Arjun Jewellers Refiles DRHP and Expands IPO to ₹200 Crore, Strengthening Its Position as Saurashtra’s Top Retailer.

Rajkot-based Arjun Jewellers has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming for an Initial Public Offering (IPO) with a total issue size increased from INR 180 crore to INR 200 crore. This fresh filing comes after a previous attempt in October 2025, which was withdrawn in March 2026. The entire offer comprises new shares, with Saffron Capital Advisors acting as the sole Book Running Lead Manager and MUFG Intime as the registrar. The company operates primarily in the Saurashtra region, focusing on diverse jewellery products while maintaining a significant revenue share from gold sales.

The grey market sentiment surrounding the Arjun Jewellers IPO remains cautiously optimistic, given the company’s robust financial performance in recent years. The revenue from operations experienced a CAGR of 45.75%, reaching approximately INR 595.46 crore in FY26, whilst its net profit soared to INR 27.20 crore, showcasing an increase of over four times within the same period. Moreover, the elevated return metrics such as a Return on Equity (ROE) of 57.18% and a Return on Capital Employed (ROCE) of 25.67% further bolster investor confidence. However, the concentration of revenue within a single geographic region may raise eyebrows among prospective investors.

For Indian investors, Arjun Jewellers presents a compelling growth opportunity backed by solid financial performance and strategic initiatives, such as the launch of 9-karat gold and the sub-brand ‘AEVUM’. However, potential investors should also weigh the risks, including geographic concentration, working capital intensity leading to negative operating cash flows, and past internal fraud incidents. This dual approach of assessing growth prospects alongside inherent risks will be crucial for making informed investment decisions as the company prepares for its potential listing on the BSE or NSE.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)