{"id":93361,"date":"2026-05-20T18:29:05","date_gmt":"2026-05-20T12:59:05","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=93361"},"modified":"2026-05-20T18:29:07","modified_gmt":"2026-05-20T12:59:07","slug":"smr-jewels-ipo-review-price-band-gmp-may-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/","title":{"rendered":"SMR Jewels IPO Review: Ahmedabad Designer Heritage Jewellery Company Opens 26 May 2026 on BSE SME, Revenue Doubled in FY25"},"content":{"rendered":"<p><strong>The SMR Jewels IPO<\/strong> opens for subscription on 26 May 2026 on the BSE SME platform. The issue comprises 56.25 lakh equity shares split between a fresh issue of 45 lakh shares and an offer for sale (OFS) of 11.25 lakh shares. SMR Jewels Limited is an Ahmedabad, Gujarat-based designer heritage jewellery company incorporated in October 2018, specialising in Designer Heritage Jewellery, Nature-Inspired Jewellery and Traditional Jewellery including Jadtar, Meenakari, Polki, and Bridal and Festive collections. The company operates an asset-light model with all manufacturing outsourced to skilled artisans, while design and conceptualisation are managed in-house.<\/p><p>The grey market premium (GMP) for the SMR Jewels IPO stands at Rs 0 as of 20 May 2026, indicating no listing gain expectation from the grey market ahead of subscription. The price band has not yet been officially declared by the company. Investors should check the final RHP for the confirmed price band, lot size and minimum application amount before applying.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#SMR_Jewels_IPO_Key_Details\" title=\"SMR Jewels IPO Key Details\">SMR Jewels IPO Key Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#About_SMR_Jewels_Designer_Heritage_Jewellery_From_Ahmedabad\" title=\"About SMR Jewels: Designer Heritage Jewellery From Ahmedabad\">About SMR Jewels: Designer Heritage Jewellery From Ahmedabad<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#SMR_Jewels_IPO_Financials_Revenue_Doubled_in_FY25\" title=\"SMR Jewels IPO Financials: Revenue Doubled in FY25\">SMR Jewels IPO Financials: Revenue Doubled in FY25<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#Use_of_IPO_Proceeds\" title=\"Use of IPO Proceeds\">Use of IPO Proceeds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#Key_Strengths_of_SMR_Jewels_IPO\" title=\"Key Strengths of SMR Jewels IPO\">Key Strengths of SMR Jewels IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#Key_Risks_and_Concerns_in_SMR_Jewels_IPO\" title=\"Key Risks and Concerns in SMR Jewels IPO\">Key Risks and Concerns in SMR Jewels IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#SMR_Jewels_IPO_Should_You_Apply\" title=\"SMR Jewels IPO: Should You Apply?\">SMR Jewels IPO: Should You Apply?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#FAQs_on_SMR_Jewels_IPO\" title=\"FAQs on SMR Jewels IPO\">FAQs on SMR Jewels IPO<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#When_does_the_SMR_Jewels_IPO_open\" title=\"When does the SMR Jewels IPO open?\">When does the SMR Jewels IPO open?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#What_does_SMR_Jewels_do\" title=\"What does SMR Jewels do?\">What does SMR Jewels do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#What_are_SMR_Jewels_FY25_financials\" title=\"What are SMR Jewels FY25 financials?\">What are SMR Jewels FY25 financials?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/smr-jewels-ipo-review-price-band-gmp-may-2026\/#What_is_the_SMR_Jewels_IPO_GMP_today\" title=\"What is the SMR Jewels IPO GMP today?\">What is the SMR Jewels IPO GMP today?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SMR_Jewels_IPO_Key_Details\"><\/span><strong>SMR Jewels IPO Key Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>IPO Open Date: <\/strong>26 May 2026 (Monday)<\/li>\n\n<li><strong>IPO Close Date: <\/strong>To be announced (typically 3 days after opening for BSE SME)<\/li>\n\n<li><strong>Listing Exchange: <\/strong>BSE SME<\/li>\n\n<li><strong>Issue Structure: <\/strong>Fresh Issue 45,00,000 shares + OFS 11,25,000 shares = 56,25,000 total shares<\/li>\n\n<li><strong>Face Value: <\/strong>Rs 10 per share<\/li>\n\n<li><strong>Price Band: <\/strong>To be declared (check RHP for confirmed price band)<\/li>\n\n<li><strong>Issue Type: <\/strong>Book Built Issue<\/li>\n\n<li><strong>GMP (20 May 2026): <\/strong>Rs 0 (nil)<\/li>\n\n<li><strong>Lead Manager: <\/strong>Wealth Mine Networks Pvt Ltd, Jamnagar, Gujarat<\/li>\n\n<li><strong>Registrar: <\/strong>Purva Sharegistry (India) Pvt Ltd, Mumbai<\/li>\n\n<li><strong>Promoters: <\/strong>Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni and Drashti Pal Modi<\/li>\n\n<li><strong>Company Address: <\/strong>3, Vrindavan Apartments, Gulbai Tekra, Ahmedabad, Gujarat 380006<\/li><\/ul><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Tap to Access Best Research Pieces on Univest<\/strong><\/a><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_SMR_Jewels_Designer_Heritage_Jewellery_From_Ahmedabad\"><\/span><strong>About SMR Jewels: Designer Heritage Jewellery From Ahmedabad<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>SMR Jewels Limited was incorporated as SMR Jewels Private Limited in October 2018 in Ahmedabad, Gujarat, before converting to a public limited company in October 2024 ahead of its BSE SME listing. The company designs and distributes jewellery across three primary collections: Designer Heritage Jewellery (the flagship, blending India&#8217;s cultural traditions with contemporary aesthetics), Nature-Inspired Jewellery (designs influenced by flowers, leaves, vines, animals and seasonal motifs) and Traditional Jewellery (Jadtar, Meenakari, Polki, and Bridal and Festive collections catering to weddings and festivals).<\/p><p>The asset-light business model is a defining characteristic of the SMR Jewels IPO. The company does not own manufacturing facilities. All production is outsourced to a network of skilled artisans and craftsmen (karigars), while design conceptualisation, quality control and distribution are managed in-house. This model requires significantly less capex than an integrated jewellery manufacturer and allows the company to scale designs without corresponding investment in machinery or real estate. The company distributes through wholesalers, retailers, boutiques, exhibitions and digital platforms, with customisation services for clients seeking recreations of traditional and ancestral ornaments.<\/p><ul class=\"wp-block-list\"><li><strong>Product Portfolio: <\/strong>Designer Heritage, Nature-Inspired and Traditional (Jadtar, Meenakari, Polki, Bridal)<\/li>\n\n<li><strong>Manufacturing Model: <\/strong>Fully outsourced to artisans. Zero owned manufacturing. All design in-house.<\/li>\n\n<li><strong>Distribution: <\/strong>Wholesalers, retailers, boutiques, exhibitions and digital platforms<\/li>\n\n<li><strong>Customisation: <\/strong>Recreating traditional and ancestral ornaments with modern styling<\/li>\n\n<li><strong>USP: <\/strong>Blends cultural heritage with contemporary design &#8212; each piece carries storytelling and cultural meaning<\/li><\/ul><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Tap to Access Best Research Pieces on Univest<\/strong><\/a><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SMR_Jewels_IPO_Financials_Revenue_Doubled_in_FY25\"><\/span><strong>SMR Jewels IPO Financials: Revenue Doubled in FY25<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>FY25 Revenue from Operations: <\/strong>Rs 263.25 crore (up 111.4% from Rs 124.52 crore in FY24)<\/li>\n\n<li><strong>Q1 FY26 Revenue: <\/strong>Rs 100.03 crore (strong early indication of FY26 momentum)<\/li>\n\n<li><strong>FY25 PAT: <\/strong>Rs 10.41 crore (up 171% from Rs 3.85 crore in FY24)<\/li>\n\n<li><strong>FY25 Net Worth: <\/strong>Rs 28.61 crore (expanded sharply from Rs 4.88 crore in FY24 &#8212; primarily driven by retained earnings and likely preference share conversion)<\/li>\n\n<li><strong>FY25 Total Borrowings: <\/strong>Rs 8.74 crore (slightly up from Rs 7.65 crore in FY24 &#8212; moderate and manageable)<\/li>\n\n<li><strong>Revenue Growth Rate: <\/strong>111.4% year on year in FY25 &#8212; exceptional for a 6-year-old jewellery company<\/li>\n\n<li><strong>PAT Margin FY25: <\/strong>Approximately 3.96% &#8212; thin but improving (FY24: 3.09%)<\/li><\/ul><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_of_IPO_Proceeds\"><\/span><strong>Use of IPO Proceeds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>Construction of Jewellery Studio: <\/strong>Primary capex use &#8212; moving from fully outsourced to partly in-house studio capability for design and sampling<\/li>\n\n<li><strong>Debt Repayment: <\/strong>Repayment or prepayment of company borrowings from banks and financial institutions<\/li>\n\n<li><strong>Long-Term Working Capital: <\/strong>Funding ongoing operational requirements including raw material procurement and artisan payments<\/li>\n\n<li><strong>General Corporate Purposes: <\/strong>Administrative and operational expenses<\/li>\n\n<li><strong>OFS Proceeds: <\/strong>11.25 lakh shares sold by existing shareholders &#8212; these proceeds do not flow to the company<\/li><\/ul><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Strengths_of_SMR_Jewels_IPO\"><\/span><strong>Key Strengths of SMR Jewels IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>Exceptional Revenue Growth: <\/strong>Doubling of revenue in one year (Rs 124.52 crore to Rs 263.25 crore) demonstrates strong market demand for designer heritage jewellery. Q1 FY26 at Rs 100.03 crore suggests the FY26 run-rate is tracking toward Rs 400 crore-plus.<\/li>\n\n<li><strong>Asset-Light Model: <\/strong>Zero owned manufacturing means low capex, fast design iteration and the ability to scale without proportional cost increases. The gross margin profile is determined by design value, not manufacturing efficiency &#8212; a premium in speciality jewellery.<\/li>\n\n<li><strong>Large Design Database: <\/strong>The company&#8217;s proprietary design portfolio (heritage, nature-inspired, traditional) is a durable competitive differentiator in a market where design is the primary value driver.<\/li>\n\n<li><strong>Ahmedabad Advantage: <\/strong>Ahmedabad is a major hub for India&#8217;s jewellery trade, with deep wholesale networks and proximity to skilled karigar clusters in Gujarat.<\/li>\n\n<li><strong>Moderate Leverage: <\/strong>Total borrowings of Rs 8.74 crore against net worth of Rs 28.61 crore is a healthy balance sheet for a pre-IPO company in capital-intensive jewellery.<\/li><\/ul><p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or the <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get daily stock recommendations and insightful research pieces on SMR Jewels IPO subscription and BSE SME upcoming IPO calendar on Univest!<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Risks_and_Concerns_in_SMR_Jewels_IPO\"><\/span><strong>Key Risks and Concerns in SMR Jewels IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>Nil GMP: <\/strong>Rs 0 GMP ahead of subscription indicates no grey market enthusiasm. The listing gain case is absent at this stage. Investors should apply purely on fundamental conviction.<\/li>\n\n<li><strong>OFS Component: <\/strong>11.25 lakh of the 56.25 lakh shares (20% of the issue) is an OFS where existing shareholders exit. Investors should assess why promoters are selling at this juncture.<\/li>\n\n<li><strong>Thin PAT Margin at 3.96%: <\/strong>Despite 111% revenue growth, the net profit margin is thin and typical for gold jewellery distribution. Any increase in artisan costs, gold price volatility or working capital strain could compress margins further.<\/li>\n\n<li><strong>Gold Price Risk: <\/strong>The jewellery sector is directly exposed to gold price volatility. With gold at record highs in 2026 driven by global geopolitical risk, raw material costs are elevated. Heritage jewellery companies that source gold through artisan networks face inventory and pricing risks.<\/li>\n\n<li><strong>Short Track Record: <\/strong>Incorporated in 2018 and converted to public limited in 2024, SMR Jewels has a 7-year operating history. The company had net worth of only Rs 4.88 crore just one year ago (FY24), and the sharp Rs 28.61 crore FY25 net worth requires detailed scrutiny in the RHP.<\/li>\n\n<li><strong>Asset-Light Execution Risk: <\/strong>Dependence on external artisans for all manufacturing creates supply chain vulnerability. Any artisan cluster disruption, quality control failure or karigar shortage impacts delivery timelines and product quality directly.<\/li>\n\n<li><strong>Price Band Not Declared: <\/strong>Without a confirmed price band, PE ratio and valuation analysis cannot be completed. Wait for the final RHP before making application decisions.<\/li><\/ul><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SMR_Jewels_IPO_Should_You_Apply\"><\/span><strong>SMR Jewels IPO: Should You Apply?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The SMR Jewels IPO has genuinely impressive revenue growth credentials: 111 percent year-on-year and a 171 percent PAT increase in FY25. The Q1 FY26 revenue of Rs 100.03 crore (quarterly run-rate of Rs 400 crore-plus annualised) suggests the growth is continuing in FY26. The asset-light heritage jewellery model targets a premium segment of India&#8217;s Rs 5 lakh crore jewellery market, which has strong structural tailwinds from rising wedding spending, fashion consciousness and gold as both investment and adornment.<\/p><p>However, the nil GMP, undeclared price band, 20 percent OFS component and thin 3.96 percent PAT margin are flags that require careful evaluation once the final RHP is published. Apply only after reading the confirmed price band, reviewing the PE valuation versus listed jewellery peers (Kalyan Jewellers at 65x, Senco Gold at 25x, PNG Jewellers at 22x) and confirming the promoter&#8217;s rationale for the OFS exit. Consult a SEBI-registered advisor before investing.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>The SMR Jewels IPO<\/strong> opens 26 May 2026 on BSE SME, bringing an Ahmedabad-based designer heritage jewellery company with 111 percent FY25 revenue growth and an asset-light artisan-outsourcing model to the public markets. The Rs 263.25 crore FY25 revenue and Rs 10.41 crore PAT demonstrate commercial viability. The nil GMP and undeclared price band mean listing gain potential cannot be assessed yet. Track the confirmed price band, lot size and GMP on Univest once announced. Consult a SEBI-registered advisor before applying.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_SMR_Jewels_IPO\"><\/span><strong>FAQs on SMR Jewels IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_does_the_SMR_Jewels_IPO_open\"><\/span><strong>When does the SMR Jewels IPO open?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>The SMR Jewels IPO opens on 26 May 2026 on the BSE SME platform. The close date, price band and lot size are yet to be officially declared. Check the final RHP on BSE for complete details before applying.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_SMR_Jewels_do\"><\/span><strong>What does SMR Jewels do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>SMR Jewels Limited is an Ahmedabad-based designer heritage jewellery company. It designs and distributes Designer Heritage Jewellery, Nature-Inspired Jewellery and Traditional Jewellery (Jadtar, Meenakari, Polki, Bridal). All manufacturing is outsourced to artisans. The company distributes through wholesalers, retailers, boutiques, exhibitions and digital platforms.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_SMR_Jewels_FY25_financials\"><\/span><strong>What are SMR Jewels FY25 financials?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>SMR Jewels FY25 revenue was Rs 263.25 crore, up 111.4 percent from Rs 124.52 crore in FY24. FY25 PAT was Rs 10.41 crore, up 171 percent from Rs 3.85 crore. Q1 FY26 revenue was Rs 100.03 crore, suggesting strong FY26 momentum.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_SMR_Jewels_IPO_GMP_today\"><\/span><strong>What is the SMR Jewels IPO GMP today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>The SMR Jewels IPO GMP is Rs 0 as of 20 May 2026. No grey market premium has been established ahead of subscription. GMP will build during the subscription period, with meaningful signals expected by Day 2 and Day 3.<\/p><p><\/p>","protected":false},"excerpt":{"rendered":"<p>The SMR Jewels IPO opens for subscription on 26 May 2026 on the BSE SME platform. The issue comprises 56.25 lakh equity shares split between a fresh issue of 45 lakh shares and an offer for sale (OFS) of 11.25 lakh shares. SMR Jewels Limited is an Ahmedabad, Gujarat-based designer heritage jewellery company incorporated in<\/p>\n","protected":false},"author":34,"featured_media":93378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[4252],"class_list":["post-93361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-ipo-review"],"metadata":{"_edit_lock":["1779281963:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["1281"],"rank_math_seo_score":["81"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"],"rank_math_title":["SMR Jewels IPO Review: Opens 26 May 2026, Designer Heritage Jewellery BSE SME Debut"],"rank_math_description":["SMR Jewels IPO review: opens 26 May 2026 on BSE SME. Revenue Rs 263 crore (+111% FY25), PAT Rs 10.41 crore (+171%). 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