value was 3.55. The company’s market capitalisation is ₹57.65 crore.
| Period Ended | December 31, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 175.53 | 246.84 | 194.25 | 127.40 |
| Assets | 34.28 | 36.73 | 36 | 16.42 |
| Net Worth | 13.90 | 12.04 | 7.12 | 5.08 |
| Profit After Tax | 1.85 | 3.32 | 2.04 | 1.26 |
| Reserves & Surplus | 9.45 | 7.60 | 4.28 | 2.24 |
| Total Borrowing | 18.41 | 22.48 | 26.23 | 6.61 |
Amount in ₹ crores
The pre-IPO EPS is at ₹7.46 while the post-IPO EPS will be ₹4.07. Similarly, the pre-IPO Price to Earnings ratio is 7.46 and will become 4.07 post-IPO.
AJC Jewel Limited offers a diverse and innovative range of 22K and 18K gold jewelry, tailored to meet varied customer preferences and encourage repeat wholesale orders. Backed by a skilled workforce and an experienced promoter, the company is led by a strong management team that prioritizes quality and continuous innovation.
With in-house manufacturing facilities equipped with advanced technology, AJC Jewel ensures efficient, secure, and cost-effective production. Its long-standing relationships with reputed jewelry dealers have played a vital role in its growth journey and are expected to be key drivers for its future expansion.
AJC Jewel Limited faces several operational and financial risks. Its reliance on a limited number of suppliers—without long-term contracts exposes the company to potential supply disruptions and gold price volatility. Additionally, past instances of negative cash flows raise concerns about its financial stability and ability to sustain future growth if such trends continue. The company also grapples with the possibility of labour shortages and rising workforce costs, which could adversely affect its operational efficiency and profitability.
The company operates in a highly competitive market, contending with both large-scale and regional jewelry manufacturers. This intense competition increases the risk of losing customers and market share, potentially impacting overall financial performance. While AJC Jewel benefits from lower interest rates through RBI-regulated gold metal loans, any unfavorable changes in regulatory policies could pose financial challenges. Moreover, an inability to keep pace with evolving market trends and consumer preferences could further affect the company’s growth prospects and revenue.
Being among the early public investors in AJC Jewel Limited could present an opportunity to participate in the company's growth trajectory in the space of jewellery crafting. However, investors should carefully assess multiple factors including the company's operational track record, financial health, sector dynamics, and growth strategy, while also considering their own investment objectives and risk appetite before making an investment decision. It's recommended to review the offer document and seek professional advice if needed to make an informed choice about participating in this IPO.
What is the AJC Jewel Limited IPO?
The AJC Jewel Limited IPO is an BSE SME offering consisting of 16.20 lakh equity shares with a face value of ₹10, aiming to raise ₹15.39 crore. The price band has been set between ₹90 to ₹95 per share, with a minimum order quantity of 1,200 shares. This IPO will be open for subscription from June 23, 2025, to June 26, 2025. GYR Smart Horizon Capital Advisors Private Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar while Rikhav Securities Limited is the market maker.
When will the AJC Jewel IPO open?
The AJC Jewel Limited IPO will open for subscription on June 23, 2025, and will close on June 26, 2025.
When is the AJC Jewel IPO listing date?
The tentative listing date for the AJC Jewel Limited IPO is Tuesday, July 1, 2025.
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