SMR Jewels Debut on BSE SME with 20% Listing Discount

SMR Jewels Shares Make Weak Debut in Indian Stock Market Amid Broader Selloff

SMR Jewels shares made a weak debut in the Indian stock market today, June 8, amid a broader selloff in domestic equities. The company's shares were listed on the BSE SME platform, marking the end of the SMR Jewels IPO listing.

The stock started trading at ₹102.95 apiece, a discount of 19.57% to the issue price of ₹128 per share. The stock dropped to an intraday low of ₹102.40 apiece, but buying interest emerged at lower levels, causing the stock to gain nearly 5% from its listing price to touch a high of ₹108.05 apiece. Despite the recovery, SMR Jewels share price was still trading below its IPO price.

The SMR Jewels IPO listing came amid a broader Indian stock market crash, with the benchmark BSE Sensex tanking over 600 points. The NSE Nifty 50 also declined 0.70% to trade around 23,200 level.

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Ahead of the SMR Jewels IPO listing today, the trends in the grey market premium (GMP) indicated a muted debut of shares. The SMR Jewels IPO GMP today was ₹0 per share, indicating a flat listing.

Key IPO Details

The public issue of the jewellery designer SMR Jewels Ltd opened on May 26 and closed on June 3. The IPO allotment was finalized on June 4, and SMR Jewels shares are listed on the BSE SME.

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The SMR Jewels IPO is an SME IPO and the company raised ₹63.74 crore from the book-building issue, which was a combination of fresh issue of 40 lakh shares worth ₹51.20 crores and an offer for sale (OFS) of 10 lakh shares aggregating to ₹12.54 crore. The SMR Jewels IPO price band was ₹128 per share.

Wealth Mine Networks is the book running lead manager and Purva Sharegistry (India) is the SMR Jewels IPO registrar. At 10:50 AM, SMR Jewels share price was trading at ₹108.05 apiece on the BSE SME, up by 4.95% from its listing price, and down by 15.59% from its issue price.