SMR Jewels SME IPO limps to 33% on day 4 as GMP collapses to nil
The ₹67.23 crore designer jewellery issue (₹54 cr fresh, ₹13.23 cr OFS) at ₹128–135 band is undersubscribed with retail at 0.15x, NII 0.05x, and only QIBs at 2.35x. Grey market premium has flatlined ahead of the June 3 BSE SME listing, signalling weak appetite for the artisan job-work model.
SMR Jewels' ₹67.23 crore SME IPO remains undersubscribed at 33% on day 4, with GMP at nil. The designer jewellery firm uses a job-work model with artisans; listing on BSE SME slated for June 3.
Why this matters
SMR Jewels' IPO has struggled since day 1 when retail bids were near zero. The collapsing GMP confirms the weak appetite seen at launch despite FY25 revenue doubling to ₹263 cr.
Retail-company signals steady at 1,556 over 90 days as SME jewellery IPOs face cooling demand.