SMR Jewels will raise ₹67 crore from the market through its IPO. The offering will issue 49,80,000 shares, with each share having the nominal value of ₹10. The offer period will start on May 26, 2026. Investors can apply for this IPO until the window for bidding closes on May 29, 2026. The allotment has been proposed to be finalised on June 1, 2026. The IPO will make its BSE SME debut on June 3, 2026.
Each lot in this issue consists of 1,000 shares. The price range is set from ₹128 to ₹135. Interested retail investors must invest a sum of ₹2,70,000 for two lots. The sNII participation starts at a minimum of three lots, amounting to ₹4,05,000. For the bNII, applications start at ₹10,80,000, as their minimum requirement is eight lots.
SMR Jewels IPO Details
The table below presents essential information related to this offering:
| Particulars | Details |
| Bidding Opens | May 26, 2026 |
| Bidding Closes | May 29, 2026 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding Issue |
| Price Band | ₹128 to ₹135 |
| Issue Price | – |
| Listing at | BSE SME |
| Lot Size | 1,000 Shares |
| Fresh Issue | 37,51,000 shares (₹51 Crore) |
| Reserved for Market Maker | 2,49,000 shares ( ₹3 Crore) |
| Offer for Sale(OFS) | 9,80,000 shares (₹13 Crore) |
| Total Issue | 49,80,000 shares (₹67 Crore) |
| Minimum Investment | ₹2,70,000 |
SMR Jewels IPO Timeline
The issue is scheduled to follow the given dates:
| Particulars | Details |
| Bidding Opens | May 26, 2026 |
| Bidding Closes | May 29, 2026 |
| Tentative Allotment | June 1, 2026 |
| Refunds Start On | June 2, 2026 |
| Share Credit to Demat | June 2, 2026 |
| Listing Scheduled | June 3, 2026 |
| Cut-off for UPI mandate | 5:00 PM on May 29, 2026 |
SMR Jewels Key Performance Indicators
The KPIs of SMR Jewels are provided in the following table:
| KPIs | FY25 | FY24 | FY23 |
| ROE (%) | 71.76 | 129.95 | 156.32 |
| ROCE (%) | 47.92 | 59.51 | 34.91 |
| Debt Equity (times) | 0.35 | 1.57 | 6.10 |
| RoNW (%) | 43.14 | 78.77 | 87.74 |
| PAT Margin (%) | 3.96 | 3.09 | 1.35 |
| EBITDA Margin (%) | 5.76 | 4.93 | 2.90 |
| Price Book Value | 2.30 | – | – |
Financials of SMR Jewels
The financial metrics of SMR Jewels are outlined below:
| Particulars (in ₹ lakh) | FY25 | FY24 | FY23 |
| Total Assets | 4,335.3 | 1,506.0 | 2,130.0 |
| Revenue | 26,325.18 | 12,452.30 | 6,752.78 |
| Profit | 1,041.23 | 384.51 | 90.94 |
SMR Jewels IPO Subscription Status
As the SMR Jewels IPO subscription window has not opened yet, subscription details are not available at this stage. The data will be available once the issue opens on May 26, 2026.
Investors will be able to place applications between 10:00 AM and 5:00 PM throughout the subscription period.
SMR Jewels IPO Grey Market Premium
The grey market premium for the SMR Jewels IPO remains flat at ₹0, reflecting subdued interest from the investors. If the current trend continues, the shares will likely list at ₹135 (the upper price band) with no listing gains.
| GMP Date | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 22-05-2026 | ₹0 ─ | ₹135 (0.00%) | ₹0 | 22-May-2026 19:55 |
| 21-05-2026 | ₹0 ─ | ₹135 (0.00%) | ₹0 | 21-May-2026 23:34 |
| 20-05-2026 | ₹0 ─ | ₹135 (0.00%) | ₹0 | 20-May-2026 23:33 |
Note: GMP figures are based on unofficial market activity and shared only for informational purposes. They can change with shifts in sentiment, subscription levels, and demand.
SMR Jewels IPO Reservation
The issue has been structured with category-wise allocations for different investor types:
| Investor Category | Reservation |
| Market Maker Shares | 2,49,000 |
| QIB Shares | 4,73,000 |
| NII (HNI) Shares | 18,93,000 |
| Retail Shares | 23,65,000 |
| Total Shares | 49,80,000 |
SMR Jewels IPO Lot Size
The bid size requirements for each investor category are shown below:
| Investor Type | Lots | Shares | Amount |
| Retail Investors – Minimum Bid | 2 | 2,000 | ₹2,70,000 |
| Retail Investors – Maximum Bid | 2 | 2,000 | ₹2,70,000 |
| S-HNI – Minimum Bid | 3 | 3,000 | ₹4,05,000 |
| S-HNI – Maximum Bid | 7 | 7,000 | ₹9,45,000 |
| B-HNI – Minimum Bid | 8 | 8,000 | ₹10,80,000 |
SMR Jewels IPO Anchor Investors
The SMR Jewels IPO does not include an anchor investor portion in the issue structure. As a result, details related to anchor investor participation, including bidding dates, reserved allocation size, and lock-in requirements, are not applicable for this offering.
SMR Jewels IPO Prospectus
Investors can refer to the linked documents below for additional details about the offering.
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed Yet |
About SMR Jewels
SMR Jewels was founded in 2018 as a private company and converted into a public limited company in 2024. Vismay Manojkumar Soni is the managing director, supported by other promoters: Parul Manoj Soni, Jainil Virendra Soni, Drashti Pal Modi and Dipikaben Virendra Soni.
The company operates in the designer heritage jewellery segment, specialising in jewellery inspired by Indian culture, mythology, spirituality, and nature, combining traditional craftsmanship with contemporary aesthetics. Its portfolio includes Jadtar, Meenakari, Polki, bridal, festive, and daily wear jewellery, catering to varied customer preferences.
SMR Jewels follows an asset-light model by outsourcing production to skilled artisans while managing design development in-house through detailed sketching, CAD modelling, and prototype creation. The company also offers customised jewellery services and distributes products across wholesalers, retailers, showrooms and boutiques.
| Lead Manager | Wealth Mine Networks |
| IPO Registrar | Purva Sharegistry (India) |
SMR Jewels IPO Objectives
The company intends to use the IPO proceeds towards the objectives listed below:
| Particulars | Amount (in ₹ lakh) |
| Capex for jewellery studio construction | 640.00 |
| Prepayment or repayment of borrowings | 650.00 |
| Working capital needs | 3000.00 |
| General corporate uses | – |
Strengths of SMR Jewels
SMR Jewels’ business strength is anchored in the following key areas.
- Focus on Innovation and Customisation: The company combines heritage artistry with modern styling while offering customised jewellery designs, helping attract both traditional buyers and trend-conscious customers across segments.
- Strong In-House Design Capabilities: Its in-house design team manages conceptualisation, CAD modelling, and product development, helping create culturally rooted yet modern jewellery aligned with evolving market trends.
- Experienced Leadership and Industry Legacy: Backed by over three generations of family experience in jewellery, the company benefits from strong industry understanding, consumer insights, and established market credibility.
- Outsourcing Manufacturing Model: SMR Jewel’s dual-phase outsourcing model separates mould creation and artisanal detailing, helping maintain precision, confidentiality, scalability, and handcrafted authenticity across jewellery collections.
- Established Client Network: SMR Jewels supplies jewellery to reputed brands, retail chains, and boutiques, supporting repeat business, industry visibility, and long-term customer relationships within the B2B segment.
Risks of SMR Jewels
Looking beyond the opportunities, it is equally important to understand the risks surrounding SMR Jewels.
- Dependence on Suppliers: The company relies heavily on suppliers for gold, gemstones, and specialised inputs. Supply disruptions, quality issues, or rising material costs could impact operations and profitability.
- Reliance on Independent Artisans: Jewellery manufacturing depends on independent artisans and job workers. Loss of skilled artisans or operational disruptions could lead to delays, higher costs, and production challenges.
- Negative Cash Flow History: The company has experienced negative cash flows from operating and investing activities, which may impact liquidity, expansion capability, and financial stability.
- Exposure to Gold Price Volatility: Fluctuations in gold and gemstone prices may increase input costs, affect inventory valuation, reduce margins, and influence customer demand for jewellery products.
- Trademark and Logo Protection Risks: Pending trademark and logo registrations expose the company to risks of misuse, infringement, legal disputes, and potential reputational impact.
SMR Jewels IPO Review
SMR Jewels IPO offers exposure to the niche designer heritage jewellery segment with strong in-house design capabilities, an established B2B network, and growing financial performance. Its asset-light model and customised offerings support scalability. However, dependence on gold prices, suppliers, independent artisans, and past negative cash flows remain key concerns.
Investors with a higher risk appetite may find the IPO worth exploring. However, it is crucial to carefully assess both the company’s growth prospects and operational risks.
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SMR Jewels IPO FAQs
SMR Jewels IPO is a BSE SME book building issue worth ₹67 crore, comprising a fresh issue of ₹54 crore and an OFS of ₹13 crore.
Investors can apply for the IPO online through ASBA-supported bank accounts or stockbroking platforms by selecting the desired lot quantity during the bidding period.
The IPO operates in a growing heritage jewellery segment with improving financials and established B2B relationships. However, investors should also evaluate operational and industry-related risks carefully.
The grey market premium currently remains flat at ₹0, indicating muted listing expectations. Actual returns will depend on subscription demand and market sentiment at listing.
The SMR Jewels IPO will open for subscription on May 26, 2026 and close on May 29, 2026.
The minimum application size is 2,000 shares, amounting to ₹2,70,000 for retail investors at the upper price band of ₹135 per share.
The allotment for the SMR Jewels IPO is expected to be finalised on June 1, 2026.
SMR Jewels IPO is scheduled to list on the BSE SME platform on June 3, 2026.
