Here are the complete details for AJC Jewel Manufacturers Limited IPO:
AJC Jewel Manufacturers Limited IPO Dates
- Opening Date: June 23, 2025
- Closing Date: June 26, 2025
- Allotment Date: June 27, 2025
- Refund & Credit of Shares: June 30, 2025
- Listing Date: July 1, 2025 on BSE SME
IPO Details
- Price Band: ₹90–95 per share (9×–9.5× face value)
- Minimum Lot: 1,200 shares
- Multiples: In lots of 1,200 shares thereafter
- Issue Size: ₹15.39 crore through a fresh issuance of up to 1.62 million equity shares (₹10 face value)
- Market-Maker Portion: 84,000 shares reserved for market makers
- Face Value: ₹10 per share
- Total Issue Size: 15,36,000 shares
- Fresh Issue: 15,36,000 shares
- Listing At: BSE SME
- Share Holding Pre Issue: 44,48,360 shares
- Share Holding Post Issue: 59,84,360 shares
GMP of AJC Jewel Manufacturers Limited IPO
There’s no reliable public information available on the current grey market premium (GMP) for the AJC Jewel Manufacturers Limited IPO.
What is GMP?
- GMP reflects how much above (or below) the issue price IPO shares are trading in the informal grey market before listing. It’s an indicator of sentiment and expectation—but it’s unofficial, unregulated, and can be misleading.
- Retail investors and analysts sometimes use websites like Chittorgarh, IPOWatch, or InvestorGain to track GMP.
Promoters of AJC Jewel Manufacturers Limited
Mr. Kunhimohamed Perinkadakkad
- Role: Founder & Promoter
Background:
- In 1999, he launched the business as “Vismaya Gold”—a small jewellery retail store and factory in Vengara, Malappuram, Kerala.
- Served as an initial subscriber when the business was formally incorporated in 2018 as Phoenix Gold Castings Private Limited.
- Continues to hold a directorship since incorporation.
Mr. Ashraf Peringadakkad (Ashraf P)
- Role: Managing Director & Promoter
Background:
- Joined forces with his father Mr. Kunhimohamed in 2014 to set up “Vismaya Gold” manufacturing unit in Iringalloor.
- Continues to drive the company’s growth post-incorporation in 2018 and through its transition to a public limited company in September 2024.
- Signed the promoter’s message under his capacity as MD and steward of expansion in quality and reach.
- Listed as a director since March 23, 2018.
Ms. Fathima Jasna Kottekattu
- Role: Promoter
Background:
- Holds promoter status alongside the other two.
- Mentioned in the IPO filings, though public domain details on her specific role or responsibilities are limited.
Summary Table
| Promoter | Role | Notable Contributions |
|---|---|---|
| Mr. Kunhimohamed Perinkadakkad | Founder & Promoter | Established the original retail business (“Vismaya Gold”) in 1999; foundational leadership |
| Mr. Ashraf Peringadakkad | Managing Director & Promoter | Expanded operations since 2014; key driver of manufacturing modernization and scaling |
| Ms. Fathima Jasna Kottekattu | Promoter | Equity holding promoter since IPO and public listing process |
Overview
- The leadership team combines legacy experience with strategic execution—from Mr. Kunhimohamed’s grassroots beginnings, to Mr. Ashraf’s technical and operational growth, and Ms. Fathima’s ownership through the IPO transition.
- Ashraf P’s stewardship as MD is highlighted in official communications and underpins expansion initiatives.
- The three promoters own and steer the business, guiding its trajectory through key milestones including incorporation (2018) and public listing (2024–2025).
AJC Jewel Manufacturers Limited IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| (Retail) (Min) | 1 | 1,200 | ₹1,14,000 |
| (Retail) (Max) | 2 | 2,400 | ₹2,28,000 |
| HNI (Min) | 3 | 3,600 | ₹3,42,000 |
- Major financial platforms (Moneycontrol, Business Standard, Zerodha, Value Research, Goodreturns) consistently report a lot size of 1,200 shares.
- A couple of non-official sources (Bajaj Finserv and some X/Twitter posts) mention 2,400 shares, which appears to be inaccurate or possibly a misunderstanding.
AJC Jewel Manufacturers Ltd IPO Promoter Holding
| Share Holding Pre Issue | 76.85% |
| Share Holding Post Issue | 56.33% |
Key Takeaways
- The total pre-IPO equity outstanding for AJC Jewel Manufacturers Limited is 6,798,000 shares.
- With 3,918,223 shares, the promoters collectively control 57.64% of the company’s equity.
- The remaining ~42.36% (~2.88 million shares) is held by public shareholders.
About AJC Jewel Manufacturers Limited
- Incorporated: March 23, 2018 (initially “Phoenix Gold Castings Private Limited” before renaming) and converted to a public limited company in September 2024.
- Origins: Traces back to 1999 when founder Mr. Kunhimohamed Perinkadakkad opened a small jewellery outlet (‘Vismaya Gold’) and workshop in Vengara, Kerala. In 2014, he and his son, Mr. Ashraf Peringadakkad, expanded to manufacturing.
Manufacturing & Operations
- Facility: Owns a ~15,000 – 21,500 sq ft factory at Inkel Industrial Park, Malappuram, equipped with 3D printers, wax injectors, casting machines, polishing units, and an in-house CAD design team.
- Workforce: Around 67 employees (as of February 2025); earlier filings indicate roughly 100 employees.
Product Portfolio & Market Focus
- Crafts a broad range of 22K & 18K gold jewellery: plain, studded, rose-gold, and personalized “name jewellery” for men, women, and children.
- Serves a B2B wholesale segment, supplying dealers, showrooms, corporate entities, smaller retail stores in India, and parts of the UAE.
Quick Facts
- CIN: U93090KL2018PLC052621
- Registered Office: Malappuram, Kerala
- SME IPO Segment: Listed on BSE SME, issue in June 2025 managed by Smart Horizon Capital Advisors; registrar Bigshare Services Pvt Ltd.
AJC Jewel Manufacturers Limited Financial Information
| Period | Total Assets | Net Worth | Total Debt | Revenue | EBITDA | PAT | EBITDA Margin | PAT Margin |
|---|---|---|---|---|---|---|---|---|
| 2022 | ₹16.43 cr | ₹5.08 cr | ₹6.61 cr | ₹127.3 cr | ₹2.14 cr | ₹1.27 cr | 1.68% | 1.00% |
| 2023 | ₹36.01 cr | ₹7.12 cr | ₹26.32 cr | ₹194.1 cr | ₹3.93 cr | ₹2.04 cr | 2.02% | 1.05% |
| 2024 | ₹36.73 cr | ₹12.04 cr | ₹22.48 cr | ₹245.8 cr | ₹5.39 cr | ₹3.32 cr | 2.19% | 1.35% |
| 2025 | ₹34.28 cr | ₹13.90 cr | ₹18.41 cr | ₹233.4 cr | ₹4.85 cr | ₹2.47 cr | 2.08% | 1.06% |
Highlights & Interpretation
- Revenue Growth: Strong upward trend—from ₹127 Cr (FY22) to ₹246 Cr (FY24), with FY25 at ~₹233 Cr (annualised).
- Debt Profile: Total debt rose significantly from FY22 to FY23, then improved slightly in FY24–25—ending FY25 at ₹18.4 Cr versus ₹22.5 Cr in FY24.
- Equity & Net Worth: Net worth soared from ₹5 Cr (FY22) to ₹13.9 Cr (FY25)—a healthy balance sheet indicator.
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 34.64% |
| ROCE | 17.47% |
| Debt/Equity | 1.87 |
| RoNW | 27.56% |
| PAT Margin | 1.35% |
| Price to Book Value | 3.18 |
Interpretation:
- Revenue & PAT: Consistent growth, reflecting scale expansion.
- Margins: Margins are low but improving—typical in the gold manufacturing sector.
- RoNW: Strong RoNW (~25–28%) in FY22–FY24, though projected to drop slightly in FY25.
- Leverage: Debt-to-equity ratio peaked in FY23 and is improving steadily post-IPO.
- NAV & EPS: Indicators of increasing shareholder value.
Objects of the Issue
Purchase of Plant & Machinery and Related Equipment
- For enhancing in-house manufacturing capacity and modernizing facilities.
- Includes new casting machines, 3D printers, polishers, and other gold-processing tools.
Repayment/Prepayment of Certain Borrowings
- Part of existing secured/unsecured loans from banks and NBFCs will be repaid to reduce interest burden and improve credit profile.
Working Capital Requirements
- To finance increased inventory (gold and materials), labor expenses, and operational expansion across South Indian markets.
General Corporate Purposes
- For administrative costs, marketing, branding, office infrastructure, and other business needs not classified under capital expenditure.
Issue Expenses
- To cover underwriting, registrar, legal, and other IPO-related administrative expenses.
Summary of Fund Allocation
| Object | Estimated Amount (₹ in Cr) |
|---|---|
| Capital Expenditure (Plant/Machinery) | ~5.0 Cr |
| Debt Repayment | ~3.5 Cr |
| Working Capital | ~5.7 Cr |
| General Corporate Purposes | ~0.7 Cr |
| Issue Expenses | ~0.5 Cr |
| Total | 15.39 Cr |
Strengths of AJC Jewel Manufacturers Limited IPO
- Experienced Promoters: The founders bring over two decades of experience in the jewellery industry, transitioning from retail to full-scale manufacturing.
- In-House Manufacturing Facility: The company owns and operates a modern, tech-enabled manufacturing unit in Kerala equipped with 3D printers, casting machines, and CAD teams. This supports consistent quality and customization.
- Diverse Product Portfolio: Offers a wide range of gold jewellery products including plain, studded, rose-gold, and personalized “name” jewellery, catering to men, women, and children.
- Steady Revenue Growth: Revenue has grown consistently from ₹127 Cr in FY22 to ₹246 Cr in FY24, showing demand stability and operational scale-up.
- Focused B2B Market Approach: Serves dealers, showrooms, and corporates across South India and select UAE markets, reducing reliance on volatile retail cycles.
- Improving Financial Metrics: EBITDA and PAT margins have slightly improved year-over-year, with strong RoNW (Return on Net Worth) exceeding 25% in recent years.
Risks of AJC Jewel Manufacturers Limited IPO
- Low Profit Margins: EBITDA and PAT margins are thin (around 2% and 1.3% respectively), making the company vulnerable to cost fluctuations and price competition.
- High Working Capital Requirements: The business is capital-intensive due to gold inventory needs, making it dependent on consistent cash flows and external borrowing.
- Dependence on Gold Prices: The company is exposed to fluctuations in international gold prices, which can impact margins and working capital cycles.
- Concentration Risk: Operations are primarily based out of a single manufacturing facility in Malappuram, Kerala, which creates operational and geographic concentration risks.
- Regulatory and Compliance Exposure: The jewellery industry is subject to strict regulatory norms (e.g., hallmarking, GST, import duties) and changes can impact business viability.
- SME IPO Volatility: Being listed on the BSE SME platform, the stock may have low liquidity and high volatility post-listing, especially in the absence of institutional anchors.
AJC Jewel Manufacturers Limited Contact Details
🏢 Registered / Sales Office
Address:
38/227‑Z, Inkel Greens Edu City
Karathode‑Konampara Road,
Panakkad Village, Pattarakadavu,
Malappuram, Ernad – 676 519, Kerala, India
📞 Phone
+91 99619 16004
General inquiries: info@ajcjewel.com
Sales/Product enquiries: contact@ajcjewel.com
AJC Jewel Manufacturers Limited IPO Registrar
🗂️ Registrar to the Issue
- Registrar Name: Bigshare Services Pvt. Ltd.
- Registrar Contact (Mumbai Office):
- Phone: +91‑22‑6263 8200
- Email: investor@bigshareonline.com
Safe Enterprises Retail Fixtures Limited IPO 2025 Detail
Globe Civil Projects Limited IPO Details: Date, Price, GMP, & Review
Disclaimer: The content on this website is intended for informational purposes only and should not be interpreted as financial or investment advice. Engaging in stock market activities involves inherent risks, and outcomes can be unpredictable. While we strive to provide accurate and up-to-date information, we do not make any guarantees regarding the completeness or reliability of the content. Any investment decisions you make should be based on your own research and consultation with a qualified financial professional. We are not responsible for any financial gains or losses resulting from actions taken based on the information provided here. Always invest wisely and at your own risk.
