AJC Jewel Manufacturers Limited stands as a distinguished name in the world of fine jewelry, renowned for transforming raw gold into timeless masterpieces. From bold, masculine designs to graceful adornments for women and charming styles for children, AJC crafts a wide array of bracelets, bangles, rings, earrings, necklaces, and anklets — catering to the tastes of every generation.

With an unwavering focus on quality, innovation, and traditional artistry, AJC serves a diverse clientele including jewelry dealers, high-end showrooms, corporate buyers, and local retailers. Every piece reflects the brand’s commitment to both craftsmanship and contemporary style.

IPO Snapshot: Opportunity at a Glance

AJC is now entering the capital markets with an Initial Public Offering (IPO) of Rs.15.39 crore. While the issue size is modest, only 5,42,400 shares are reserved for retail investors and 3,03,600 shares for non-institutional investors (NIIs), making it a focused opportunity for discerning participants.

Financially, AJC has shown consistent growth. In FY 2023-24, the company reported a net profit of Rs.6.51 crore on a total revenue of Rs.131.14 crore — a strong performance that reflects robust operations and growing demand. The IPO is priced at a P/E multiple of 12.73, offering investors a fundamentally attractive valuation.

Market Mood & Final Take

Despite strong fundamentals, the broader market is currently witnessing lukewarm investor sentiment, driven by an influx of IPOs and global geopolitical uncertainties. As a result, there is no grey market premium (GMP) at present.

For investors looking beyond short-term noise and focused on value, AJC’s IPO offers a compelling long-term opportunity backed by solid financials and a legacy of craftsmanship.
IPO opens on 23 June 2025 and closes on 25 June 2025. IPO details can be studied at AJC

+ from fundamental angle:  Good

Safe Enterprises Retail Fixtures Ltd. is a one-stop destination for cutting-edge shop fittings and retail display solutions, transforming retail spaces across India and beyond. From concept to installation, we design, manufacture, supply, and install retail fixtures that are as functional as they are visually compelling.

Specializing in tailored merchandising solutions, we help retailers solve critical challenges in display, product placement, storage, and safety. Whether you’re outfitting a sleek fashion boutique, a bustling hypermarket, or an upscale electronics store, our expert team ensures your space works as hard as you do.

Its versatile portfolio spans multiple retail sectors—fashion, electronics, groceries, and luxury. Some of our marquee collaborations include: Zudio & Westside, Godrej Nature’s Basket, Reliance Retail & Future Group.

During last 2 years, the total revenue and net profits of the company are impressive and indicate strong growth potential of the business. The net size of the IPO Rs. 152.52 crore is somewhat large and because of the large number of companies already in the market to raise the funds, huge over subscription may not possible.

The share are offered at PE multiple of 12.08, which is very reasonable.

The current grey market premium of Rs. 20 indicate premium to issue price ratio of 14.49%, which is good.

IPO opens on 20 June 2025 and closes on 24 June 2025. IPO details can be studied at Safe

+ from fundamental angle:  May Apply

Aakaar Medical Technologies Limited is one of India’s fastest-growing players in the aesthetic and cosmetic medical space. Positioned at the intersection of innovation and wellness, Aakaar delivers a premium portfolio of advanced medical devices and aesthetic solutions to dermatologists, plastic surgeons, aesthetic physicians, and cosmetologists nationwide.

With a sharp focus on quality, safety, and results, Aakaar offers a well-curated mix of in-house innovations and globally recognized brands, sourced from industry leaders across South Korea, Spain, Italy, and Austria—as well as high-quality products manufactured right here in India.

Financial Highlights & IPO Insights

The company’s financial performance has shown impressive momentum. In FY 2024–25, net profit surged to Rs.6.04 crore, more than doubling from Rs.2.87 crore in FY 2023–24. While this significant increase demonstrates strong growth potential, the sharp jump in the bottom line warrants closer scrutiny for sustainability.

• IPO Size: Rs.25.64 crore — modest in scale, offering manageable risk for new investors.

• Retail Quota: Rs.8.99 crore — could be fully subscribed with just 780 retail applications.

• HNI Allocation: Rs.3.86 crore — suggesting limited competition in this category and scope for huge oversubscription.

• Valuation: Shares are being offered at a P/E multiple of 12.43, based on the FY25 profits—reasonable, but tied to the company’s ability to maintain its earnings growth.

Currently, no notable premium has been observed in the grey market, indicating muted pre-listing sentiment.

Conclusion

Aakaar Medical Technologies stands at the cusp of opportunity in a fast-evolving industry. While the company’s product mix, international partnerships, and rapid profit growth are attractive, the sharp rise in earnings and lack of grey market enthusiasm suggest that potential investors should proceed with balanced optimism and due diligence.
IPO opens on 20 June 2025 and closes on 24 June 2025. IPO details can be studied at Aakar

+ from fundamental angle: May apply 

Mayasheel Ventures Limited is a prominent infrastructure development company specializing in the construction of roads and highways for the National Highways and Infrastructure Development Corporation Limited (NHIDCL) and various other government departments. With a strong focus on quality and timely delivery, the company operates under EPC (Engineering, Procurement, and Construction) and BOQ (Bill of Quantity) models.
During last 3 years, the company has shown strong topline and bottomline with steady rise each year. The net size of the IPO Rs. 25.91 Crore is not very large. The retail investors have been offered Rs. 9.08 crore shares and HNI investors have been offered Rs. 3.89 crore shares.
At present, grey market premium stands at Rs. 6 and premium to issue price ratio is 12.76% which is not bad. Reasonable oversubscription and listing gains are anticipated
IPO opens on 20 June 2025 and closes on 24 June 2025. IPO details can be studied at Mayasheel

+ from fundamental angle:  May apply

Patil Automation is an automation solutions provider serving industrial clients, primarily in the automotive sector. It is engaged in designing, manufacturing, testing and installation of customized automation systems such as welding lines (spot welding, MIG and TIG), assembly lines, material handling machineries and special-purpose machineries, tailored to meet the specific requirements of our clients’ production facilities.

Its client base primarily comprises of Automotive Original Equipment Manufacturers (OEMs), Tier I suppliers to Automotive OEMs and manufacturers of automotive components and sub-components, who seek to establish, expand, upgrade, modify or repair their production setup. Its automation solutions focus on optimizing manufacturing processes and reducing manual intervention at its clients’ facilities.

The manufacturing of its automation systems is carried out at its facility, based on the detailed designs made by it and approved by the customers. Its facility, located in the MIDC Chakan area of Village Sudumbre, Tehsil Maval, District Pune, is divided into two units: Unit-I (built up area – 50,536 sq. ft.) and Unit-II (built up area – 58,464 sq. ft.).

Additionally, its facility is certified under ISO 45001:2018, ISO 9001:2015 and ISO 14001:2015.

As of March 31, 2025, the company had 244 permanent full-time employees. Additionally, it employed approximately 256 contract laborers at its units.

Growth Potential:

The Indian Industrial automation solutions industry is expected to grow from USD 15.12 billion in 2024 to USD 29.43 billion by 2029, growing at a CAGR of 14.2% during the forecast period. According to the D&B Report, the adoption of robotic welding systems is accelerating in industries such as automotive manufacturing, heavy engineering and large-scale fabrication. These systems offer advantages like consistent weld quality, increased production speed, and reduced labor costs.

Financials: The company has exhibited strong growth in its topline. The total revenue has increased to Rs. 122.04 crore in 202425 as compared to Rs. 82.35 crore during 2022-23. The company has earned net profit of Rs. 11.70 crore and EPS of Rs.7.30. The balance sheet has been quite strong with debit equity ratio hovering around 0.43. The shares are offered at reasonable valuation of 16.43 PE ratio.

Looking to strong growth potential of Industrial automation solution business, the company has bright future and in the medium-term investors are expected to get satisfactory return on the investments. 

IPO opens on 16 June 2025 and closes on 18 June 2025. IPO details can be studied at Patil

+ from fundamental angle:  May apply

Aten Papers & Foam Limited is a vital link in the paper product supply chain, specializing in the sourcing and distribution of paper materials for the packaging industry.
The company procures paper from a wide network of mills and supplies it to a diverse client base, primarily in the packaging sector.
Financials: The company has shown sharp rise in the profits in the year prior to the IPO. During the year, 2022-23, it earned net profit of only Rs. 50 lacs on the total revenue of Rs. 91 crore. Whereas in the year 2024-24, it shows net profit of Rs. 7.01 crore on the total revenue of Rs. 138.70 crore. Such sharp rise in the profits of a trading company just prior to the IPO is eye-widening and requires indepth scrutiny
Sector-fancy: At present the paper industry enjoys low fancy among the investors. The business of this company is trading of paper, craft paper etc.
IPO opens on 13 June 2025 and closes on 17 June 2025. IPO details can be studied at Aten Papers

+ from fundamental angle:  May avoid

The Company is an ISO 9001:2015, ISO 14001:2015, ISO 22301:2019, ISO 37301:2021, ISO 45001:2018 and ISO/IEC 27701:2022 certified company engaged in the business of manufacturing and supply of specialized ramming mass used as a heat insulation/ lining material, by its customers as a refractory consumable for Induction furnaces installed in iron/steel and foundry plants.

Financials: the company had equity capital of Rs. 1.80 crore till 31.03.204 and during September 2024, it has increased the capital by rights shares Rs. 20 lac and by issue of bonus shares Rs. 14 crore and accordingly the equity capital as on 31 March 2025 is Rs. 16 crores. The company has net profit of Rs. 14.48 crore during 2023-24 and the reworked EPS comes to Rs.9.11. The inventory and trade receivables as on 31 March 2024 are Rs. 33.69 crore equivalent to 4.15 months of revenue. This appears to be on somewhat higher side.

IPO Size: The net size of the IPO after deducting anchor portion is 4815,000 shares (Rs. 68.85 crore) and it is somewhat on higher side. Looking to the recent trend of oversubscription, huge oversubscription appears to be a bit difficult.
Premium to issue price ratio: The current premium to issue price ratio on 12 June morning stands at 36/143 eg. 25% and it may attract somewhat applications. However, we are not sure, whether the premium will remain at this level or not.

IPO opens on 12 June 2025 and closes on 16 June 2025. IPO details can be studied at Monolithisch

+ from fundamental angle:  So-so

The company began manufacturing aluminum wire rods in 2023, expanding its capabilities while maintaining a strong focus on quality and reliability. The profits have been negligible during last 2 years.

As on 31 March 2024, the company holds inventory of Rs. 21.95 crore and trade receivables of Rs. 30.67 crores as compared to total of Rs. 351.69 crore for the year2024-25. As compared to the previous year, there is sharp rise in the trade-receivable and inventory as on 31.03.2025.

+ from fundamental angle:  May avoid

‘Sacheerome Limited’ is a creative house, designing & manufacturing fragrance and flavours. It was founded in the year 1992 by our visionary promoter Mr. Manoj Arora, who is a third-generation entrepreneur of a business family in Fragrance & Flavour industry and has been actively involved in this line of business form last 40 years. Sacheerome was initially only in the fragrance industry. In 2014, the company ventured into the flavours and has a separate unit, with a team of skilled flavorists, an application centre and a Research & Development centre.

Fragrances manufactured by it are used in the Personal Care & Wash, Body Care, Hair Care & Wash, Fabric Care, Home Care, Baby Care, Fine fragrance, Air care, Pet Care, Men’s Grooming, Hygiene & Wellness and various other industries. Flavours manufactured by it are used in Beverage, Bakery, Confectionery, Dairy Products, Health & Nutrition, Oral care, Shisha, Meat Products, Dry Flavours, Seasonings and others. It is Sacheerome’s endeavour to continue to do research and innovation to deliver more solutions. Its products adhere to the global standards such as the International Fragrance Association (IFRA), European Commission (EU), Food Safety and Standards Authority of India (FSSAI),and Flavour Extract Manufacturers Association (FEMA as per the requirements of the customers). It is member of Chemexcil and Fragrances & Flavours Association of India (FAFAI). Additionally, it comply to ISO 9001:2015 ensuring top quality and reliability.

Sacheerome’s manufacturing facility is equipped, with an annual production capacity of 7,60,000 Kg. We have a strong and dedicated R&D team of 45 specialist persons, at Y-4 Okhla Industrial Area, Phase-II, New Delhi, India, 110020 and F-89-4-2 Okhla Industrial Area, Phase-1, New Delhi, India, 110020.

Growth potential of the business across the world and in India

The global flavours and fragrances market, valued at USD 32.2 billion in 2023, is expected to grow at an annual rate of 3.3%, reaching USD 43.6 billion by 2032, as shared by Imarc. This growth is fueled by the expanding food and beverage industry, rising interest in personal grooming and hygiene, changing consumer preferences, urbanization, and a growing demand for natural and organic ingredients. The rise in disposable income, particularly in emerging economies such as India and China, coupled with population growth, is expected to augment demand for personal care and cosmetic products. Simultaneously, the fast-paced lifestyle prevalent in both developing and developed economies is increasing the demand for processed foods and beverages, thereby boosting the need for diverse and appealing flavours. In 2023, the Asia-Pacific region dominated the global market, accounting for over 32% of the total revenue. The region’s large market share is attributed to changing consumer preferences for nutritional and health-focused food products in densely populated countries such as India and China. Asian flavours and fragrances are gaining traction globally, with markets like Europe, the Middle East, and North America embracing these sensory experiences. Countries such as Indonesia, India, China, and Vietnam have emerged as key markets for food flavor innovations in the Asia-Pacific region.

India’s fragrances market is anticipated to grow at a CAGR of 14.50% from 2024 to 2032, driven by factors such as rising disposable incomes, increasing consumer focus on personal grooming, and the proliferation of global beauty trends via social media. India has a rich history of olfactory culture, with the use of aromatherapy, incense, and ittar dating back to ancient times.

The Indian flavours market is experiencing robust growth, driven primarily by the expanding food processing industry and increased demand for packaged, ready-to-eat foods and beverages. According to a report by IMARC Group, the market size reached INR 4,287 Crore in 2023 and is projected to grow at a CAGR of 7.1% from 2023 to 2032, reaching INR 8,100 Crore by 2032.

The company has steady growth in its topline and strong bottomline. The shares are offered at reasonable PE multiple

+ from fundamental angle:  May Apply

Incorporated in 2018, Ganga Bath Fittings Limited is a leading manufacturer and supplier of high-quality bathroom accessories across India. The company’s extensive product range includes CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, sinks, and more.

The company’s state-of-the-art manufacturing unit is located in Shapar-Veraval, Gujarat, equipped with advanced machinery and a skilled workforce committed to product excellence.
Ganga Bath Fittings serves a strong and loyal customer base through a vast distribution network of over 2,500 long-standing distributors across India.

Financial Overview and Observations

From a financial perspective, the company has demonstrated a notable increase in profitability over the past three years. In FY 2021–22, it reported a net profit of Rs.21 lakh on a total revenue of Rs.22.34 crore. This figure rose significantly to a net profit of Rs.2.48 crore on Rs.32.01 crore in total income for FY 2023–24. Furthermore, for the nine months ending 31 December 2024, the company posted a substantial net profit of Rs.4.53 crore on total revenue of Rs.32.31 crore.

This sharp rise in profitability, particularly in the period leading up to the IPO, merits closer examination to ensure it is supported by sustainable business fundamentals and accounting consistency.

As of 31 December 2024, the company reported inventory of Rs. 21.73 crore and receivables of Rs.13.51 crore, totaling Rs.35.24 crore. When compared to the nine-month turnover of Rs.32.31 crore, this level of working capital appears elevated. Such a high combined value of inventory and receivables, relative to revenue, is somewhat unusual for a company operating in the manufacturing and marketing of bath fittings and may warrant further analysis to understand its implications on cash flow and operational efficiency.

Incorporated in 2014 and headquartered in Vadodara, Gujarat, 3B Films Limited is a fast-growing manufacturer and supplier of Cast Polypropylene (CPP) and Cast Polyethylene (CPE) films. These high-performance films are widely used in flexible packaging and thermoforming applications, serving industries that demand innovation, clarity, and durability.

3B Films has steadily expanded its global footprint, exporting to Dubai, Nepal, Sri Lanka, and several African countries, with plans to enter new international markets.

In FY 2021–22, the company reported a net loss of Rs.34 lakhs. However, in the year immediately preceding its IPO, it posted a sharp turnaround with a net profit of Rs.4.29 crores. This significant swing in profitability warrants closer examination, as such abrupt improvements in the bottom line may raise concerns about the sustainability and consistency of financial performance.

As of March 31, 2024, the company’s inventory stood at Rs.49.83 crores, equivalent to 181 days of sales. This level of inventory is notably high and may indicate potential inefficiencies in inventory management or reflect challenges related to demand forecasting, sales velocity, or working capital discipline.
IPO opens on 30 May 2025, Closes on 3 June 2025, Price Rs. 50, Lot of 3000 Shares

Incorporated in October 2021, Neptune Petrochemicals Limited is a fast-growing player in the petrochemical sector, specializing in the manufacturing and trading of high-quality bitumen products and emulsions. With a strong focus on infrastructure and industrial applications, the company is committed to delivering performance-driven solutions that support modern construction needs.

Neptune Petrochemicals serves customers across India, with an export footprint in Nepal and Bhutan. As of December 31, 2024, the company employed 59 personnel, supporting its operations, R&D, logistics, and customer engagement efforts.

The company has strong growth in the topline and the bottomline during last 3 years. Detailed scrutiny of the results indicate that there appears to be no manipulation ahead of the IPO. The shares are offered at Pe ratio of 9.76 calculated on the enhanced sharecapital and accordingly the offer price is very reasonable. Apply
IPO opens on 28 May 2025, Closes on 30 May 2025, Price Rs. 122, Lot of 1000 Shares

Established in 1992 and headquartered in Kolkata, N R Vandana Tex Industries Limited has emerged as a prominent player in India’s textile sector. The company specializes in the design, manufacturing, and wholesale distribution of high-quality cotton textiles, including sarees, salwar suits, and bed sheets, marketed under its flagship brands, Vandana and Tanya.

With a legacy built over three generations, the company seamlessly blends traditional craftsmanship with contemporary manufacturing techniques to meet the evolving preferences of Indian consumers.

Operating on a strong B2B model, the company distributes its products through a vast network of 1,041 wholesalers spanning 31 states. Its manufacturing operations are anchored by a core facility covering over 39,000 sq. ft., supported by a strategic mix of in-house production and outsourced job-work guided by strict quality protocols.

Financial Snapshot & Operational Insight

Over the past three years, the company has demonstrated steady growth in both revenue and profitability, with no financial irregularities observed. However, a notable concern lies in its high levels of inventory and receivables, which stood at approximately 263 days as of March 31, 2024. This unusually long working capital cycle may indicate operational inefficiencies, intense market competition, or challenges in demand forecasting and collection cycles.

While the topline performance remains encouraging, the elevated inventory and receivables levels highlight the need for tighter working capital management to mitigate financial risk and enhance long-term sustainability.

IPO opens on 28 May 2025, Closes on 30 May 2025, Price Rs. 45, Lot of 3000 Shares

Dar Credit and Capital Limited (DCCL), incorporated in 1994, is a Non-Banking Financial Company (NBFC) that offers a range of credit products tailored to underserved segments. Its core offerings include:

1. Personal Loans

2. Unsecured MSME Loans

3. Secured MSME Loans

4. The topline and bottomline growth during last 2 years has been good. The size of the IPO isnot very large and the shares are offered at reasonable PE multiple of 16.29. The only negative aspect is low fancy for finance and small NBFC business.
5. IPO opens on 21 May 2025, Closes on 23 May 2025, Price Rs. 60, Lot of 2000 Shares