New Delhi, May 26 (H.S.): The ₹67.23 crore initial public offering (IPO) of jewellery sector company SMR Jewels Limited was opened for subscription on Monday. Investors can bid in the issue till May 29.
The allotment of shares will be finalised on June 1, while shares will be credited to demat accounts on June 2. The company’s shares are likely to be listed on June 3 on the SME platform of the Bombay Stock Exchange (BSE).
The price band for the IPO has been fixed at ₹128 to ₹135 per share, while the lot size is 1,000 shares. Retail investors will have to apply for a minimum of two lots, i.e., 2,000 shares, requiring an investment of ₹2,70,000.
The issue comprises a total of 49.80 lakh equity shares of face value ₹10 each. This includes approximately ₹51 crore worth of 37.51 lakh fresh shares and around ₹13 crore worth of 9.80 lakh shares offered through the offer-for-sale (OFS) route. Additionally, 2.49 lakh fresh shares have been reserved for the market maker.
In the IPO, 9.50 percent of the issue has been reserved for Qualified Institutional Buyers (QIBs), 47.51 percent for retail investors, and 37.99 percent for Non-Institutional Investors (NIIs). Another 5 percent has been reserved for the market maker.
Wealth Mine Networks Private Limited is the book-running lead manager for the issue, while Purva Sharegistry (India) Private Limited is the registrar. Rikhav Securities Limited is the market maker.
According to the Draft Red Herring Prospectus (DRHP) filed with SEBI, SMR Jewels Limited has shown consistent financial growth. The company reported a net profit of ₹91 lakh in FY 2022–23, which rose to ₹3.85 crore in FY 2023–24 and further surged to ₹10.41 crore in FY 2024–25. In the first nine months of FY 2025–26 (April to December 2025), the company posted a net profit of ₹18.56 crore.
The company’s revenue also showed steady growth, increasing from ₹67.53 crore in FY 2022–23 to ₹124.52 crore in FY 2023–24 and ₹263.25 crore in FY 2024–25. In the first nine months of FY 2025–26, revenue stood at ₹308.72 crore.
However, the company’s debt burden also increased over the period, rising from ₹6.33 crore in FY 2022–23 to ₹7.65 crore in FY 2023–24 and ₹8.57 crore in FY 2024–25. In the first nine months of FY 2025–26, total debt stood at ₹16.54 crore.
The company’s net worth also improved significantly, rising from ₹1.04 crore in FY 2022–23 to ₹4.88 crore in FY 2023–24 and ₹24.14 crore in FY 2024–25. In the first nine months of FY 2025–26, net worth reached ₹42.69 crore.
Reserves and surplus also grew steadily from ₹1.03 crore in FY 2022–23 to ₹4.87 crore in FY 2023–24 and ₹19.25 crore in FY 2024–25, reaching ₹28.04 crore in the first nine months of FY 2025–26.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) also showed strong growth, rising from ₹1.96 crore in FY 2022–23 to ₹6.14 crore in FY 2023–24 and ₹15.17 crore in FY 2024–25. In the first nine months of FY 2025–26, EBITDA stood at ₹26.71 crore.
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Hindusthan Samachar / Jun Sarkar
