SMR Jewels' SME IPO opens for subscription today, targeting to raise ₹67.23 crore through a combination of fresh issue and offer for sale. According to The Economic Times, the issue comprises a fresh issue of 40 lakh shares worth ₹54 crore and an offer for sale of 9.8 lakh shares worth around ₹13.23 crore. The IPO is priced in the band of ₹128-135 per share and will remain open for subscription from May 26 to May 29. The allotment is expected to be finalised on June 1, with shares scheduled to list on the BSE SME platform on June 3.
Investors can bid for a minimum of 1,000 shares with retail investors required to apply for at least two lots or 2,000 shares, translating into a minimum investment of ₹2.7 lakh at the upper end of the price band. As reported by The Economic Times, HNI investors must apply for three lots or 3,000 shares, amounting to ₹4.05 lakh. The grey market premium currently stands at 0%, indicating no premium over the issue price in the unofficial market.
Incorporated in 2018, SMR Jewels is engaged in the design and distribution of heritage and traditional jewellery products. According to The Economic Times, the company's portfolio includes bridal jewellery, meenakari, polki, jadtar and nature-inspired jewellery collections. The company follows an asset-light model, outsourcing manufacturing to artisans and craftsmen while handling conceptualisation and design internally. Its client base includes jewellery retailers such as HSJ, Rokde Jewellers, JOSCO Jewellers, Vaibhav Jewellers and Kalamandir Jewellers.
For the nine months ended December 2025, SMR Jewels reported revenue of ₹308.72 crore and profit after tax of ₹18.56 crore, as reported by The Economic Times. The company's flat grey market premium suggests grey market participants currently expect limited listing gains despite continued activity in SME IPOs.
Wealth Mine Networks serves as the book-running lead manager to the issue, while Purva Sharegistry India acts as the registrar. Rikhav Securities is the market maker for the SME IPO. The flat grey market premium indicates muted sentiment ahead of the SME issue, with market trackers noting limited listing gains expected from the stock.
