SMR Jewels IPO Listing Preview on 3 June 2026: GMP at Rs 0, Issue Price Rs 135 and What Investors Should Know
- June 4, 2026
- Posted by: Ankit Jaiswal
- Category: IPO
SMR Jewels IPO: Listed 3 Jun 2026, BSE SME. Issue price: Rs 135. Issue size: Rs 67.23 Cr. GMP pre-listing: Rs 0. Market cap at issue: Rs 251.83 Cr. P/E: 10.18x.
SMR Jewels IPO was listed on 3 June 2026 on the BSE SME platform, following the allotment finalised on 1 June 2026 and shares credited to investors’ demat accounts on 2 June 2026. The price band was Rs 128 to Rs 135 per share, with the issue size of Rs 67.23 crore comprising a fresh issue of Rs 54 crore and an offer for sale of Rs 13.23 crore (9,80,000 shares). The GMP was at Rs 0 ahead of the listing, suggesting flat market sentiment and an anticipated listing near the issue price of Rs 135.
The subscription period ran from 26 May 2026 to 29 May 2026. Subscription was muted across retail and HNI categories, with QIB subscription at 2.35 times, retail at 0.06 times, and NII at 0.12 times, resulting in an overall subscription of 0.30 times as of the final day of bidding. The undersubscription in retail and NII categories contributed to the flat GMP ahead of listing.
Click Here – Get Free Investment Predictions
SMR Jewels IPO Key Details
| Detail | Value |
|---|---|
| IPO Subscription Period | 26-29 May 2026 |
| Listing Date | 3 June 2026 |
| Exchange | BSE SME |
| Price Band | Rs 128 to Rs 135 per share |
| Issue Price (Upper Band) | Rs 135 |
| Issue Size | Rs 67.23 Crore |
| Fresh Issue | Rs 54 Crore (0.40 Cr shares) |
| Offer for Sale | Rs 13.23 Crore (9,80,000 shares) |
| Lot Size | 1,000 shares (min 2 lots = 2,000 shares for retail) |
| Minimum Investment (Retail) | Rs 2,70,000 |
| Market Cap at Issue Price | Rs 251.83 Crore |
| P/E Ratio | 10.18x |
| GMP Pre-listing | Rs 0 |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Overall Subscription | ~0.30 times |
SMR Jewels IPO Listed: Track All SME IPOs on Univest
Monitor SMR Jewels IPO post-listing performance and discover other SME IPO opportunities with Univest.
- Track IPO allotment and listing gains in real time
- High-conviction stock picks backed by Univest research
- Designed for investors looking for IPO and market opportunities
About SMR Jewels Limited: Designer Heritage Jewellery
The company behind this IPO is a Gujarat-based jewellery company incorporated in 2018. The company deals in designer, traditional, and everyday jewellery and also offers customisation services to customers. SMR Jewels’ product portfolio includes Designer Heritage Jewellery drawing from cultural and mythological themes, nature-inspired jewellery featuring motifs from flowers, leaves, and animals, Polki, Meenakari, bridal, festive, and natural collections. This listing reflects the company’s positioning in India’s designer jewellery market, which is seeing sustained demand from both domestic retail buyers and B2B wholesale jewellers.
SMR Jewels has entered into exclusive long-term agreements with its network of job workers and artisans. Its clients include reputed jewellers such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, and Vaibhav Jewellers. IPO proceeds will be used for construction of a new Jewellery Studio (Rs 6.40 crore), repayment of borrowings (Rs 6.50 crore), long-term working capital (Rs 30 crore), and general corporate purposes.
SMR Jewels IPO Financials: Revenue and Profit
The financials show strong growth. The company reported revenue of Rs 263.25 crore in FY25 against Rs 124.52 crore in FY24, a growth of over 111% year-on-year. Profit after tax grew from Rs 3.85 crore in FY24 to Rs 10.41 crore in FY25. At the issue price of Rs 135, the company was valued at a P/E of 10.18 times with a market cap of Rs 251.83 crore. The return on net worth (RoNW) was 43.54%, and the EPS was Rs 13.26 for FY25.
| Metric | FY25 | FY24 |
|---|---|---|
| Revenue (Rs Cr) | 263.25 | 124.52 |
| Profit After Tax (Rs Cr) | 10.41 | 3.85 |
| EPS (Rs) | 13.26 | 5.47 (approx) |
| RoNW (%) | 43.54% | N/A |
| Market Cap at Issue (Rs Cr) | 251.83 | N/A |
Check SMR Jewels Financials and IPO Data on the Univest Screener
SMR Jewels IPO GMP and Subscription: What Happened?
The GMP remained at Rs 0 throughout the subscription period and ahead of the listing date, reflecting subdued grey market demand for the issue. The overall subscription of 0.30 times, driven largely by QIB participation at 2.35 times while retail and NII categories remained significantly undersubscribed, was the primary reason for the flat GMP. In such scenarios, the listing price on BSE SME was expected to be at or near the issue price of Rs 135 per share, with limited listing gains or losses. Undersubscribed SME IPOs typically list near the issue price when overall demand is below 1 times.
Key Risks of SMR Jewels IPO
Undersubscription and Low Retail Demand
The issue was subscribed only 0.30 times overall, with retail participation at 0.06 times. This level of undersubscription in the SMR Jewels IPO raises concerns about post-listing liquidity and investor interest in the stock on the BSE SME platform. Low subscription levels can result in lower market maker activity and muted secondary market trading volumes.
SME Platform Liquidity and Concentration Risks
The listing is on BSE SME, which has lower trading volumes than mainboard exchanges. This can create challenges for investors looking to exit positions after the SMR Jewels IPO listing. Additionally, the company had only 20 employees as of June 30, 2025, suggesting a relatively lean operational structure that may pose execution risks as it scales using the Rs 30 crore working capital raised through the issue.
Download the Univest iOS App or Univest Android App to track SMR Jewels post-listing performance and other SME IPO opportunities in real time.
Conclusion
SMR Jewels IPO listed on 3 June 2026 on BSE SME at an issue price of Rs 135 per share, with an overall subscription of 0.30 times and a GMP of Rs 0 ahead of listing. The company is a designer jewellery business with strong revenue growth from Rs 124.52 crore to Rs 263.25 crore between FY24 and FY25, but the subdued subscription and flat GMP suggest limited near-term listing gain potential. Investors holding allotted shares should monitor post-listing price action on BSE SME carefully.
Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice.
Disclaimer: The securities quoted, if any, are for illustration purposes only and are not recommendatory. This article is for educational purposes only and shall not be considered as investment advice or a recommendation by Univest (Uniresearch Global Pvt Ltd, SEBI Registered Research Analyst INH000013776). Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI in no way guarantees the performance of the intermediary or provides any assurance of returns to investors. Past performance is not indicative of future results.
Frequently Asked Questions on SMR Jewels IPO
What is the SMR Jewels IPO listing date?
Ans. The listing date was 3 June 2026 on the BSE SME platform. Allotment was finalised on 1 June 2026, and shares were credited to investors’ demat accounts on 2 June 2026. Investors can check their SMR Jewels IPO allotment status on the Purva Sharegistry website.
What was the SMR Jewels IPO GMP?
Ans. The SMR Jewels IPO GMP was Rs 0 throughout the subscription period and ahead of the listing date, indicating flat grey market sentiment. This suggested that the SMR Jewels IPO listing price was expected to be near the issue price of Rs 135 per share with limited listing gains. GMP is an unofficial indicator and not a guarantee of listing performance.
What is the SMR Jewels IPO issue price?
Ans. The issue price is Rs 135 per share, the upper end of the price band of Rs 128 to Rs 135. The minimum retail investment was Rs 2,70,000 for 2 lots (2,000 shares) at the upper price band of Rs 135.
What does SMR Jewels Limited do?
Ans. SMR Jewels Limited is a Gujarat-based jewellery company incorporated in 2018. It deals in designer, traditional, and everyday jewellery including Polki, Meenakari, bridal, festive, and nature-inspired collections. The company serves reputed B2B jewellery clients including Rokde Jewellers, WHP, JOSCO Jewellers, and Kalamandir Jewellers.
What was the SMR Jewels IPO subscription status?
Ans. The SMR Jewels IPO subscription period ran from 26 to 29 May 2026. The overall subscription was approximately 0.30 times. QIB subscription was 2.35 times, while retail was 0.06 times and NII was 0.12 times, resulting in a significantly undersubscribed issue overall.
What are SMR Jewels financials?
Ans. SMR Jewels reported revenue of Rs 263.25 crore in FY25, up 111% from Rs 124.52 crore in FY24. PAT grew from Rs 3.85 crore to Rs 10.41 crore. At the issue price of Rs 135, the valuation was 10.18 times P/E with a market cap of Rs 251.83 crore and RoNW of 43.54%.
Is SMR Jewels IPO a good investment after listing?
Ans. This article does not constitute investment advice. The listing on BSE SME followed an undersubscription of 0.30 times and a GMP of Rs 0, suggesting limited near-term listing gain potential. Investors should monitor post-listing price action. Consult a SEBI-registered financial advisor before taking any investment decision.
What is the SMR Jewels IPO issue size?
Ans. The SMR Jewels IPO issue size is Rs 67.23 crore, comprising a fresh issue of Rs 54 crore (0.40 crore shares) and an offer for sale of Rs 13.23 crore (9,80,000 shares). IPO proceeds are earmarked for a new Jewellery Studio, debt repayment, and working capital requirements.
