New Delhi: Surat-based ethnic apparel company Ajmera Fashion Limited is preparing to enter the public markets with a proposed SME initial public offering, with plans to file its draft red herring prospectus between the third and fourth quarter of FY27.
Founded in 2011 by Ajay Ajmera, the company sells ethnic wear including sarees, kurtis, dress materials and menswear, largely catering to Tier-2, Tier-3 and rural markets.
The company operates a franchise-led retail network of nearly 220 stores across India and has issued more than 550 franchise tokens so far as it expands its distribution footprint.
Ajmera Fashion also exports its products to overseas markets, adding an additional revenue stream amid rising global demand for Indian ethnic wear.
Financially, the company expects revenue to reach around ₹200 crore in FY26, up from approximately ₹147 crore in FY25. Profit after tax is projected to rise to ₹10-11 crore from ₹7 crore during the same period.
Ahead of the IPO, the company is also exploring a pre-IPO private placement, which could value the business at around ₹300 crore, with about 5% equity expected to be offered to investors.
Commenting on the development, founder and CEO Ajay Ajmera said the planned listing will help the company strengthen brand visibility, expand its product portfolio and accelerate franchise expansion.
Ajmera began his career in Surat’s textile industry in 1992 and launched the company after gaining experience across manufacturing and trade within the sector.
The proposed IPO will support Ajmera Fashion’s next phase of growth as it looks to scale its presence in India’s ethnic apparel market.
