AJC Jewel Manufacturers IPO Booked 20% On Day 2 So Far: Check GMP And Other Details

Jewellery manufacturing company AJC Jewel Manufacturers received a moderate response for its Initial Public Offering (IPO) on the First day of the bidding, and 2nd day seems to be going the same way. The IPO was subscribed 20% by 11.25 am on day 2, indicating reasonable interest from investors.

AJC Jewel Manufacturers has opened its public offering for subscription on June 23, 2025, and will close on June 26, 2025.

IPO Subscription Details:

AJC received bids for 2,13,600 shares out of 10,83,600 shares available. This means the overall subscription stood at 20% by 11.25 am on June 24, according to data on chittorgarh.com.

Retail investors showed more interest than others, with 36% of the portion subscribed, while Non-Institutional Investors (NII) category saw 8% subscription. So far, Qualified Institutional Buyers (QIBs) have not subscribed.

AJC Jewel Manufacturers secured full anchor investment for its IPO, with a total amount of Rs 4.29 crore for 4,52,400 shares. The investment came from VIKASA Capital Inc., which contributed 53.32%, and Viney Growth Fund, which provided the remaining 46.68%.

AJC Jewel Manufacturers IPO Details:

The AJC Jewel IPO is a book-building issue worth Rs 15.39 crore, made up entirely of a fresh issue of 16.20 lakh shares. The company will be listed on the BSE SME platform on Tuesday, July 1, 2025.

The price band for the IPO is set between Rs 90 and Rs 95 per share. Investors need to bid for a minimum of 1,200 shares, which means a minimum investment of Rs 1,08,000 at the lower end and Rs 1,14,000 at the higher end. For HNIs, the minimum investment is 3 lots (3,600 shares), costing Rs 3,42,000 at the upper band.

The company has divided its IPO shares among different types of investors. It has set aside 3,03,600 shares (14.08%) for Qualified Institutional Buyers (QIBs) and 2,37,600 shares (11.02%) for Non-Institutional Investors (NIIs). Retail investors have been given a share of 5,42,400 shares (25.15%).

The company has also allocated 4,52,400 shares (20.98%) to anchor investors. Additionally, 84,000 shares (3.90%) are reserved for the market maker to help maintain liquidity after listing.

Smart Horizon Capital Advisors Private Limited is managing the IPO, Bigshare Services Pvt Ltd is the registrar, and Rikhav Securities Limited is the market maker for the issue.

The key managers involved in the AJC Jewel IPO are as follows. Smart Horizon Capital Advisors is the lead manager, responsible for managing and overseeing the IPO process. Bigshare Services Pvt Ltd is the registrar, handling the share allotment and investor records. Rikhav Securities Ltd is the market maker, ensuring there is enough trading activity and liquidity in the stock after it gets listed.

Grey Market Premium (GMP):

As of June 23, the grey market premium (GMP) for AJC Jewel shares is Rs 9. This means the shares are trading at Rs 104 in the unofficial market, which is 9.5% higher than the top IPO price of Rs 95. GMP reflects how much investors are willing to pay above the issue price based on expected demand.

GMP has remained steady over recent days, with the highest GMP at Rs 9 and lowest at Rs 0, indicating moderate interest from grey market investors.

Use of IPO Funds:

The company plans to use the money for several purposes. A part of the funds will go towards buying new machinery and equipment to improve their production. Another portion will be used to repay or reduce existing loans. The remaining amount will be used for general business needs.

About AJC Jewel Manufacturers:

AJC Jewel Manufacturers designs and produces a wide range of gold jewellery. They make items such as rings, necklaces, bangles, earrings, bracelets, and anklets. Their products are crafted in 22K and 18K gold and are sold in large quantities to dealers, jewellery showrooms, corporate clients, and small retail shops.

The company's manufacturing unit is located in Malappuram, Kerala, in a rented space of about 21,780 square feet. The facility is equipped with modern machinery, including 3D printers, casting machines, and polishing tools, which help in making the jewellery quickly and efficiently.

Financial Numbers of AJC Jewel:

In the financial year 2023-24 (FY24), the company's profit after tax (PAT) rose by 62.7%, reaching Rs 3.32 crore, compared to Rs 2.04 crore in the previous year (FY23). During the same period, its total revenue grew by 27%, increasing from Rs 194.25 crore in FY23 to Rs 246.84 crore in FY24.
For the nine months ending December 31, 2024, the company reported a PAT of Rs 1.85 crore and total revenue of Rs 175.53 crore.