Ajmera Fashion Limited, a Surat-based ethnic fashion brand known for making traditional wear accessible to the Indian clothing market for years, is preparing to step into the public markets with a proposed Initial Public Offering (IPO). This IPO’s Draft Red Herring Prospectus (DRHP) is expected to be filed between 3rd – 4th Quarter of FY 2026-27, which will mark a significant milestone in the brand’s growth journey.
Ajay Ajmera founded Ajmera Fashion in 2011, and nearly two decades later, the brand has built an influential presence in the ethnic apparel sector with hands-on industry experience. The company offers a wide range of products, especially to Tier 2, Tier 3, and rural markets, including sarees, kurtis, dress materials, and ethnic menswear.
With just a modest monthly salary of ₹1,200, Ajay Ajmera began his journey in Surat in 1992 after entering the textile industry. Over the years, he gained deep knowledge of the textile industry by working across multiple roles and understanding the market from the ground up. This experience helped him recognise the challenges faced by small retailers and aspiring entrepreneurs, leading him to establish Ajmera Fashion Limited with a vision to create a more inclusive apparel sourcing ecosystem.
Since its commencement, the brand has expanded its presence through a franchise-based retail model that empowers small business owners and retailers. With nearly 220 franchise stores currently operational across India, Ajmera Fashion Limited has issued more than 550 franchise tokens thus far.
The company is consistently growing its international presence by exporting its products. Its overseas business operations reflect the increasing global demand for Indian ethnic wear and helped the company diversify its revenue beyond the domestic market.
There is a consistent growth in Ajmera Fashion’s financial performance, leading the brand to expect its revenue to reach approximately ₹200 crore in FY 2025 – 26, a significant rise from approximately ₹147 crore in FY 2024 – 2025. The profit after tax is expected to increase to ₹10–11 crore from ₹7 crore in the previous period.
Ahead of its IPO, the company is exploring a pre-IPO private placement to strengthen its capital base. The proposed round is expected to value the company at around ₹300 crore, with approximately 5% equity likely to be offered to investors.
Commenting on the company’s next phase of growth, Ajay Ajmera, Founder and CEO of Ajmera Fashion Limited, said, “We started this journey with one goal in mind: to make the textile business more accessible for small retailers and first-time entrepreneurs. Ajmera Fashion has built credibility that deeply connects with India’s emerging markets. The upcoming IPO is a significant step to strengthen our brand visibility, expand our product portfolio, and further advance our franchise expansion across the country.”
As per the brand’s business goals, this IPO is expected to support Ajmera Fashion’s expansion strategy. Ajmera Fashion Limited is aiming to position itself as an accessible and reliable ethnic fashion provider for Indian textile markets and beyond.
