AJC Jewel IPO - Day 4 Subscription at 2.82 Times

AJC Jewel's initial public offering (IPO) has demonstrated solid investor demand through its fourth day of subscription, with AJC Jewel's stock price set at ₹95 per share and AJC Jewel's share price reflecting positive market reception. The ₹15.39 crore IPO has witnessed steady progress, with subscription rates opening at 0.20 times on day one, improving to 0.36 times on day two, reaching 0.67 times on day three, and achieving 2.82 times by 5:04:34 PM on day four, indicating growing investor interest in this jewellery manufacturing company.

AJC Jewel IPO qualified institutional buyers segment leads with a good 3.57 times subscription, while retail investors demonstrate solid participation at 2.86 times, and non-institutional investors show moderate interest at 1.79 times, reflecting positive investor confidence in this company.

AJC Jewel IPO subscription reached a solid 2.82 times on day four, led by QIB (3.57x), Retail (2.86x), and NII (1.79x). Total applications reached 828.

Subscription Status of AJC Jewel IPO:

Here are the subscription details for AJC Jewel IPO as of Day 4 (June 26, 2025, 5:04:34 PM):

Key Highlights - Day 4:

• Overall subscription reaching a solid 2.82 times, a substantial improvement from day three's 0.67 times
• QIB segment leading with good demand at 3.57 times, a dramatic increase from day three's 0.00 times
• Retail segment demonstrating solid participation at 2.86 times, improvement from day three's 1.26 times
• NII segment showing moderate interest at 1.79 times, a significant increase from day three's 0.19 times
• The final day witnessed institutional participation after three days of minimal QIB interest
• Total applications reached 828, indicating limited but focused investor participation for this SME IPO
• The cumulative bid amount reached ₹29.07 crores against the issue size of ₹15.39 crores

AJC Jewel IPO - Day 3 Subscription at 0.67 Times

Key Highlights - Day 3:

• Overall subscription improving to 0.67 times from day two's 0.36 times
• Retail segment leading with moderate participation at 1.26 times, an increase from day two's 0.64 times
• NII segment showing limited interest at 0.19 times, a slight increase from day two's 0.16 times
• QIB segment showing no participation at 0.00 times, unchanged from previous days
• Day three demonstrated building retail momentum ahead of the institutional participation
   

AJC Jewel IPO - Day 2 Subscription at 0.36 Times

Key Highlights - Day 2:

• Overall subscription improving to 0.36 times from day one's 0.20 times
• Retail segment showing good momentum at 0.64 times, an increase from day one's 0.23 times
• NII segment demonstrating limited participation at 0.16 times, a decrease from day one's 0.40 times
• QIB segment showing no participation at 0.00 times, unchanged from day one
• Day two demonstrated mixed progress across investor categories

AJC Jewel IPO - Day 1 Subscription at 0.20 Times

Key Highlights - Day 1:

• Overall subscription opening cautiously at 0.10 times, showing modest initial investor interest
• Retail segment leading with limited early participation at 0.37 times, indicating measured individual investor confidence
• Employee segment showing modest early interest at 0.20 times, reflecting reserved staff confidence
• NII segment showing minimal early interest at 0.10 times, reflecting reserved high-net-worth confidence
• The QIB segment showed no initial participation at 0.00 times on day one.

About Kalpataru IPO

Incorporated in 2018, AJC Jewel Manufacturers Limited is engaged in the business of jewellery manufacturing, specialising in crafting bracelets, bangles, rings, earrings, necklaces, and anklets for men, women, and children. The company manufactures finished gold jewellery from raw bullion and consumables, offering a variety of designs for men, women, and children, and sells to dealers, showrooms, corporations, and small shops. The company operates a 21,780.76 sq. ft. leased manufacturing facility in Malappuram, equipped with advanced machinery like 3D printers, casting machines, and polishing equipment for seamless jewellery production.

Financial performance shows mixed results with revenue declining 29% from ₹246.84 crores in FY2024 to ₹175.53 crores in nine months of FY2025, while profit after tax decreased from ₹3.32 crores to ₹1.85 crores during the same period. The company maintains strong profitability metrics with 34.64% ROE, 1.35% PAT margin, 2.19% EBITDA margin, operates with a high debt-to-equity ratio of 1.87, and has a market capitalisation of ₹56.85 crores. Post-IPO P/E ratio of 23.01x appears elevated for a small jewelry manufacturing company in a competitive segment.