The IPO comprises a fresh issue of shares worth up to ₹925 crore and an offer for sale (OFS) of up to ₹300 crore. The company will not receive any money raised through the OFS, with those proceeds going to the promoter-group shareholders selling their shares.
The shares will have a face value of ₹5 each.
The OFS will be offered by promoter-group shareholders Shilpaben Rajanibhai Radadiya, Nehaben Sandipkumar Radadiya and Madhubhai Samujbhai Radadiya. Their respective portions are worth up to ₹106.25 crore, ₹75 crore and ₹118.75 crore.
How Anjali Labtech plans to use the money
Anjali Labtech plans to use the net proceeds from the fresh issue to buy and install MPCVD machines for its manufacturing operations.
MPCVD, or microwave plasma chemical vapour deposition, is a technology used to grow rough lab-grown diamonds. The planned investment will allow the company to increase its in-house production of these diamonds.
The company will also use part of the proceeds to construct and develop Anjali Corporate House at Moje Kosmada in Surat, Gujarat.
Some of the money will be used to prepay or repay outstanding borrowings, while the remaining proceeds will go towards general corporate purposes.
Profit rises, but company flags key risks
Anjali Labtech was incorporated in FY22 and has identified its limited operating history as one of the key risks in its draft prospectus.
The company’s profit after tax rose to ₹200.92 crore in FY26 from ₹146.79 crore in FY25 and ₹90.06 crore in FY24.
However, Anjali Labtech cautioned that its historical financial and operating performance should not be taken as an indication of its future results.
The company also has significant exposure to the sale of MPCVD machines. These machines accounted for 31.84% of its revenue from operations in FY26, up from 29.31% in FY25 but down from 53.74% in FY24.
A slowdown in demand for MPCVD machines could therefore affect the company’s revenue, cash flows and overall financial performance, it said.
Customer concentration is another risk. The company’s top 10 customers accounted for 59.37% of revenue in FY26, compared with 60.06% in FY25 and 69.80% in FY24.
US tariffs add to export risks
Anjali Labtech has also flagged potential US tariffs and other trade measures affecting diamond products sourced from India as a risk to its business and competitiveness.
The domestic market accounted for 65.89% of the company’s revenue in FY26, while exports contributed 34.11%. The corresponding shares were 51.94% and 48.06% in FY25 and 71.89% and 28.11% in FY24.
The company said a decline in demand or loss of business in export markets could hurt its financial performance.
Other risks include changing consumer perceptions of lab-grown diamonds compared with natural diamonds, seasonal fluctuations in demand and the company’s ability to meet its substantial capital expenditure and working-capital requirements.
Anjali Labtech also said it does not have any directly comparable listed peers in India or globally, which could make it harder for investors to compare its valuation with other companies.
The company has also flagged its limited experience in running an e-commerce platform as a risk, saying there is no assurance that it will be able to successfully manage and expand its online operations.
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