SMR Jewels shares made a weak debut in the Indian stock market today, listing at ₹102.95 apiece on BSE SME, representing a discount of 19.57% to the issue price of ₹128 per share. According to reports from Business Standard, the stock dropped to an intraday low of ₹102.40 apiece before recovering to trade at ₹108.05 apiece by 10:50 AM, gaining nearly 5% from its listing price. The counter hit a high of ₹108.05 and a low of ₹102.40, with about 1.13 lakh shares changing hands at the counter. Despite the recovery, the stock was still trading 15.59% below its issue price, reflecting the challenging market conditions that characterized the debut.
The SMR Jewels IPO listing came amid a broader Indian stock market crash, with the benchmark BSE Sensex tanking over 600 points and the NSE Nifty 50 declining 0.70% to trade around 23,200 level. As reported by Business Standard, buying interest in SMR Jewels shares emerged at lower levels, with the stock gaining nearly 5% from its listing price to touch a high of ₹108.05 apiece. However, the recovery was insufficient to offset the initial listing discount, with the stock continuing to trade below its IPO price even after the intraday recovery. The scrip was frozen at its upper limit of 5% over its listing price during the trading session.
The public issue of jewellery designer SMR Jewels Ltd opened on May 26 and closed on June 3, with the IPO listing date set for June 8. According to Business Standard, the company raised ₹63.74 crore through a combination of fresh issue of 40 lakh shares worth ₹51.20 crore and an offer for sale (OFS) of 10 lakh shares aggregating to ₹12.54 crore. The IPO was subscribed 1.09 times in total, with the Retail Investors category booked at 36%, Non-institutional Investors at 100%, and Qualified Institutional Buyers receiving 5.41 times subscription. The IPO comprised 49.80 lakh equity shares, with the price band fixed between ₹128 to ₹135 per share. Wealth Mine Networks served as the book running lead manager while Purva Sharegistry (India) acted as the registrar for the SME IPO.
SMR Jewels is engaged in the design and sale of heritage and contemporary jewellery, with its product portfolio including designer heritage jewellery and daily-wear jewellery focused on simplicity, comfort, and durability. As reported by Business Standard, the company does not operate its own manufacturing facility and outsources production to skilled artisans and craftsmen engaged as job workers, while also offering jewellery customisation services. The company operates a showroom in Ahmedabad, Gujarat, and had 23 permanent employees as of March 31, 2026. For the period ended December 31, 2025, the company recorded revenue from operations of ₹308.72 crore and net profit of ₹18.56 crore.
The company intends to utilise the net proceeds from the IPO for funding capital expenditure requirements towards construction of jewellery studio, funding towards repayment or prepayment of borrowings from banks and financial institutions, funding long term working capital requirements, and general corporate purposes. According to Business Standard, this strategic use of funds will support the company's expansion plans and operational requirements as it continues to grow its business in the jewellery design and retail sector.
