AJC Jewel IPO: GMP, Overview, And Price

AJC Jewel IPO - Complete Overview

AJC Jewel IPO under the SME IPO category is a book build issue of Rs. 14.59 Cr by AJC Jewel Limited. The company was established in 2018 and is the manufacturer of bracelets, bangles, finger rings, earrings, necklaces, and anklets for men, women, and children.

It produces finished jewelry in gold and sells it in raw and bullion forms, and consumables. It has a wide range of designs for men, women, and kids and sells it to dealers, showrooms, corporations, and small shops.

The company owns 21780.76 sq. ft. of leased manufacturing units in Malappuram, which are furnished with state-of-the-art machinery, including 3D printers, casting machines, and polishing machines to facilitate a seamless manufacture of jewelry.

Products: It produces and sells plain gold, studded gold, gold named, rose gold jewelry, including rings, pendants, chains, necklaces, anklets, bracelets, bangles, and earrings in 22K and 18K for men, women, and children. 

 

AJC Jewel IPO Overview

The AJC Jewel IPO date is on 23 June 2025, and its initial public offering will end on 26 June 2025. 

The Rs. 14.59 crore new SME IPO comprises a wholly fresh issue of 15.36 lac Shares. The AJC Jewel IPO price is Rs. 90 to Rs. 95 for each Share. 

The AJC Jewel IPO listing date (expected) is Tuesday, Jul 01, 2025, and listing at the BSE and SME.

Click to open demat account and apply for the IPO.

Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	34.28	36.73	36
Total Revenue	175.53	246.84	194.25
PAT	1.85	3.32	2.04
Net Worth	13.90	12.04	7.12
Reserves & Surplus	9.45	7.60	4.28
Borrowings	18.41	22.48	26.23

 

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Dec 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	603.92	552.03	(1,563.98)
Net Cash Flow Investing Activities	(1.83)	(66.94)	(252.08)
Net Cash Flow Financing Activities	(541.95)	(372.76)	1,870.90

 

Revenue Bifurcation

State-wise Revenue Bifurcation

(Amount in lac)

 

Geography-wise Revenue Bifurcation

(Amount in lac)

 

Country-wise Revenue Bifurcation

(Amount in lac)

 

Business-wise Revenue Bifurcation

(Amount in lac)

 

Product-wise Revenue Bifurcation

(Amount in lac)



(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing the necessary capital expenditures for the company's acquisition of new equipment.

• Payback or early repayment of all or some of the company's borrowed funds

• General corporate purposes.

 

Click to check the IPO application status.

Peers of AJC Jewel Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Rachana Infrastructure Limited	10	35.18	10.52
Patdiam Jewellery Ltd.	10	14.30	26.43

 

 

Evaluation

The AJC Jewel Limited IPO price is Rs. 90 to Rs. 95 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs. 8.24 from the last year, the resulting P/E ratio is 11.52x.

Considering the weighted EPS of Rs. 7.25 for the last three years, the P/E ratio is 13.10x.

Explore Mayasheel Ventures IPO.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 18.58x.

Particulars	P/E Ratio (x)
Highest	26.43
Lowest	10.52
Average	18.58

In simple words, the P/E ratio of this IPO is 11.52x, compared with the industry’s average P/E of 18.58x, has an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• Large product range, Design and Innovation in the product range.

• Experienced promoter and management team with proven execution capabilities and a skilled workforce with modern design capabilities.

• Long-standing relationships with reputed jewelry dealers.

• Organized manufacturing setups under one roof.

 

IPO’s Weaknesses

• GoldMoney relies to a large extent on a few suppliers for its key raw material – gold bullion. There are no long-term contracts or MoUs signed with these suppliers. Delays in the sale and delivery of gold bullion could negatively affect the company’s business.

• The business activities of the Company are located in certain regions in India. This opens up the company to geographic risk, which could include local economic conditions, a population shift, or even a natural disaster. It further cramps the company’s ability to use its experience elsewhere in the world if it seeks to expand.

• In the past, the company had faced delays and variations in filing statutory returns, including GST, EPF, ESIC, TDS, and TCS. This has led to penalties and interest payments. Failure to adhere to regulations in the future or other claims could have a material adverse effect on the company’s business. 

 

AJC Jewel IPO GMP

AJC Jewel IPO GMP is Rs. 9 as of 21 Jun 2025 while writing this information. Hence, its expected listing price is Rs. 104.

IPO Timetable (Tentative)

The AJC IPO date of opening is from Jun 23 to Jun 26, 2025, allotment on Jun 27, refund initiation on Jun 30, and listing on Jul 01, 2025.

Events	Date
IPO Opening Date	Jun 23, 2025
IPO Closing Date	Jun 26, 2025
IPO Allotment Date	Jun 27, 2025
Refund Initiation	Jun 30, 2025
IPO Listing Date	Jul 01, 2025

 

AJC Jewel IPO Details 

The IPO with a Face Value of Rs. 10 per share offers a total issue size of 16,20,000 Shares (Rs. 15.39 Cr) with a market maker portion of 84,000 Shares (Rs. 0.80 Cr).

IPO Opening & Closing Date	23 Jun, 2025 to 26 Jun, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 90 to Rs. 95 per Share.
Lot Size	1200 Shares
Issue Size	16,20,000 Shares (Rs. 15.39 Cr)
Offer for Sale	-
Fresh Issue	15,36,000 Shares (Rs. 14.59 Cr)
Listing at	BSE, SME
Issue Type	Book building Issue
Registrar	Bigshare Services Pvt Ltd.

 

 

IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 2 Lots (2400 Shares) amounting to Rs. 2,28,000 and in multiples thereof, while for HNI investors, the minimum Lot is 3 (3600 Shares) amounting to Rs. 3,42,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lot
HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	46.67%
Retail’s Portion	33.48%
Non-Institutional’s Portion	14.67%

 

Promoters And Management of AJC Jewel Ltd.

• Mr. Ashraf P.

• Mr. Kunhimohamed P.

• Ms. Fathima Jasna Kottekattu.

Pre-Issue Promoter Shareholding	76.85%
Post-Issue Promoter Shareholding	56.33%

 

IPO Lead Managers

• Smart Horizon Capital Advisors Private Limited.

 

 

Dividend Policy

The company has not paid a dividend in the last three financial years.

Conclusion

AJC Jewel IPO presents a chance for investors to tap into India’s gold jewelry market with a company known for its variety of products and a fairly modern manufacturing setup. Judging by its P/E ratio in comparison with industry peers, the IPO seems to be fairly valued. But on the downside, possible investor risks could include supplier dependence and regulatory violations. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.