IPO Details
RHP/DRHPIssue Date
23 Jun - 26 Jun'25
Investment/lot
₹ 228000
Price Range
90 - 95
Lot Size
2400
IPO Size
₹ 15.39 Cr
IPO Listing Details
Listing On
1 Jul'25
Issue Price
95
Listed Price
₹ 99
Retail Gain/Listing Gain
▲4.21%
Schedule of AJC Jewel Manufacturers
Start date
23/06/2025
End date
26/06/2025
Allotment of bids
27/06/2025
Refund Initiation
30/06/2025
Listing on exchange
01/07/2025
About AJC Jewel Manufacturers IPO
The IPO of AJC Jewel Manufacturers Ltd comprises a fresh issue of up to 16,20,000 equity shares. There's no offer for sale in this IPO, which is a 100% book-built issue. The price band of the issue is between ₹90 and ₹95. The lot size of the IPO is 2400. The IPO opens on June 23, 2025 and closes on June 26, 2025. The listing of shares will take place on July 1, 2025. The credit of shares to the demat account will take place on June 30, 2025. The basis of allotment will take place on June 27, 2025. The initiation of refunds will take place on June 30, 2025.
Objectives of AJC Jewel Manufacturers IPO
- Funding of capital expenditure requirements for purchase of new equipment by the company
- Repayment/prepayment of all or certain of its borrowings availed of by the company
- General corporate purposes
AJC Jewel Manufacturers IPO Valuation
AJC Jewel Manufacturers IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Bidders | Not more than 15% of the net issue |
Retail Individual Bidders | Not less than 35% of the net issue |
Industry Outlook
The gems and jewellery industry of India contributes 7% to India’s Gross Domestic Product (GDP). The industry employs more than five million skilled and semiskilled workforces in the country. The sector contributes about 15.71% of India’s total merchandise exports, accounting for the third largest commodity share. The Department of Commerce has set a gems and jewellery export target of US$ 75 billion in coming years. The department is committed to enabling exporters by providing a conducive trade environment by bringing up trade-friendly policies to boost exports.
Company Information
AJC Jewel Manufacturers Ltd is primarily engaged in the business of manufacturing and designing the wide range of wholesale Gold Jewelleries which includes plain gold, studded and named jewelleries available in 22karat and 18Karat. As at December 31, 2024, plain gold, studded gold and named jewelleries contributed 33.45 %, 42.12 % and 6.34 %, respectively of its revenue from operations
Strengths of AJC Jewel Manufacturers
Wide Product Range, Design and Innovation in Product Range
AJC Jewel Manufacturers Ltd operates on the idea of creating innovative and unique designs in its product offerings. Its offerings include rings, pendants, chains, necklace, anklets, bracelets, bangles, earrings available in 22 karat and 18 karats. Based on the company’s research, it believes that it has been able to create a unique and diversified range of designs and product range to cater to all age and genre of customers.
Long-standing Relationship with Reputed Jewellery Dealers
The company is engaged in B2B sales of jewellery. Since its incorporation, it has been engaged with prominent jewellery dealers, which are established brands in the domestic jewellery retailing market. Further, the company has an association of 5 years with these jewellery retailers. Its business growth in the past is mainly attributed to such established relationships and it intends to continue to leverage such associations for future growth as well.
Organised Manufacturing Setup Under One Roof
The company has its own manufacturing set up consisting of bench working artisans, technology for laser cutting, laser engraving and casting units. It has inhouse 3D printing machine to convert CAD images to CAM. It is equipped with each stage processing equipment and machines due to which its manufacturing process underscores its commitment to efficiency, quality, and innovation.
Its custom build order management software facilitates swift workflows for its valuable corporate clients, empowering them to efficiently track the progress of their orders.
Risks of AJC Jewel Manufacturers IPO
- Dependence on Few Suppliers for Raw Materials :
AJC Jewel Manufacturers Ltd depend on few suppliers for its raw materials required for its operations and it has not entered into any long-term agreements and any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.
- Risks of Market Volatility :
The company’s gold jewellery business faces risks from market volatility and changing customer preferences. Fluctuations in commodity prices like gold could impact its costs and profitability. Evolving customer tastes influence product demand, necessitating continuous adaptation to remain competitive.
- Significant Competition :
Competition in the Indian jewellery industry is significant. It operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing and customer preferences. The players in the jewellery sector in India often offer their products at highly competitive prices and many of them are well established in their local markets.
AJC Jewel Manufacturers IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peer Comparison
| Company Name | EPS in ₹ | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|
AJC Jewel Manufacturers Ltd | 8.24 | 27.56 | 29.88 |
Sky Gold Ltd | 35.18 | 16.58 | 184.42 |
Patdiam Jewellery Ltd | 14.30 | 10.33 | 138.41 |
Anchor Investor Bidding Date
Issue period for Anchor investors is on June 20, 2023.
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Bigshare Services Pvt Ltd
- Book Running Lead Manager: Smart Horizon Capital Advisors Pvt Ltd
Business Model
AJC Jewel Manufacturers Ltd provide an extensive range of jewellery designs of plain gold, rose gold, jewelleries studded with Cubic Zircon and / or coloured stones and named jewelleries. These are customised and designed in detail, keeping in mind the customer’s unique preferences and requirements. The company manufactures jewelleries for three categories of individuals - men, women and children.
Company Growth Trajectory
The revenue from operations of AJC Jewel Manufacturers Ltd rose from ₹127.3910 crores in FY 22 to ₹245.8899 crores in FY 24. Its EBITDA margin grew from 1.68% in FY 22 to 2.19% in FY 24, while PAT margin grew from 0.99% in FY 22 to 1.35% in FY 24. Wide product range, experienced promoter and management team and organised manufacturing have contributed to the company’s growth.
Market Position
AJC Jewel Manufacturers Ltd marked its footprints in 2014 and caters to a large number of local dealers, showrooms and small-scale jewellery shops who buy its products in bulk quantities. The company has an equipped gold jewellery manufacturing facility situated at Inkel Greens Edu City, Malappuram with each processing machine and equipment having capability to design as well as manufacture gold jewelleries under one roof.
AJC Jewel Manufacturers IPO Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 246.84 | 194.24 | 127.39 |
Profit / (Loss)Before Tax (in ₹ crores) | 4.42 | 2.85 | 1.74 |
Profit After Tax (in ₹ crores) | 3.31 | 2.03 | 1.26 |
EBITDA (in ₹ crores) | 5.39 | 3.94 | 2.13 |
EPS in ₹ | 8.24 | 7.17 | 4.44 |
AJC Jewel Manufacturers Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit / (Loss) Before Tax (in ₹ crores) | 4.423 | 2.856 | 1.74 |
Net Cash (used in) / Provided by Operating Activities (in ₹ crores) | 5.520 | -15.63 | -3.97 |
Net Cash Provided By / (used in) Investing Activities (in ₹ crores) | -0.66 | -2.52 | -0.12 |
Net Cash Flow From/ (used in) Financing Activities (in ₹ crores) | -3.72 | 18.70 | 3.86 |
Cash & Cash Equivalents as at the End of the Year (in ₹ crores) | 1.780 | 0.65 | 0.10 |
How to Check Allotment Status of AJC Jewel Manufacturers IPO?
Visit the Registrar’s Website
- Visit the official website of Bigshare Services Pvt Ltd
- Choose IPO Allotment Status from ‘Services’
- Click on any one of the servers
- Choose ‘Company Name’ from dropdown
- Enter either your application number, CAF number or beneficiary ID
- Enter captcha and click on ‘Submit’ to know the status
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for AJC Jewel Manufacturers IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
AJC Jewel Manufacturers IPO FAQs
When is AJC Jewel Manufacturers IPO listing date?
AJC Jewel Manufacturers will list on 2025-07-01.
What is the issue size of AJC Jewel Manufacturers IPO?
15.39 is the issue size of AJC Jewel Manufacturers IPO.
What is the minimum lot size required for AJC Jewel Manufacturers IPO?
The minimum lot size is 2400 shares and the investment required is ₹228000.
What is the price band of the AJC Jewel Manufacturers IPO?
The price band of AJC Jewel Manufacturers IPO is ₹90 to ₹95.
Where can I read more about AJC Jewel Manufacturers business?
You can read more about AJC Jewel Manufacturers and its IPO from the company’s red herring prospectus (RHP) here.
What is the AJC Jewel Manufacturers IPO?
The IPO of AJC Jewel Manufacturers Ltd comprises a fresh issue of up to 16,20,000 equity shares. It has no offer for sale.
When will the IPO of AJC Jewel Manufacturers go live?
The IPO will open on June 23, 2025 and will close on June 26, 2025
