The Indian SME IPO market is buzzing this week with four exciting public issues opening between May 25 and June 3, 2026. Whether you are a seasoned investor tracking grey market premiums (GMP) or a fi…
The Indian SME IPO market is buzzing this week with four exciting public issues opening between May 25 and June 3, 2026. Whether you are a seasoned investor tracking grey market premiums (GMP) or a first-time applicant evaluating SME IPOs, this detailed review covers Merritronix Ltd, SMR Jewels Ltd, Rajnandini Fashion India Ltd, and Yaashvi Jewellers Ltd — all listing on BSE SME.
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## Merritronix Ltd IPO — Defence ESDM Play with Strong GMP
Merritronix Ltd, a Hyderabad-based Electronics Systems Design and Manufacturing (ESDM) company incorporated in 1988, is opening its SME IPO on June 1, 2026, and closing on June 3, 2026.
| Detail | Info |
|---|---|
| Price Band | ₹141 – ₹149 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,98,000 (2 lots) |
| Issue Size | ~₹70 crore |
| Listing Exchange | BSE SME |
| Listing Date | June 8, 2026 |
| Allotment Date | June 4, 2026 |
| GMP Today | ₹70–₹85 (approx. 47–57% expected listing gain) |
**About the Company:** Merritronix manufactures high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom, and industrial clients. Their revenue model spans PCB assembly, system integration, testing, turnkey manufacturing (build-to-print), and lifecycle support.
**Financials:** The company reported strong financial growth in FY26. With plans to deploy IPO proceeds towards capital expenditure (₹21.36 crore) and working capital (₹21.95 crore), Merritronix is positioning itself for the next growth phase.
**GMP Outlook:** The grey market premium has touched ₹75–₹85, indicating a potential listing gain of over 50% at the upper price band — among the strongest in the current SME IPO cycle.
**Verdict:** Suitable for investors with moderate to high risk appetite looking for exposure to India's defence electronics sector.
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## SMR Jewels Ltd IPO — Heritage Jewellery Brand Going Public
SMR Jewels Ltd, incorporated in 2018, designs and distributes designer heritage jewellery including Jadtar, Meenakari, Polki, bridal and nature-inspired collections. The IPO opens May 26, 2026, and closes May 29, 2026.
| Detail | Info |
|---|---|
| Price Band | ₹128 – ₹135 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,70,000 (2 lots) |
| Issue Size | ₹67.23 crore |
| Listing Exchange | BSE SME |
| Listing Date | June 3, 2026 |
| Allotment Date | June 1, 2026 |
| GMP Today | NIL / Updating |
**About the Company:** SMR Jewels follows an asset-light model — outsourcing manufacturing to skilled artisans while managing design in-house. Its client base includes names like WHP, JOSCO Jewellers, Kalamandir Jewellers, and Vaibhav Jewellers. FY25 revenue stood at ₹263.25 crore (vs ₹124.52 crore in FY24) and profit at ₹10.41 crore (vs ₹3.85 crore in FY24) — more than doubling both topline and bottomline year-over-year.
**GMP Outlook:** Grey market premium is currently NIL/updating. Investors should monitor closer to the opening date.
**Verdict:** Strong revenue growth and a recognisable brand portfolio make SMR Jewels interesting for medium-term investors, though the NIL GMP warrants caution on short-term listing gains.
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## Rajnandini Fashion India Ltd IPO — Women's Ethnic Wear Boom
Rajnandini Fashion India Ltd (est. 2010) designs, manufactures, and sells women's ethnic and casual apparel under brands like Merira, Monira, Roly Poly, and Rajnandini, operating in both B2B and B2C channels. IPO opens May 26, 2026, closes May 29, 2026.
| Detail | Info |
|---|---|
| Price Band | ₹59 – ₹63 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,52,000 (2 lots / 4,000 shares) |
| Issue Size | ₹18.21 crore |
| Listing Exchange | BSE SME |
| Listing Date | June 3, 2026 |
| GMP Today | ₹2 (approx. 3% gain expected) |
**About the Company:** The company has manufacturing presence in Surat and Jaipur, selling sarees, kurtis, kurta sets, unstitched dress materials, tops, and tunics. The women's ethnic wear market is one of India's fastest-growing apparel segments.
**GMP Outlook:** Grey market premium of ₹2 reflects cautious optimism. The low issue size (₹18.21 crore) could result in strong oversubscription from retail investors, which may boost listing performance.
**Verdict:** A small-ticket, high-conviction play for investors bullish on India's women's fashion segment. Apply with a medium-term horizon.
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## Yaashvi Jewellers Ltd IPO — Affordable Gold Chains Manufacturer
Yaashvi Jewellers Ltd, incorporated in 2013 and based in Jaipur, manufactures and trades gold jewellery across 9K, 14K, 18K, 20K, and 22K, with machine-made gold chains as its core product. IPO is a fixed price issue open May 25–27, 2026.
| Detail | Info |
|---|---|
| Issue Price | ₹83 per share (fixed price) |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ~₹2,65,600 (2 lots / 3,200 shares) |
| Listing Exchange | BSE SME |
| Listing Date | June 2, 2026 |
| Allotment Date | May 29, 2026 |
| GMP Today | NIL |
**About the Company:** Yaashvi primarily supplies to dealers, showrooms, and jewellery shops in wholesale quantities. Machine-made chains serve as versatile components in mangalsutras, bracelets, anklets, and earrings. The company also serves retail customers directly.
**GMP Outlook:** GMP is currently NIL. Being a fixed price issue (no price band), all investors bid at ₹83.
**Verdict:** Conservative investors may wait for allotment and listing data before drawing conclusions. Suitable for those looking for jewellery sector diversification at a low per-share entry point.
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## SME GMP Summary Table — May 23, 2026
| IPO | Open Date | Close Date | Price Band | GMP | Expected Listing Gain |
|---|---|---|---|---|---|
| Merritronix Ltd | Jun 1, 2026 | Jun 3, 2026 | ₹141–₹149 | ₹70–₹85 | ~47–57% |
| SMR Jewels Ltd | May 26, 2026 | May 29, 2026 | ₹128–₹135 | NIL | Updating |
| Rajnandini Fashion | May 26, 2026 | May 29, 2026 | ₹59–₹63 | ₹2 | ~3% |
| Yaashvi Jewellers | May 25, 2026 | May 27, 2026 | ₹83 (fixed) | NIL | Updating |
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## How to Apply for SME IPOs Online
1. Log in to your broker account (Zerodha, Upstox, Angel One, Groww, etc.)
2. Navigate to the IPO section and select the relevant SME IPO
3. Enter your UPI ID, lot quantity, and bid price
4. Approve the UPI mandate in your BHIM/PhonePe/Google Pay app
5. Alternatively, use ASBA via your bank's net banking
> **Disclaimer:** This article is for informational and educational purposes only. Grey market premiums are unofficial and volatile indicators. Do not invest solely based on GMP. Please consult a SEBI-registered investment advisor before applying to any IPO.
