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.
What happened
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;
Key facts
- ₹67.23 crore
- ₹54 crore fresh issue
- ₹13.23 crore OFS
- ₹128–135 price band
- 33% subscribed day 4
- QIB 2.35x
- retail 0.15x
- NII 0.05x
- GMP nil
Why this matters
SMR's undersubscribed ₹67 crore raise highlights cooling appetite for sub-scale jewellery SME IPOs, opening room for opportunistic consolidation or distressed partnership conversations with similar artisan-led players.