SMR Jewels IPO Enters Fourth Day, Remains Undersubscribed

SMR Jewels IPO Remains Undersubscribed on Fourth Day of Bidding

The initial public offering (IPO) of SMR Jewels, a designer heritage jewellery company, has seen a sluggish response from investors on the fourth day of bidding. The SME IPO, which opened for subscription on May 26, is set to close on Wednesday, June 3, 2026.

SMR Jewels focuses on creating distinctive jewellery collections by blending modern aesthetics with traditional designs, catering to changing consumer preferences. The company operates through a well-established job-work model, collaborating with skilled artisans across India, and has a robust in-house design team. This network enables SMR Jewels to develop and deliver a range of nature-inspired collections and everyday wear jewellery.

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As of the fourth day of bidding, the company has received around 15.7 lakh shares against the available 49.80 lakh shares, resulting in a subscription of over 33%. The Qualified Institutional Buyers (QIB) portion has seen the highest subscription ratio at 2.35 times, while the retail category has received the least bids at 0.15 times.

The grey market premium (GMP) for the SMR Jewels IPO is currently nil, indicating that investors are not willing to pay a premium over the offer price. Based on the current GMP, the stock is expected to list at the same price as the issue price.

SMR Jewels aims to raise ₹67.23 crore through its IPO, comprising a fresh issue of shares worth ₹54 crore and an offer-for-sale (OFS) of ₹13.23 crore. The price band has been fixed at ₹128–135 per share, with investors required to bid in lots of 1,000 shares. Retail investors must apply for a minimum of two lots, translating to an investment of ₹2.70 lakh at the upper end of the price band.

The proceeds from the fresh issue will be used to fund capital expenditure for the construction of a jewellery studio, allocate ₹6.50 crore towards repayment of certain bank and institutional borrowings, meet working capital requirements of ₹30 crore, and support general corporate purposes. The allotment is scheduled to be finalised on June 1, while the SME IPO is expected to debut on the BSE SME platform on June 3. Wealth Mine Networks is acting as the book-running lead manager to the issue, while Purva Sharegistry (India) has been appointed as the registrar.

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