SMR Jewels IPO GMP, Date, Price Band & Review

SMR Jewels IPO Details

SMR Jewels IPO is a 100% book-built issue of 49.80 lakh equity shares worth up to ₹67 crore, comprising a fresh issue of 40 lakh equity shares worth up to ₹51 crore and an offer for sale (OFS) of 9.80 lakh equity shares worth up to ₹13 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 6, 2025.

The price band of this issue is set at ₹128 to ₹135 per share and the lot size for an application is 1,000 shares. The minimum amount of investment required by an individual is ₹2,70,000 (2,000 shares). The IPO will be open for subscription from 26 May to 3 June, 2026, on the BSE SME platform, with a tentative listing date fixed as June 8, 2026. The book-running lead manager of this issue is Wealth Mine Networks Pvt. Ltd., while the registrar to the issue is Purva Sharegistry (India) Pvt. Ltd.

SMR Jewels IPO Date & Timeline

SMR Jewels IPO is officially set to open for subscription on May 26, 2026 and will close on June 3, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 6, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window allotment is expected on June 4, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on June 5, 2026. Finally, SMR Jewels Ltd.'s shares are tentatively scheduled to list on the stock exchanges on June 8, 2026.

SMR Jewels IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The SMR Jewels IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹128, which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

SMR Jewels Ltd. was incorporated as a private limited company on October 26, 2018, in Gujarat. Then, on October 11, 2024, the company converted into a public limited company to proceed with its public listing procedure.

The company has been handling bulk requirements for the business-to-business (B2B) jewellery market for years and has established a remarkable image in its niche sector. Their in-house design team works as the main lead in the entire process, as they provide original concepts, theme-based motifs and customised designs that go with the new trends.

Operations & Product Range

SMR Jewels Ltd. operates within the luxury consumer segment, focusing primarily on high-end, designer gold jewellery. The operating model centres on design curation, a strict quality inspection, packaging and B2B distribution. The company doesn't own any manufacturing facilities but outsources the manufacturing work and this helps in maintaining complete design confidentiality and quality control over the final product.

The primary product portfolio of the business includes specialized collections that target customers' specific requirements, like Designer Heritage Jewellery, Heavy Bridal Collections, Traditional Ornaments and Nature-Inspired Collections.

Facilities & Capacity

The operational unit of SMR Jewels Ltd. is in Ahmedabad, Gujarat, which serves as the core hub for designing, final assembly, quality checking and logistics. The business depends heavily on its dual-phase outsourcing framework, which integrates its corporate design facility with specialised external partners.

The company molds are manufactured by trusted external partners using internal CAD (Computer-Aided Design) files created by the company’s designers, then the semi-finished molds are transferred to highly skilled external artisans who apply intricate handwork such as meenakari detailing, stone setting and kundan embellishments. After this, the jewelry is returned to the company's centralized facility for final hand-finishing, polishing, material validation and secure barcoded packaging. This infrastructure lets the enterprise scale up its volume dynamically without incurring large fixed capital costs on extensive machinery.

Brands & Market Presence

SMR Jewels Ltd. operates under the primary brand identifier "SMR JEWELS." The market presence is primarily focused within the domestic Indian market, with an emphasis on serving established jewellery distribution chains and business buyers across regional jewellery hubs. To build and maintain its market visibility, the firm participates regularly in major national jewelry exhibitions and trade fairs, which serve as core B2B platforms for demonstrating new design collections and securing bulk customer orders.

Revenue Streams & Business Model

The primary source of revenue for SMR Jewels Ltd. is the sale of its designed and finished gold jewellery collections to business buyers. Its operational revenue streams can be assessed by reviewing the historical financial summaries provided in the restated financial statements.

Revenue from operations for FY25 was reported at ₹263.25 crore and PAT was reported at ₹10.41 crore. The company’s business model has a strategic and key growth driver feature, which is design innovation. The company has an audited order book of around ₹45 crore. Interestingly, the B2B structure includes specific arrangements where long-term business partners act as both purchasers of finished designer pieces and suppliers of primary bullion gold, helping to optimise procurement costs and manage working capital efficiency.

Management & Shareholding

The promoter group of SMR Jewels Ltd. consists of Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni and Mrs. Drashti Pal Modi. Before the IPO, the promoters held an 86.69% stake and the promoter group held a 3.68% stake in the company, but after the IPO, the promoters’ shareholding will be diluted as the offering includes 56.25 lakh shares OFS by existing shareholders.

Board & Key Management

The leadership of SMR JEWELS Ltd. is led by a team of experts with many years of experience. Mr. Vismay Manojkumar Soni serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Mr. Jainil Virendra Soni, the Managing Director, along with Whole-Time Directors Mrs. Parul Manoj Soni and Mrs. Dipikaben Virendra Soni. To ensure good governance, the board includes Independent Directors Mrs. Nishita Mayank Sanghavi for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.