SMR Jewels IPO
smelistedAbout the company
Incorporated in October 2018, SMR Jewels is engaged in the design and distribution of designer heritage jewellery which uses modern styles and combines traditional Indian arts and cultural crafts with those styles. The collections of jewellery are themed and tell a story, giving each product its own identity with cultural, emotional, and artistic aspects. Theme-based designer heritage jewellery such as those based on mythology/spirituality and Indian culture and art, are also produced by the company. SMR Jewels portfolio consists of traditional style jadtar jewellery (crafted using uncut natural diamonds), meenakari jewellery (known for their colourful enamel), and polki jewellery (decorated with uncut natural diamonds and made using traditional settings) for ceremonies such as weddings and festivals. The company does not own a manufacturing facility. Instead, it follows a dual-phase outsourcing model by working with skilled artisans and job workers across India. Gold bullion is the company’s primary raw material and is mainly sourced from the bullion market and authorised local dealers. The company sources precious and semi-precious stones, gemstones, and mani-moti from domestic suppliers operating in local markets. It sells its products through wholesalers, retailers, boutiques, showrooms, and exhibitions across India. The company also maintains an online presence through Instagram, its official website, and direct customer interactions on WhatsApp. Manufacturing-based revenue contributed 98.9% of total product sales in 9MFY26 compared to 65.7% in FY24. The company’s largest customer contributed 14.06% of total revenue in 9MFY26, while the top 10 customers together accounted for 60.46% of total revenue. Gujarat remains the company’s largest market, contributing 73.31% of total sales during 9MFY26 and 74.37% in FY25. Maharashtra was the second-largest contributor with 8.90% of revenue in 9MFY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 02 Jun | ₹0 | ₹135 | 0 |
| 01 Jun | ₹0 | ₹135 | 0 |
| 31 May | ₹0 | ₹135 | 0 |
| 30 May | ₹0 | ₹135 | 0 |
| 29 May | ₹0 | ₹135 | 0 |
| 28 May | ₹0 | ₹135 | 0 |
| 27 May | ₹0 | ₹135 | 0 |
| 26 May | ₹0 | ₹135 | 0 |
Strengths
- Strong revenue growth and improving profitability
- Asset-light business model helps reduce capital expenditure
- Specialised in designer heritage and traditional jewellery
- Diverse product portfolio including Polki, Meenakari, Jadtar, and bridal jewellery
- Strong in-house design capabilities with a large design database
- Established relationships with retailers, boutiques, and jewellery chains
- Moderate debt levels compared to many SME jewellery companies
- Expanding market presence through exhibitions and digital platforms
- Experienced promoters and skilled artisan network
- Growing demand for premium and heritage jewellery in India
Risks
- SME IPO carries high volatility and low liquidity risk
- Grey Market Premium (GMP) currently weak or nil
- Thin profit margins despite strong revenue growth
- Dependence on third-party artisans and outsourced manufacturing
- Customer concentration risk from top buyers
- Gold price fluctuations can impact margins and working capital
- Part of the IPO is Offer For Sale (OFS), where existing shareholders are selling shares
- Business heavily dependent on Gujarat region operations
- Jewellery designs are not strongly protected from copying
- Short operating history compared to established jewellery brands
- Any disruption in raw material supply may affect operations
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed26 May 2026Bidding starts for all investor categories
IPO Closes
Completed03 Jun 2026Last day to place your bid
Basis of Allotment
Completed04 Jun 2026Share allotment finalised
Refund Initiation
Completed05 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed05 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed08 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹135,000 | 1 | ₹135,000 | 1 lot only |
| HNI | 2 | 2000 | ₹270,000 | 2 | ₹270,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,547,529 | 33.5 | 0 | 0.00x | 100% |
| NII | 15% | 764,259 | 10.05 | 0 | 0.00x | 100% |
| Retail | 35% | 1,783,270 | 23.45 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
