SMR Jewels IPO Opens Today, GMP Remains Flat Ahead Of BSE SME Listing

Mumbai: SMR Jewels’ SME initial public offering (IPO) opened for subscription on Tuesday, May 26. The issue has received a muted response in the grey market as the stock is currently trading at a grey market premium (GMP) of zero percent, according to market observers.

A flat GMP means the shares are not commanding any premium in the unofficial market, indicating that investors are expecting limited listing gains from the IPO at present.

IPO Size And Price Band

The company plans to raise around Rs 67.23 crore through the public issue. The IPO includes a fresh issue of 40 lakh equity shares worth Rs 54 crore and an offer for sale (OFS) of 9.8 lakh shares aggregating to nearly Rs 13.23 crore.

SMR Jewels has fixed the price band at Rs 128 to Rs 135 per share.

The IPO will remain open for subscription till May 29. The allotment is expected to be finalised on June 1, while the shares are likely to be listed on the BSE SME platform on June 3.

Minimum Investment Details

Investors can apply for a minimum of 1,000 shares. Retail investors will need to apply for at least two lots or 2,000 shares.

At the upper price band, retail investors will have to invest a minimum of Rs 2.7 lakh.

For high net-worth individuals (HNIs), the minimum application size has been fixed at three lots or 3,000 shares, requiring an investment of around Rs 4.05 lakh.

About The Company

Founded in 2018, SMR Jewels is involved in designing and distributing traditional and heritage jewellery products.

Its product range includes bridal jewellery, meenakari, polki, jadtar and nature-inspired collections. The company follows an asset-light business model by outsourcing manufacturing work to artisans and craftsmen while managing product design and concepts internally.

Some of its major clients include HSJ, Rokde Jewellers, JOSCO Jewellers, Vaibhav Jewellers and Kalamandir Jewellers.

Financial Performance And Issue Managers

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.

Wealth Mine Networks is the book-running lead manager for the issue, while Purva Sharegistry India is acting as the registrar. Rikhav Securities is the market maker for the IPO.

Published on: Tuesday, May 26, 2026, 01:04 PM IST