IPO Overview
Incorporated in 2018, SMR Jewels Limited is an Ahmedabad-based designer heritage jewellery company engaged in the design and distribution of premium jewellery collections. The company specializes in premium jewellery collections inspired by traditional craftsmanship, cultural motifs, and contemporary fashion trends.
SMR Jewels Limited will launch its SME IPO on May 26, 2026, with a price band of ₹128–₹135 per share. The IPO comprises a fresh issue of 40,00,000 equity shares and an offer for sale of 9,80,000 equity shares, aggregating up to 49,80,000 equity shares worth approximately ₹67.23 crore. The equity shares are proposed to be listed on the SME platform of BSE Limited. The IPO closes on May 29, 2026, with listing expected on June 3, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 29 May 2026 |
| Allotment Date | 01 June 2026 (Expected) |
| Credit to Demat | 02 June 2026 |
| Refund Initiation | 02 June 2026 |
| Listing Date | 03 June 2026 (Tentative) |
| Price Band | ₹128 – ₹135 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,70,000 (2 lots = 2,000 shares) |
| Minimum Investment (HNI) | ₹4,05,000 (3 lots = 3,000 shares) |
| Issue Size | ₹67.23 crore |
| Fresh Issue | 40,00,000 shares (₹54 crore approx) |
| Offer For Sale (OFS) | 9,80,000 shares |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO comprises a fresh issue of 40,00,000 equity shares and an offer for sale of 9,80,000 equity shares by existing shareholders. Proceeds from the fresh issue will be utilized towards working capital requirements, capital expenditure, repayment of borrowings, and general corporate purposes. Proceeds from the OFS portion will go to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds as follows: ₹30 crore for long-term working capital requirements, ₹6.50 crore for repayment or prepayment of borrowings availed from banks and financial institutions, ₹6.40 crore for capital expenditure towards construction of a Jewellery Studio, and the remainder for general corporate purposes.
- Long-term working capital requirements — ₹30.00 crore
- Repayment / prepayment of borrowings — ₹6.50 crore
- Capital expenditure for construction of SMR Jewellery Studio — ₹6.40 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Wealth Mine Networks Pvt. Ltd.
- Registrar to the Issue: Purva Sharegistry (India) Pvt. Ltd.
- Market Maker: Rikhav Securities Ltd.
- Banker to the Company: ICICI Bank Limited
Promoters & Management
The promoters of the company are Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni, and Mrs. Drashti Pal Modi.
SMR Jewels is led by promoters Mr. Vismay Manojkumar Soni and Mr. Jainil Virendra Soni, who belong to a family with more than three generations of experience in the jewellery business. The management team focuses strongly on design innovation, customer relationships, quality assurance, and heritage jewellery positioning.
Company Details
SMR Jewels Limited is engaged in the design and distribution of designer heritage jewellery in India. The company specializes in premium jewellery collections inspired by traditional craftsmanship, cultural motifs, and contemporary fashion trends. Its product portfolio includes Designer Heritage Jewellery, Nature-Inspired Jewellery, and Traditional Jewellery collections featuring Jadtar, Meenakari, Polki, bridal jewellery, and festive wear designs. The company caters to evolving consumer preferences ranging from ornate traditional sets to modern occasion-based jewellery. SMR Jewels follows an asset-light business model where jewellery manufacturing is outsourced to skilled artisans and craftsmen, while product conceptualization, design development, and customer engagement are managed internally.
Sectors Served:
- B2B Jewellery Distribution
- Bridal & Wedding Jewellery
- Festive & Occasion Jewellery
- Heritage & Traditional Jewellery
Key Collections:
- Theme-Based Heritage Artistry (Radha-Krishna, Buddha-inspired)
- Polki & Meenakari Jewellery
- Nature-Inspired Collections
- Jadtar & Traditional Sets
- Bridal & Festive Wear
Key Capabilities:
- Elite B2B network supplying major Indian retail chains like Kalamandir, Vaibhav, and D.P. Abhushan. The company benefits from a deep three-generation family business legacy led by a promoter with extensive knowledge of consumer behaviour and market dynamics.
- Large and unique in-house design database
- Plans to establish the SMR Studio, which will act as a design, exhibition, and client interaction hub.
Location: Ahmedabad, Gujarat
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹124.52 | ₹3.85 |
| FY25 | ₹263.25 | ₹10.41 |
Key Financial Metrics
- Revenue from operations increased from ₹67.52 crore in FY2023 to ₹124.52 crore in FY2024, and further to ₹263.25 crore in FY2025 — a CAGR of ~97% over two years.
- PAT grew from ₹3.85 crore in FY24 to ₹10.41 crore in FY25 — a growth of ~170% YoY
- Asset-light model with low fixed cost base supports scalable profitability
- Post-IPO, the company aims to become debt-free and expand its working capital base significantly
Company Strengths
- Experienced promoter and management team with proven execution capabilities; skilled workforce and Karigars with contemporary designing capabilities.
- Exceptional revenue growth — nearly doubled from FY23 to FY24, and more than doubled again from FY24 to FY25
- Long business experience and established network of suppliers and clients, profitable track record, strong balance sheet, wide and diverse range of ornament offerings, and a large unique design database.
- Asset-light, scalable business model — no manufacturing capex burden, focus on design and distribution
- Elite B2B distribution footprint consistently supplying major Indian retail chains like Kalamandir, Vaibhav, and D.P. Abhushan.
- Planned SMR Studio will enhance brand visibility, customer experience, and exhibition-based direct selling
Key Risks & Challenges
- The company derives a material portion of its revenue from its top ten clients — creating financial vulnerability if any major customer reduces order volumes.
- Heavy reliance on external suppliers for uninterrupted raw materials leaves the business highly exposed to input cost spikes and supply disruptions.
- Asset-light model means no control over manufacturing quality, timelines, or artisan capacity during peak demand
- Very young company — incorporated in 2018 with limited track record of ~7 years
- Gold and precious metal price volatility can significantly impact product pricing and demand
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
