SMR Jewels BSE SME listing opens nearly 20% below IPO
Business
SMR Jewels just launched on the BSE SME platform, but shares opened at ₹102.95, almost 20% lower than the IPO price of ₹128.
The stock dipped further before bouncing back a bit to ₹108.05, still well below its original price.
Not exactly the start investors were hoping for.
SMR Jewels IPO oversubscribed by QIBs
The company's IPO raised about ₹64 crore and was oversubscribed, mostly thanks to big institutional buyers (QIBs), while regular retail investors weren't as keen.
Unfortunately, SMR Jewels listed during a rough day for markets (Sensex dropped over 600 points and Nifty50 slid too), so investor excitement was pretty muted.
Plus, there was zero gray market premium on listing day, signaling low expectations right from the get-go.