AJC Jewel Manufacturers Limited IPO

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AJC Jewel Manufacturers Limited is a leading player in the wholesale gold jewellery manufacturing industry in India. Established in 2018 (as Pheonix Gold Castings Private Limited) and later rebranded in 2020 to its current identity, the company has emerged as a recognized manufacturer specializing in plain gold, studded gold, and personalized named jewellery in 22K and 18K variants. The company was originally founded under the brand “Vismaya Gold” in 2014 by promoter Mr. Ashraf P and his father, Mr. Kunhimohamed P.

Core Business Activities:

The company is engaged in the manufacturing, designing, and wholesale supply of a wide array of gold jewellery, including:

a) Plain Gold Jewellery: Traditional yellow or rose gold ornaments without embellishments.

b) Studded Gold Jewellery: Embedded with Cubic Zircon or coloured stones based on customer preferences.

c) Named Jewellery: Personalized name-engraved products like rings, bracelets, and pendants.

Products are manufactured using gold bullion and various consumables and are sold in bulk to dealers, showrooms, corporates, and jewellery shops across India.

Manufacturing Capabilities:

The company operates a 21,780 sq. ft. manufacturing facility located at Inkel Greens Edu City, Malappuram, Kerala, equipped with 3D Printer, Wax Injector, Casting Machine, Polishing Equipment, Laser engraving and cutting tools. This integrated setup allows end-to-end jewellery manufacturing under one roof, improving efficiency, quality control, and reducing metal handling risk.

Supply Chain and Raw Material Sourcing:

– Gold is primarily sourced from DGFT-nominated agencies such as Axis Bank and HDFC Bank, and from bullion dealers and individual sellers.

– Other consumables are procured from vendors across India through competitive sourcing and rate negotiation.

Geographical Presence:

AJC operates PAN India, with clients across 7 states and 1 Union Territory. The company has a centralized sales and customer service team based at its registered office. Sales managers actively participate in exhibitions and marketing activities to expand dealer networks.

Objects of the AJC Jewel Manufacturers Limited IPO:

Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: 1. Funding of capital expenditure requirements for purchase of new Equipment by Company (₹2.62 cr) 2. Repayment/prepayment of all or certain of the borrowings availed of by the Company (₹8.90 cr) 3. General corporate purposes;
DRHP of AJC Jewel Manufacturers Limited IPO
RHP of AJC Jewel Manufacturers Limited IPO

AJC Jewel Manufacturers Limited IPO Details:

Open Date: Jun 23 2025
Close Date: Jun 26 2025
Total Shares: 15,36,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 14.59 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 90 - 95 Per Equity Share
Listing At: BSE SME

Promoters And Management:

1. Mr. Ashraf P (37 years) – Promoter, Chairman & Managing Director, holds a B.Com degree and a certificate in Aircraft Maintenance from DGCA. With 14 years of experience, including 13 years in the gold jewellery industry, he oversees strategic planning, operations, and business development of AJC. He previously worked with Vismaya Jewellers and also runs Vismaya Gold and Vismaya Furniture. Internationally, he leads AJC Jewellery Trading LLC (UAE) and AJC Jewel Manufacturers (FZE), focusing on trading and manufacturing of gold jewellery. 2. Mr. Mohamedali Cheruparambil (38 years) – Whole-Time Director, With 11 years of experience in sales and marketing, Mr. Mohamedali joined AJC in 2020 as Sales Manager and was promoted to Executive Director in August 2024, then Whole-Time Director in September 2024. He handles sales strategies, market analysis, and client relations. 3. Ms. Fathima Jasna Kottekattu, aged 29 years, is one of the Promoters and Executive Director of our Company. She has completed Intermediate Education. She has been appointed as an Executive Director of our Company with effect from August 05, 2024.

Financials of AJC Jewel Manufacturers Limited IPO: 

To be updated shortly

Comparison With Peers:

To be updated shortly

Lead Manager of AJC Jewel Manufacturers Limited IPO:

  1. Smart Horizon Capital Advisors Private Limited

Registrar of AJC Jewel Manufacturers Limited IPO:

  1. Bigshare Services Private Limited

Discussion on AJC Jewel Manufacturers Limited IPO:

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