The SME IPO of SMR Jewels will open for subscription on Tuesday, with grey market activity indicating muted sentiment ahead of the SME issue. According to market trackers, the IPO was commanding a grey market premium (GMP) of 0%, suggesting no premium over the issue price in the unofficial market.
The BSE SME issue aims to raise around Rs 67.23 crore through a combination of fresh issue and offer for sale. The IPO comprises a fresh issue of 40 lakh shares aggregating to Rs 54 crore and an offer for sale of 9.8 lakh shares worth around Rs 13.23 crore.
The issue will open for subscription on May 26 and close on May 29. The allotment is expected to be finalised on June 1, while the shares are scheduled to list on the BSE SME platform on June 3. SMR Jewels has fixed the price band at Rs 128-135 per share.
Investors can bid for a minimum of 1,000 shares. Retail investors will have to apply for at least two lots or 2,000 shares, translating into a minimum investment of Rs 2.7 lakh at the upper end of the price band. For HNI investors, the minimum application size has been fixed at three lots or 3,000 shares amounting to Rs 4.05 lakh.
Incorporated in 2018, SMR Jewels is engaged in the design and distribution of heritage and traditional jewellery products. The company’s portfolio includes bridal jewellery, meenakari, polki, jadtar and nature-inspired jewellery collections.
The company follows an asset-light model and outsources 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, the company reported revenue of Rs 308.72 crore and profit after tax of Rs 18.56 crore.
The flat GMP suggests grey market participants currently expect limited listing gains from the stock despite continued activity in SME IPOs.
Wealth Mine Networks is the book-running lead manager to the issue, while Purva Sharegistry India is acting as the registrar. Rikhav Securities is the market maker.
