Two new initial public offerings (IPOs) are currently open for subscription on the BSE SME platform: SMR Jewels Limited and Rajnandini Fashion India Limited. Investors looking at opportunities in the luxury goods and apparel sectors can check the details of these fresh issues.
SMR Jewels Limited IPO Analysis
SMR Jewels Limited operates in the consumer discretionary space, with a focus on marketing and distributing designer heritage jewellery. The company functions on a business-to-business (B2B) model, sourcing curated items from third-party networks and independent regional artisans (Karigars).
1. IPO Details & Timeline
| Bidding Period | Active Now: May 26, 2026 – May 29, 2026 |
| Price Band | ₹128 – ₹135 per equity share |
| Base Lot Size | 1,000 Shares |
| Minimum Retail Application | 2 Lots (2,000 Shares) |
| Minimum Retail Investment | ₹2,70,000 (at the upper ₹135 cap) |
| Listing Platform | BSE SME |
| Total Issue Size | ₹67.23 Cr (49,80,000 Equity Shares) |
| Issue Type | Fresh Capital + OFS ( ₹54.00 Cr Fresh + ₹13.23 Cr Offer for Sale) |
| Tentative Listing Date | June 3, 2026 |
2. Financial Snapshot
Here is the company's restated standalone financial performance.
(All financial figures are in ₹ Crores)
| Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Total Income | ₹263.25 Cr | ₹124.52 Cr | ₹67.53 Cr |
| Profit After Tax (PAT) | ₹10.41 Cr | ₹3.85 Cr | ₹0.91 Cr |
3. Objects of the Issue
The net proceeds from the ₹54.00 Crore fresh issue are planned for the following initiatives:
- Jewellery Studio Construction (~₹6.40 Crore): Capital expenditure for establishing a physical studio hub.
- Debt Repayment (~₹6.50 Crore): Repayment or prepayment of outstanding commercial borrowings.
- Working Capital (~₹30.00 Crore): To fund long-term operational working capital requirements.
- General Corporate Purposes: Financing remaining administrative overheads and issue management expenses.
Rajnandini Fashion India Limited IPO Analysis
Rajnandini Fashion India Limited is an integrated enterprise in the women's apparel textile segment. The company designs, manufactures, and sells ethnic and casual ready-made garments through its proprietary brands (Merira, Monira, Roly Poly, and Rajnandini). Its distribution model includes both direct-to-consumer (D2C) channels via e-commerce platforms and a business-to-business (B2B) track for wholesale supply.
1. IPO Details & Timeline
| Bidding Period | Active Now: May 26, 2026 – May 29, 2026 |
| Price Band | ₹59 – ₹63 per equity share |
| Base Lot Size | 2,000 Shares |
| Minimum Retail Application | 2 Lots (4,000 Shares) |
| Minimum Retail Investment | ₹2,52,000 (at the upper ₹63 cap) |
| Listing Platform | BSE SME |
| Total Issue Size | ₹18.21 Cr (28,90,000 Equity Shares) |
| Issue Type | 100% Fresh Issue (No Offer for Sale component) |
| Tentative Listing Date | June 3, 2026 |
2. Financial Snapshot
The table below shows the company's restated performance over recent periods.
(All financial figures are in ₹ Crores)
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Operational Revenue | ₹30.69 Cr | ₹23.32 Cr |
| Profit After Tax (PAT) | ₹5.06 Cr | ₹2.29 Cr |
3. Objects of the Issue
The capital from the ₹18.21 Crore public placement will be used for:
- Manufacturing Infrastructure Capex (~₹1.35 Crore): Funding the construction of a new manufacturing facility.
- Borrowing Repayment (~₹5.50 Crore): Repayment of a portion of specified corporate borrowings.
- Working Capital Fund (~₹7.00 Crore): Managing day-to-day working capital and inventory needs.
- General Corporate Purposes: Allocating funds for administrative setup and list management charges.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.
