SMR Jewels, Yaashvi Jewellers IPOs to hit Dalal Street soon; check opening date, price band details

SMR Jewels, and Yaashvi Jewellers' IPOs are set to open for subscription next week, together cumulatively raising Rs 111.11 crore via public issues.

Ahmedabad-based SMR Jewels, specialised in designer heritage jewellery, approached capital markets to mobilise Rs 67.23 crore via initial public offering (IPO) of 49.8 lakh shares at the upper price band.

The price band for the offer has been fixed at Rs 128-135 per share, valuing the company at Rs 251.8 crore. The IPO, which will open for bidding on May 26, is a combination of fresh issuance of 40 lakh shares, and an offer-for-sale of 9.8 lakh shares by promoters.

The book-building issue will remain open for subscription till May 29. The IPO share allotment will be finalised by June 1, while SMR Jewels shares will make debut on the BSE SME effective June 3.

The company will spend Rs 6.4 crore of proceeds from the fresh issue for construction of jewellery studio, and Rs 30 crore for long term working capital requirement.

Further, Rs 6.5 crore will be utilised for repayment of certain borrowings, and the remaining amount for general corporate purposes.

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Meanwhile, gold jewelleries manufacturer Yaashvi Jewellers will open its Rs 43.88-crore maiden public issue of 52.86 lakh shares on May 25. It is a fixed price issue, having an offer price of Rs 83 per share which valued the company at Rs 146 crore.

The issue will close on May 27.

Yaashvi Jewellers will finalise IPO share allotment by May 29 and will list its equity shares on the BSE SME on June 2.

The Rs 21.5 crore of proceeds from the IPO will be utilised for working capital requirements, and Rs 11 crore for repayment of borrowings, while it will set aside Rs 6.5 crore for general corporate purpose, and spend Rs 4.84 crore for issue expenses.