Published: 20 May 2026 | 6.02 AM
Last Updated: 20 May 2026 | 7.30 PM
IPO Overview / Intro
SMR Jewels IPO is a BSE SME book-building issue aggregating to Rs. 67.23 crore. The IPO comprises a fresh issue of 40 lakh equity shares aggregating to Rs. 54 crore and an offer for sale of 9.80 lakh shares aggregating to Rs. 13.23 crore.
The IPO opens for subscription on 26 May 2026 and closes on 29 May 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 03 June 2026.
SMR Jewels Ltd is engaged in the design and distribution of designer heritage jewellery. The company offers traditional jewellery, meenakari jewellery, polki jewellery, bridal jewellery and nature-inspired jewellery collections catering to wedding and festive demand across India.
The company operates an asset-light business model by outsourcing manufacturing to skilled artisans while managing jewellery design and conceptualisation in-house.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 67.23 Crore |
| Fresh Issue | Rs. 54 Crore |
| Offer For Sale | Rs. 13.23 Crore |
| Price Band | Rs. 128 to Rs. 135 |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Shares |
| Retail Application | 2,000 Shares |
| Market Cap | Rs. 251.83 Crore |
| Listing Date | 03 June 2026 (Tentative) |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
SMR Jewels IPO GMP – Latest Update
| GMP Details | Value |
|---|---|
| SMR Jewels IPO GMP Today | Updating Soon |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Updating Soon |
SMR Jewels IPO Subscription Status – Live Update
| Category | Subscription |
|---|---|
| QIB Category | Updating Soon |
| Retail Category | Updating Soon |
| NII Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 26 May 2026 to 29 May 2026 |
| Listing Date | 03 June 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 128 to Rs. 135 |
| Lot Size | 1,000 Shares |
| Issue Type | Book Building IPO |
| Listing At | BSE SME |
| Total Issue Size | 49,80,000 Shares |
| Fresh Issue | 40,00,000 Shares |
| Offer For Sale | 9,80,000 Shares |
| Issue Size | Rs. 67.23 Crore |
| Market Maker Portion | 2,49,000 Shares |
| Net Offer to Public | 47,31,000 Shares |
| Shareholding Pre Issue | 1,46,53,743 Shares |
| Shareholding Post Issue | 1,86,53,743 Shares |
| Market Cap | Rs. 251.83 Crore |
IPO Timetable
| Event | Date |
|---|---|
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 29 May 2026 |
| Basis of Allotment | 01 June 2026 |
| Refund Initiation | 02 June 2026 |
| Credit of Shares | 02 June 2026 |
| Listing Date | 03 June 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Investors | 4,73,000 Shares | 10.00% |
| NII (HNI) | 18,93,000 Shares | 40.01% |
| Retail Investors | 23,65,000 Shares | 49.99% |
| Market Maker | 2,49,000 Shares | 5.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | Rs. 2,70,000 |
| Retail Maximum | 2 | 2,000 | Rs. 2,70,000 |
| S-HNI Minimum | 3 | 3,000 | Rs. 4,05,000 |
| S-HNI Maximum | 7 | 7,000 | Rs. 9,45,000 |
| B-HNI Minimum | 8 | 8,000 | Rs. 10,80,000 |
Company Details
SMR Jewels Ltd was incorporated in 2018 and operates in the designer jewellery segment with a focus on heritage jewellery and bridal collections.
The company offers traditional jewellery designs including Jadtar, Meenakari, Polki and festive jewellery collections. It also provides nature-inspired jewellery influenced by floral and seasonal design themes.
SMR Jewels follows an asset-light operating model where jewellery manufacturing is outsourced to artisans and craftsmen while design conceptualisation remains internally managed.
The company’s customer base includes reputed jewellery retailers such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers and D. P. Abhushan Ltd.
Competitive Strengths
| Key Strengths |
|---|
| Strong designer heritage jewellery positioning |
| Asset-light operating model |
| Reputed jewellery retailer client base |
| Diversified bridal and festive jewellery portfolio |
| Experienced promoter background |
| Improving financial performance |
IPO Objects
| Sr. No. | Objects of the Issue | Amount (Rs. Crore) |
|---|---|---|
| 1 | Construction of Jewellery Studio | 6.40 |
| 2 | Repayment / Prepayment of Borrowings | 6.50 |
| 3 | Long-Term Working Capital Requirement | 30.00 |
| 4 | General Corporate Purposes | Balance Amount |
| Total | 42.90 |
Company Address
| Particulars | Details |
|---|---|
| Registered Office | 3, Vrindavan Appartments, Gulbai Tekra, Ahmedabad, Gujarat – 380006 |
| Phone | +91 079 4941033 |
| info@smrjewels.in | |
| Website | Official Website Available |
Lead Manager & Registrar
| Particulars | Details |
|---|---|
| Lead Manager | Wealth Mine Networks Pvt. Ltd. |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Market Maker | Rikhav Securities Ltd. |
Financials
| Particulars (Rs. Crore) | 9M FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Assets | 85.43 | 43.35 | 15.06 | 21.30 |
| Total Income | 308.72 | 263.25 | 124.52 | 67.53 |
| Profit After Tax | 18.56 | 10.41 | 3.85 | 0.91 |
| EBITDA | 26.71 | 15.17 | 6.14 | 1.96 |
| Net Worth | 42.69 | 24.14 | 4.88 | 1.04 |
| Reserves & Surplus | 28.04 | 19.25 | 4.87 | 1.03 |
| Total Borrowings | 16.54 | 8.57 | 7.65 | 6.33 |
Valuation
Key Performance Indicators (KPI)
| KPI | 9M FY2026 | FY2025 |
|---|---|---|
| ROE | 55.52% | 71.76% |
| ROCE | 50.18% | 47.92% |
| RoNW | 43.54% | 43.14% |
| PAT Margin | 6.01% | 3.96% |
| EBITDA Margin | 8.65% | 5.76% |
| Price to Book Value | 4.63 | 2.30 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 7.11 | 13.26 |
| P/E (x) | 19x | 10.18x |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
|---|---|---|
| Promoter Holding | 90.37% | 65.74% |
Chanakya View
Investment Summary
| Parameter | Observation |
|---|---|
| Business Segment | Designer Heritage Jewellery |
| Industry Outlook | Structurally Positive |
| Revenue Growth | Strong |
| Profitability | Improving |
| Operating Model | Asset-Light |
| Retail Demand | Wedding & Festive Driven |
| Valuation | Moderately Priced |
| SME Liquidity Risk | Present |
Positives
| Strengths |
|---|
| Strong growth in revenue and PAT |
| Healthy return ratios |
| Established retailer relationships |
| Asset-light scalable model |
| Strong positioning in bridal jewellery |
| Lower manufacturing infrastructure burden |
Concerns
| Risks |
|---|
| Jewellery sector dependent on gold price movement |
| SME liquidity risk post listing |
| Dependence on outsourced manufacturing |
| Competitive jewellery industry |
| Working capital intensive operations |
SMR Jewels IPO comes from the organised designer jewellery segment where wedding demand, festive purchases and rising branded jewellery consumption continue supporting industry growth.
The company has demonstrated strong growth in income and profitability while maintaining an asset-light operating structure. Return ratios are also healthy and the company enjoys relationships with reputed jewellery retailers.
However, investors should note that the jewellery sector remains sensitive to gold price volatility and changing consumer demand patterns. The SME segment also carries liquidity risks after listing.
Considering strong financial growth, scalable operating structure and expanding jewellery demand, aggressive investors with high-risk appetite may consider the IPO from medium to long-term perspective.
FAQs
What is SMR Jewels IPO GMP today?
SMR Jewels IPO GMP today is currently updating in the grey market. Investors should monitor live GMP trends closer to listing for better market sentiment indication.
What is the SMR Jewels IPO price band?
SMR Jewels IPO price band is fixed at Rs. 128 to Rs. 135 per share.
What is the SMR Jewels IPO lot size?
The minimum lot size for SMR Jewels IPO is 1,000 shares while retail investors need to apply for minimum 2 lots comprising 2,000 shares.
When will SMR Jewels IPO list?
SMR Jewels IPO is expected to list on BSE SME on 03 June 2026.