SMR Jewels SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 07 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 06 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 05 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 04 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 03 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
| 02 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹128 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 26 May 2026 – 03 Jun 2026
- Listing date
- 08 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹125 – ₹128
- Issue price
- ₹128 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹63.74 Cr
- Market cap at offer price
- ₹239 Cr
- Promoter holding
- 90.37% → 65.74% pre-issue → post-issue
- ISIN
- INE11XK01017
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Wealth Mine Networks Pvt.Ltd.
- Registered office
- 3, Vrindavan Appartments, Gulbai Tekra, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,49,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹128
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹128 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.11 | 13.26 |
| P/E (×) | 18.00 | 9.65 |
| Price to book (×) | 2.19 | — |
| Market cap | — | ₹239 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 43.14%
- ROCE
- 47.92%
- PAT margin
- 3.96%
- EBITDA margin
- 5.76%
- NAV per share
- ₹58.57
- Price to book
- 2.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SMR Jewels SME
SMR Jewels Limited was incorporated on October 26, 2018 as SMR Jewels Private Limited in Ahmedabad, Gujarat, and was converted into a public limited company (renamed SMR Jewels Limited) pursuant to a certificate dated October 11, 2024. The company specialises in Designer Heritage Jewellery that blends traditional artistry such as Jadtar, Meenakari and Polki with theme-based (mythology/spirituality-inspired), bridal-festive, nature-inspired and daily-wear collections, conceptualising over 500 unique designs annually in-house. Manufacturing is largely outsourced to skilled artisans ('Karigars') engaged as job workers under a dual-phase outsourcing model (base moulds made by partners, semi-finished pieces embellished by artisans), while the company focuses on design, quality control and sales. It operates on a purchase-order basis without long-term customer contracts, selling predominantly to wholesale/B2B clients, and drives sales through exhibitions (its most recent exhibition showcased ~30 kg of jewellery, sold ~20 kg, generating orders of nearly ₹20 crore that were duly executed). Revenue from operations grew from ₹6,752.78 lakhs in FY2023 to ₹12,452.30 lakhs in FY2024, ₹26,325.18 lakhs in FY2025 and ₹30,872.01 lakhs for the nine months ended December 31, 2025, with PAT of ₹1,855.50 lakhs in that period; about 73% of revenue is concentrated in Gujarat and the top ten customers contribute ~60% of revenue. The company is promoted by the Soni family — Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni and Drashti Pal Modi — who together held 86.69% of the pre-offer equity.
Company Analysis
from DRHPSMR Jewels Limited is an Ahmedabad-based designer heritage jewellery company that designs and sells gold jewellery spanning traditional Jadtar, Meenakari and Polki craftsmanship as well as theme-based, bridal-festive, nature-inspired and daily-wear collections, primarily to wholesale (B2B) customers.
SMR Jewels Limited was incorporated on October 26, 2018 as SMR Jewels Private Limited in Ahmedabad, Gujarat, and was converted into a public limited company (renamed SMR Jewels Limited) pursuant to a certificate dated October 11, 2024. The company specialises in Designer Heritage Jewellery that blends traditional artistry such as Jadtar, Meenakari and Polki with theme-based (mythology/spirituality-inspired), bridal-festive, nature-inspired and daily-wear collections, conceptualising over 500 unique designs annually in-house. Manufacturing is largely outsourced to skilled artisans ('Karigars') engaged as job workers under a dual-phase outsourcing model (base moulds made by partners, semi-finished pieces embellished by artisans), while the company focuses on design, quality control and sales. It operates on a purchase-order basis without long-term customer contracts, selling predominantly to wholesale/B2B clients, and drives sales through exhibitions (its most recent exhibition showcased ~30 kg of jewellery, sold ~20 kg, generating orders of nearly ₹20 crore that were duly executed). Revenue from operations grew from ₹6,752.78 lakhs in FY2023 to ₹12,452.30 lakhs in FY2024, ₹26,325.18 lakhs in FY2025 and ₹30,872.01 lakhs for the nine months ended December 31, 2025, with PAT of ₹1,855.50 lakhs in that period; about 73% of revenue is concentrated in Gujarat and the top ten customers contribute ~60% of revenue. The company is promoted by the Soni family — Vismay Manojkumar Soni, Jainil Virendra Soni, Parul Manoj Soni, Dipikaben Virendra Soni and Drashti Pal Modi — who together held 86.69% of the pre-offer equity.
Objects of the Issue
- Funding capital expenditure requirements towards construction of a Jewellery Studio (SMR Studio) at Ahmedabad ₹640.00 lakhs p.110
- Repayment/prepayment, in full or in part, of borrowings availed by the Company from banks and financial institutions ₹650.00 lakhs p.113
- Funding long-term working capital requirements ₹3,000.00 lakhs p.117
- General corporate purposes p.109
Issue Structure
- Total Issue
- 49,80,000 Equity Shares of face value ₹10 each at the Offer Price of ₹[●] each aggregating ₹[●] Lakhs (constituting 26.70% of post-offer paid-up capital)
- Fresh Issue
- 40,00,000 Equity Shares at the Offer Price of ₹[●] each aggregating ₹[●] Lakhs
- Offer for Sale
- 9,80,000 Equity Shares at the Offer Price of ₹[●] each aggregating ₹[●] Lakhs, by seven Selling Shareholders (Parul Manoj Soni 3,50,000; Dipikaben Virendra Soni 3,50,000; Vismay Manojkumar Soni 1,40,000; Drashti Pal Modi 50,000; Bhanumati Ramanlal Parekh 30,000; Soni Mitul Virendra 30,000; Soni Niharika Vismay 30,000)
- Face Value
- ₹10 each
Business Model
The company earns revenue by designing jewellery in-house (500+ new designs a year), outsourcing production to third-party artisan job workers (karigars) under a dual-phase model, and selling finished jewellery mainly to wholesale/B2B customers on a purchase-order basis, supplemented by exhibition-driven sales; roughly 99% of revenue comes from goods manufactured and about 1% from traded goods.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Parul Manoj Soni | Promoter (Non-Executive Director) | 21.02% | 14.63% |
| Mr. Vismay Manojkumar Soni | Promoter (Managing Director) | 18.08% | 13.45% |
| Mrs. Dipikaben Virendra Soni | Promoter (Non-Executive Director) | 16.92% | 11.42% |
| Mrs. Drashti Pal Modi | Promoter (Chief Financial Officer) | 16.92% | 13.02% |
| Mr. Jainil Virendra Soni | Promoter (Whole-Time Director) | 13.76% | 10.81% |
| Mrs. Bhanumati Ramanlal Parekh | Promoter Group | 0.50% | 0.23% |
| Mrs. Niharika Vismay Soni | Promoter Group | 0.50% | 0.23% |
| Mr. Mitul Virendra Soni | Promoter Group | 0.50% | 0.23% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.