Two Jewellery Firms to Debut on Indian Stock Market Amid IPO Listings

India's Jewellery Sector Sees Two New Entrants as SMR Jewels and Yaashvi Jewellers Prepare for IPO

The Indian stock market is set to welcome two new players in the jewellery sector as SMR Jewels and Yaashvi Jewellers prepare to launch their initial public offerings (IPOs) next week. Together, the two companies are expected to raise a cumulative amount of Rs 111.11 crore through their public issues.

SMR Jewels, a specialist in designer heritage jewellery based in Ahmedabad, is set to mobilise Rs 67.23 crore through its IPO of 49.8 lakh shares at the upper price band of Rs 128-135 per share. This will value the company at Rs 251.8 crore. The IPO, which will open for bidding on May 26, is a combination of fresh issuance of 40 lakh shares and an offer-for-sale of 9.8 lakh shares by promoters. The book-building issue will remain open for subscription till May 29, and the IPO share allotment will be finalised by June 1. SMR Jewels shares are expected to make their debut on the BSE SME effective June 3.

The company plans to utilise Rs 6.4 crore of the proceeds from the fresh issue for the construction of a jewellery studio, and Rs 30 crore for long-term working capital requirements. Additionally, Rs 6.5 crore will be used for the repayment of certain borrowings, and the remaining amount for general corporate purposes.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

Yaashvi Jewellers, a gold jewelleries manufacturer, will open its Rs 43.88-crore maiden public issue of 52.86 lakh shares on May 25. The issue is a fixed price issue, with an offer price of Rs 83 per share, valuing the company at Rs 146 crore. The issue will close on May 27. Yaashvi Jewellers will finalise IPO share allotment by May 29 and will list its equity shares on the BSE SME on June 2.

The company plans to utilise Rs 21.5 crore of the proceeds from the IPO for working capital requirements, and Rs 11 crore for the repayment of borrowings. Additionally, Rs 6.5 crore will be set aside for general corporate purposes, and Rs 4.84 crore will be spent on issue expenses. Wealth Mine Networks has been appointed as the merchant banker for the SMR Jewels IPO, while Smart Horizon Capital is managing the Yaashvi Jewellers IPO.