SMR Jewels SME IPO scrapes through at 1.09x; GMP nil as retail demand stalls at 30%
Designer heritage jeweller's ₹63.74 crore SME IPO finalises allotment June 4 after a tepid 1.09x close. QIBs anchored the book at 5.41x, but retail subscribed just 30% and grey market premium sits at zero. Price band was already cut to ₹125-128 from ₹128-135. Proceeds: ₹30 cr working capital, ₹6.5 cr debt repayment.
What happened
SMR Jewels SME IPO allotment finalises June 4 after 1.09x subscription; QIBs booked 5.41x, retail only 30%. Price band cut to ₹125-128. GMP nil. Designer
Key facts
- ₹63.74 crore IPO size
- ₹67.23 crore total mobilisation
- ₹54 crore fresh issue
- ₹13.23 crore OFS
- Price band ₹125-128 (revised from ₹128-135)
- Subscribed 1.09x
- QIB 5.41x
- GMP nil
- ₹6.50 crore debt repayment
- ₹30 crore working capital
Why this matters
SME jewellery IPO comps just got weaker — benchmark valuations should reset lower, and any peer roll-up or secondary deal in heritage jewellery now faces a tougher pricing conversation.