AJC Jewel Manufacturers Ltd IPO – A Deep Dive

 


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1. 📅 Issue Timeline

  • Opening Date: June 23, 2025
  • Closing Date: June 26, 2025
  • Basis of Allotment: June 27, 2025
  • Refunds & Demat Credits: June 30, 2025
  • Tentative Listing Date: July 1, 2025, on BSE SME

2. 💰 Pricing & Size

  • Price Band: ₹90–95 per share
  • Lot Size: 1,200 shares (₹1.08–1.14 lakh per lot)
  • Issue Size: ₹15.39 crore (1.62 million shares) of which 542,400 are reserved for retail investors; the rest for anchor, QIBs, NIIs, and market makers

3. 🏭 Company Snapshot

AJC Jewel Manufacturers specialises in crafting and wholesaling 22K and 18K gold jewellery (plain, studded, rose gold, customised designs) to dealers and boutiques across India. Incorporated in 2018 (earlier named Phoenix Gold Castings), it transitioned to a public company in 2024. Financials (FY24):

  • Revenue: ₹246.84 crore
  • Profit After Tax: ₹3.32 crore

4. 🎯 IPO Objectives

Funds raised through this IPO will be used for:

  1. Capital expenditure (new machinery & equipment)
  2. Debt repayment/prepayment
  3. General corporate purposes

5. 👥 Promoters & Management

Led by Mr. Ashraf P (Managing Director), Mr. Kunhimohamed P, and Ms. Fathima Jasna Kottekattu (Executive Director), the board also includes experienced non-executive directors and key management personnel like the CFO and company secretary.

7. 🚀 What to Watch

  • Subscription Levels: Watch demand trends until June 26.
  • GMP (Grey Market Premium): Early indication of listing price (currently tracking around +9–10%)
  • Listing Day: Performance on July 1 on the BSE SME platform could indicate short-term sentiment and investor interest.

8. 🎥 Watch a Quick Overview

Get a visual summary in just 60 seconds:

9. 🧠 Investor Insight

  • Strengths: Niche positioning in gold jewellery manufacturing with robust FY24 growth.
  • Risks: SME IPOs often exhibit higher volatility, limited long-term track record; actual GMP may differ.
  • Strategy Tips:
    • Applying at the cut-off can secure allotment without price leverage.
    • Keep an eye on GMP for early listing expectations.
    • Compare issue valuations with those of peer SME IPOs, such as Safe Enterprises and Aten Papers & Foam.

📝 Blog Summary

AJC Jewel Manufacturers is making its mark on the BSE SME board with a ₹15.4 crore IPO, priced at ₹90–95 per share. The company is cashing in on corporate expansion, debt reduction, and modernisation. With a solid foundation in gold jewellery craftsmanship and clear use of proceeds, investors now wait for final allotment and listing to gauge true market appetite. For those interested in niche SME plays with growth potential in manufacturing, this could be a fitting addition, provided they’re comfortable with higher risk and volatility.

Would you like me to help turn this into an Instagram post with visuals, carousel ideas, and hashtags, or compare it with similar SME IPOs?

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IPO grey market

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