SMR Jewels' Initial Public Offering Goes Live: Key Details to Know

SMR Jewels IPO Opens for Bidding

The initial public offering (IPO) of SMR Jewels, a company that designs and sells heritage jewellery, opened for bidding on 26 May, with a goal of raising ₹67.23 crore. The SME IPO will close for bidding later this week on Friday, 29 May.

The offer consists of a fresh issue of shares worth ₹54 crore and an offer-for-sale (OFS) component of ₹13.23 crore. The price band for SMR Jewels IPO has been set at ₹128 to ₹135 per share. Investors can apply for the offer in lots of 1,000 shares, with retail investors required to bid for at least two lots worth ₹270,000 at the upper end of the issue.

The company plans to use the fresh proceeds raised from the IPO to fund capital expenditure towards the construction of a jewellery studio (₹6.40 crore), repay certain borrowings availed from banks and financial institutions (₹6.50 crore), fund working capital needs (₹30 crore), and the remaining for general corporate purposes.

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The allotment date for SMR Jewels IPO has been fixed as 1 June, with the tentative listing date set as 3 June. Shares of the company will list on the BSE SME platform. Wealth Mine Networks is the book running lead manager, and Purva Sharegistry (India) is the registrar of the issue.

SMR Jewels IPO Subscription

On the first day of the issue, SMR Jewels IPO received bids for 11,63,000 shares as against 49,80,000 shares on offer, resulting in a total subscription of 23%.

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The QIB quota was fully booked at 2.35 times, followed by the retail segment at 0.02 times, while the non-institutional investor (NII) segment remained unsubscribed so far.

Grey Market Premium

The grey market premium (GMP) for SMR Jewels IPO was nil, according to websites tracking the unofficial market. At the prevailing GMP, SMR Jewels IPO listing could occur at the same price as the offer price.

About SMR Jewels

SMR Jewels specialises in designer heritage jewellery, while incorporating contemporary styles to suit the evolving tastes of customers. Alongside this, the company creates nature-inspired jewellery and also has a portfolio of daily wear jewellery. The company does not operate an in-house manufacturing facility, but has developed a structured and collaborative job-work model with highly skilled artisans across India, supported by its in-house design team.