SMR Jewels IPO
Diamond, Gems and Jewellery • ₹67.23 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹128
Lot Size
1000 shares
Issue Size
₹67.23 Cr
Open
26 May 2026
Close
03 Jun 2026
Subscription
1.09×
IPO Schedule
| Issue Open Date | 26 May 2026 |
| Issue Close Date | 03 Jun 2026 |
| Listing Date | 07 Jun 2026 |
About SMR Jewels
SMR Jewels Limited is a Gujarat-based jewellery company incorporated in 2018. The company deals in designer, traditional, and everyday jewellery and also offers customisation services to customers. The company's product portfolio covers several categories. Its Designer Heritage Jewellery draws from cultural and mythological themes, including designs inspired by figures such as Radha-Krishna and Buddha. Nature-inspired jewellery features motifs drawn from flowers, leaves, vines, and animals. Under traditional jewellery, the company offers Jadtar, Meenakari, and Polki varieties. It also has dedicated bridal and festive collections, as well as daily-wear jewellery designed for regular use. In addition to its standard product range, SMR Jewels provides customisation services that allow customers to personalise designs or recreate traditional and ancestral ornaments. Designs are developed in-house through a process that includes hand sketching, CAD modelling, and prototype creation before being handed over for production. SMR Jewels does not operate its own manufacturing facility. Production is outsourced to skilled artisans and job workers. The finished products are distributed through wholesalers, retailers, boutiques, and showrooms, and the company also participates in exhibitions across India. All jewellery is hallmarked by recognised agencies for purity and authenticity.
Company Details
Founders / Promoters
Mr Vismay Manojkumar Soni
Founded
2018
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
SMR Jewels — IPOFins Verdict
QuantitativeDriven by QIB demand at 5.4x and moderate disclosed risk (6/10), SMR Jewels listed at a discount of 19.6% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- SMR Jewels has carved out a distinct position in the jewellery market through its focus on designer heritage jewellery, drawing on Indian cultural, mythological, and spiritual traditions. Its collecti
- The company supplies jewellery to several established Indian retail brands and chains. Its clientele includes names such as HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Je
- SMR Jewels claims to have a structured in-house design team that handles concept development, hand sketching, CAD modelling, and prototype creation before production begins. This process is carried ou
- The company claims to have entered into exclusive long-term agreements with its network of job workers and artisans, who are committed to working solely with SMR Jewels. It also claims to follow a dua
- SMR Jewels participates in jewellery exhibitions as part of its distribution and sales approach. The company states that at one recent large-scale exhibition, it procured gold worth approximately Rs 3
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +1.0
Actual listing outcome → score −1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹128
Listing Price
₹102.95
Listing Gain/Loss
-19.57%
Listing Date
07 Jun 2026
Price Since Listing
Returns are measured against the ₹128 issue price.
Listing
₹102.95
-19.6%
1 Week
₹84
-34.4%
1 Month
₹90
-29.7%
Current
₹85.7
-33.0%
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FAQ
What is the price band of SMR Jewels IPO?
The price band is ₹128 per share with a lot size of 1000 shares. Minimum investment: ₹1,28,000.
What does SMR Jewels do?
SMR Jewels Limited is a Gujarat-based jewellery company incorporated in 2018. The company deals in designer, traditional, and everyday jewellery and also offers customisation services to customers. The company's product portfolio covers several categories. Its Designer Heritage Jewellery draws from cultural and mythological themes, including designs inspired by figures such as Radha-Krishna and Buddha. Nature-inspired jewellery features motifs drawn from flowers, leaves, vines, and animals. Under traditional jewellery, the company offers Jadtar, Meenakari, and Polki varieties. It also has dedicated bridal and festive collections, as well as daily-wear jewellery designed for regular use. In addition to its standard product range, SMR Jewels provides customisation services that allow customers to personalise designs or recreate traditional and ancestral ornaments. Designs are developed in-house through a process that includes hand sketching, CAD modelling, and prototype creation before being handed over for production. SMR Jewels does not operate its own manufacturing facility. Production is outsourced to skilled artisans and job workers. The finished products are distributed through wholesalers, retailers, boutiques, and showrooms, and the company also participates in exhibitions across India. All jewellery is hallmarked by recognised agencies for purity and authenticity.
Should I apply for SMR Jewels IPO?
SMR Jewels listed at ₹102.95 (-19.6% discount to the ₹128 issue price) after 1.1x subscription. IPOFins Score 4/10: Driven by QIB demand at 5.4x and moderate disclosed risk (6/10), SMR Jewels listed at a discount of 19.6% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded SMR Jewels?
SMR Jewels was founded by Mr Vismay Manojkumar Soni in 2018.