SMR Jewels IPO Allotment Status to be Determined Today

SMR Jewels IPO Set to Finalize Allotment on June 4

The initial public offering (IPO) of SMR Jewels, which closed for subscription on Wednesday, is on track to finalize allotment on Thursday, June 4. The SME IPO had opened for bidding on May 26 and garnered a subscription of 1.09 times during the bidding period from May 26 to June 3.

The ₹63.74-crore IPO received bids for 54.12 lakh shares against the offered 49.8 lakh shares through 402 applications. Initially, the company had witnessed weak demand during the first three days of the issue until May 29, prompting it to extend the subscription window by an additional three days, up to June 3. The company also revised the price band downward to ₹125–128 per share from the earlier range of ₹128–135 per share.

The data reveals that qualified institutional buyers were the most subscribed segment, with a subscription of around 5.41 times. Non-institutional investors and retail investors were fully booked and subscribed 30% and 100%, respectively.

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IPO Details and Allotment Status

The SMR Jewels IPO aims to mobilize ₹67.23 crore through its initial public offering, consisting of a fresh issue aggregating ₹54 crore and an offer-for-sale (OFS) component worth ₹13.23 crore. The IPO is priced in the range of ₹128–135 per share, with bids placed in lots of 1,000 shares. Retail investors are required to apply for at least two lots, implying a minimum investment of ₹2.70 lakh at the upper price band.

Step-by-Step Guide to Check Allotment Status

Investors can check their allotment status of the SMR Jewels IPO on either the BSE website or the registrar website Purva Sharegistry (India). Here's a step-by-step guide on how to check allotment status:

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• BSE:
  • Visit the BSE IPO Allotment Status Page.
  • Select Equity under the issue type category.
  • Choose Merritronix IPO from the list of available issues.
  • Enter either your application number or PAN details.
  • Complete the verification process and submit the request.
• Purva Sharegistry (India):
  • Open the official website of Purva Sharegistry.
  • Click on ‘allotment query’.
  • Select company name ‘SMR Jewels IPO’
  • Enter application number or PAN Number.
  • Click on search after adding all the details.

Company Details

SMR Jewels plans to utilize the funds raised from the fresh issue for setting up a jewellery studio, repaying ₹6.50 crore of existing borrowings from banks and financial institutions, meeting working capital needs of ₹30 crore, and addressing general corporate requirements. Wealth Mine Networks is the book-running lead manager for the issue, while Purva Sharegistry (India) has been designated as the registrar.

The company specializes in designer heritage jewellery infused with contemporary design elements to align with evolving consumer tastes. Its portfolio also includes nature-inspired creations and jewellery crafted for daily wear. Although SMR Jewels does not own manufacturing facilities, it follows an established job-work model by partnering with skilled artisans across the country. Supported by an in-house design team, this network enables the company to create and offer unique jewellery collections.

Grey Market Premium

According to platforms tracking the unofficial market, the grey market premium (GMP) for the SMR Jewels IPO is currently nil. Based on the current GMP, the stock is expected to list at the same price as the issue price.