Ajmera Fashion Limited, an ethnic wear brand headquartered in Surat, is preparing to enter the public markets with a proposed Initial Public Offering (IPO), marking a key step in the company’s growth strategy.
The company is expected to file its Draft Red Herring Prospectus (DRHP) between the third and fourth quarters of the financial year 2026–27, signalling its intention to raise capital as it expands its retail footprint and strengthens its market presence.
Founded in 2011 by Ajay Ajmera, the company has focused on making traditional Indian apparel more accessible to a broad consumer base. Its product portfolio includes sarees, kurtis, dress materials and ethnic menswear, with a particular emphasis on consumers in Tier-2 and Tier-3 cities as well as rural markets.
Since its inception, Ajmera Fashion has expanded through a franchise-led retail model designed to support small retailers and first-time entrepreneurs. The company currently operates nearly 220 franchise stores across India and has issued more than 550 franchise tokens to partners as part of its expansion strategy.
Alongside its domestic growth, the company has also been strengthening its international presence through exports, reflecting increasing global demand for Indian ethnic apparel and allowing the business to diversify revenue streams beyond the domestic market.
Ajmera Fashion has reported consistent financial growth in recent years. The company expects revenue to reach approximately ₹200 crore in FY 2025–26, compared with around ₹147 crore in FY 2024–25. Profit after tax is projected to rise to between ₹10 crore and ₹11 crore, up from ₹7 crore in the previous financial year.
Ahead of the proposed IPO, the company is also exploring a pre-IPO private placement aimed at strengthening its capital base. The planned fundraising round is expected to value the company at around ₹300 crore, with approximately 5 per cent equity likely to be offered to investors.
Ajay Ajmera stated that the company had originally been founded with the goal of making the textile business more accessible for small retailers and first-time entrepreneurs. He noted that Ajmera Fashion had built credibility in India’s emerging markets and that the planned IPO represented an important step towards increasing brand visibility, expanding the product portfolio and accelerating the company’s franchise-led expansion across the country.
The proposed public offering is expected to support Ajmera Fashion’s broader expansion strategy as it aims to strengthen its position as an accessible and reliable ethnic fashion provider across India’s textile markets and beyond.
