AJC Jewel IPO shares to list today. GMP suggests moderate premium on debut
AJC Jewel Manufacturers
is set to debut on the
BSE SME platform
today after successfully completing its Rs 15.39 crore IPO. Market analysts suggest a
grey market premium
(GMP) of Rs 4 ahead of its listing, indicating mild positive sentiment around the stock in the unofficial market.
The book-built issue was open from June 23 to June 26, and saw healthy interest across investor categories, with the allotment completed on June 27. The IPO was priced at Rs 95 per share.
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The IPO comprised a fresh issue of 16.20 lakh shares, with no offer-for-sale component. Post-issue, the total share capital stands at 59.84 lakh shares, translating to a market capitalization of around Rs 56.85 crore at the issue price.
The issue was managed by Smart Horizon Capital Advisors, with Bigshare Services acting as the registrar, and
Rikhav Securities
serving as market maker.
Founded in 2018, AJC Jewel Manufacturers is involved in crafting a wide variety of gold jewelry including bangles, rings, earrings, and necklaces for men, women, and children.
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Its Malappuram-based 21,780 sq ft facility is fully equipped with advanced machinery such as 3D printers and casting machines, enabling a fully integrated design-to-delivery manufacturing flow.
The company plans to use the IPO proceeds to fund capital expenditure for new equipment (Rs 2.63 crore), repay or prepay existing borrowings (Rs 8.9 crore), and for general corporate purposes.
Financially, the company posted Rs 246.84 crore in revenue for FY24 with a PAT of Rs 3.32 crore.
While the GMP suggests modest listing gains, market watchers caution that actual performance on debut will depend on broader market sentiment and retail interest.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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