SMR Jewels struggles to sparkle in its stock market premiere

SMR Jewels traded at Rs 108.05 on the BSE, a 15.59% discount to the issue price of Rs 128. The scrip listed at Rs 102.95, a 19.57% discount from the initial public offer (IPO) price. The stock is currently frozen at its 5% upper limit over its listing price. The counter hit a high of Rs 108.05 and a low of Rs 102.40. About 1.13 lakh shares of the company changed hands at the counter.

SMR Jewels’ IPO was subscribed 1.09 times. The issue opened for bidding on 26 May 2026 and closed on 29 May 2026. The IPO price band was fixed between Rs 128 and Rs 135 per share. The IPO comprised 49,80,000 equity shares, including a fresh issue of 40,00,000 equity shares and an offer for sale (OFS) of 9,80,000 equity shares.

The company intends to utilise the net proceeds for funding capital expenditure requirements toward constructing a jewellery studio; funding repayment or prepayment, in full or in part, of borrowings from banks and financial institutions; funding long-term working capital requirements; and general corporate purposes.

SMR Jewels is engaged in the design and sale of heritage and contemporary jewellery. Its product portfolio includes designer heritage jewellery as well as daily-wear jewellery focused on simplicity, comfort, and durability. The company does not operate its own manufacturing facility and outsources production to skilled artisans and craftsmen engaged as job workers. It also offers jewellery customisation services, enabling customers to tailor designs to their preferences. Its business model combines in-house design capabilities, outsourced manufacturing, collaboration with artisans, and a structured distribution network.