SMR Jewels IPO: The initial public offering (IPO) of SMR Jewels, which designs and sells heritage jewellery, opened for bidding today, 26 May, with a view to raising ₹67.23 crore. The SME IPO will close for bidding later this week on Friday, 29 May.
The offer is a combination of a fresh issue of shares worth ₹54 crore and an offer-for-sale (OFS) component of ₹13.23 crore. The price band for SMR Jewels IPO has been set at ₹128 to ₹135 per share. Investors can apply for the offer in lots of 1,000 shares, with retail investors required to bid for at least two lots worth ₹270,000 at the upper end of the issue.
The company plans to raise ₹6.40 crore from the fresh proceeds raised for funding capex towards the construction of a jewellery studio, ₹6.50 crore for repayment of certain borrowings availed by the company from banks and financial institutions, ₹30 crore for funding working capital needs, and the remaining for general corporate purposes.
The allotment date for SMR Jewels IPO has been fixed as 1 June, with the tentative listing date set as 3 June. Shares of the company will list on the BSE SME platform.
Wealth Mine Networks is the book running lead manager, and Purva Sharegistry (India) is the registrar of the issue.
SMR Jewels IPO Subscription
On the first day of the issue, SMR Jewels IPO received bids for 11,63,000 shares as against 49,80,000 shares on offer, resulting in a total subscription of 23%.
The qualified institutional buyer (QIB) quota was fully booked at 2.35 times, followed by the retail segment at 0.02 times, while the non-institutional investor (NII) segment remained unsubscribed so far.
SMR Jewels IPO GMP
The grey market premium (GMP) for SMR Jewels IPO was nil, according to websites tracking the unofficial market. At the prevailing GMP, SMR Jewels IPO listing could occur at the same price as the offer price.
Grey market premium shows investor willingness to pay over and above the offer price.
About SMR Jewels
SMR Jewels specialises in designer heritage jewellery, while incorporating contemporary styles to suit the evolving tastes of customers. Alongside this, the company creates nature-inspired jewellery and also has a portfolio of daily wear jewellery.
The company does not operate an in-house manufacturing facility. However, it has developed a structured and collaborative job-work model with highly skilled artisans across India, supported by its in-house design team.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.
