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Summary: Three SME IPOs are laterally live this week: Harikanta Overseas Limited, M R Maniveni Foods Limited, and Yaashvi Jewellers Limited. Each comes from a distinct industry: synthetic textiles, pulses processing, and gold jewellery respectively. While all three will be listed on BSE SME, they differ significantly in issue size, business model, and risk profile. This article focuses on a detailed, sector-by-sector breakdown of all three IPOs currently open for subscription, along with key financial metrics and fund utilisation plans.
Three IPOs, One Week: The SME Market Heats Up
The BSE SME platform is buzzing with activity this week as three companies across vastly different sectors have simultaneously opened their initial public offerings for subscription. For retail investors navigating the SME space, this creates both opportunity and complexity. Let us break each one down methodically.
1. Harikanta Overseas Limited
IPO Window: May 20 – May 27, 2026
Issue Size: ₹25.63 Crore (Fresh Issue)
Price Band: ₹86 – ₹91 per share
Lot Size: 1,200 shares; Minimum retail investment: ₹1,09,200 (2 lots)
Listing Exchange: BSE SME
Tentative Listing Date: June 2, 2026
Registrar: Bigshare Services Pvt. Ltd.
Lead Manager: Interactive Financial Services Ltd.
About the Company:
Harikanta Overseas, founded in 2018 and based in Surat, manufactures synthetic textile fabrics. Its products include Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics. The main customers are from the women’s wear segments, such as sarees, dress materials, and kurtas, as well as men’s kurta fabric. In addition to domestic markets like Delhi, Bangalore, Maharashtra, Uttar Pradesh, Punjab, and Rajasthan, the company exports to Bahrain, Singapore, and Thailand. As of August 2025, the company has 42 permanent employees and operates from a manufacturing facility of 953.93 square meters at Sai Ram Industrial Estate-2 in Bamroli, Surat. The promoters are Hardik Gotawala, Abhishek Gotawala, and Nilesh Gotawala.
Financial Snapshot:
Harikanta Overseas presents a mixed financial picture. The company reported lackluster performance for FY23 and FY24, followed by a sharp jump in profitability in FY25. At the upper price band of ₹91, the IPO is valued at a P/E ratio of 11.77x on post-issue EPS of ₹7.73, with a P/B ratio of 3.68x and RoNW of 27.10%, giving a market capitalisation of approximately ₹89.78 crore.
Concerns:
The sudden turnaround in profitability from FY25 onward raises questions about sustainability. The textile sector is highly competitive and fragmented. The small post-IPO paid-up capital suggests a longer wait before seeing meaningful returns. Analysts have noted that while the IPO does not seem unreasonably priced based on FY25 earnings, it looks aggressively valued when compared to longer historical performance.
2. M R Maniveni Foods Limited
IPO Window: May 22 – May 26, 2026
Issue Size: ₹27.04 Crore (100% Fresh Issue)
Price Band: ₹51 – ₹52 per share
Lot Size: 4,000 shares; Minimum retail investment: ₹2,08,000
Listing Exchange: BSE SME
Tentative Listing Date: June 1, 2026
Allotment Date: May 27, 2026
Registrar: Bigshare Services Pvt. Ltd.
About the Company:
Incorporated in June 2010, M R Maniveni Foods has spent over 15 years establishing a presence in India’s pulse processing industry. The company specializes in processing, packaging, and distributing pulses, primarily urad dal and toor dal. It also trades in moong dal, kabuli channa, green gram dal, coriander seeds, rice, and chillies. The company operates two milling facilities, one automated and one semi-automated, which helps it balance scalability and flexibility. Its business model is mainly B2B, supplying large retailers, wholesalers, and e-commerce platforms. This approach ensures steady institutional demand and long-term supply relationships. As of April 30, 2026, the company employs 16 people.
Financial Snapshot:
M R Maniveni Foods reported strong revenue growth, rising from ₹155 crore in FY24 to ₹203.52 crore in FY25, a nearly 31% jump. Net profit increased from ₹2.20 crore to ₹3.88 crore during the same period. From the IPO proceeds, ₹13.61 crore will go toward new plant and machinery, and ₹12.69 crore will support new factory construction, indicating real capital investment.
Concerns:
The pulse processing market is very competitive and highly fragmented. The company’s profits are increasing but are low based on revenue at scale. There are 16 employees and a small number of clients. The loss of one key account could mean the loss of most of the revenue. The problem has been reviewed as cheap when compared with competitors.
3. Yaashvi Jewellers Limited
IPO Window: May 25 – May 27, 2026
Issue Size: ₹43.88 Crore (100% Fresh Issue)
Issue Price: ₹83 per share (Fixed Price Issue)
Lot Size: 1,600 shares; Minimum retail investment: ₹2,65,600 (2 lots)
Listing Exchange: BSE SME
Tentative Listing Date: June 2, 2026
Allotment Date: May 29, 2026
Registrar: Bigshare Services Pvt. Ltd.
Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
About the Company:
Yaashvi Jewellers Limited is a gold jewellery manufacturer and trader made. The company based in Jaipur, Rajasthan with machine-made gold chains as its core product. The company operates across 9K, 14K, 18K, 20K, and 22K purity categories. It also offers diamond jewellery, bullion, silver jewellery, and customised pieces. While it predominantly operates in a B2B operation supplying dealers, showrooms, and small jewellery retailers. The company has recently diversified into retail (B2C) and now focusing on broadening its revenue channels.
Financial Snapshot:
Yaashvi Jewellers presents the strongest financial trajectory among the three. Revenue jumped from ₹297.76 crore in FY25 to ₹449.74 crore in FY26, a 51% increase while profit after tax grew from ₹11.28 crore to ₹18.28 crore, a nearly 62% increase. This is a 100% fresh issue, meaning no promoter is exiting and all capital raised goes back into the business.
Importantly, this is a Fixed Price Issue at ₹83 per share, meaning there is no price band. All investors subscribe at the same price, with no price discovery mechanism. The current Grey Market Premium stands at ₹0, implying the market is neutral on listing expectations at this stage.
Concerns:
The combination of high revenue growth, rising profitability, a fully fresh issue with no OFS component, and a B2C expansion gives Yaashvi Jewellers a cleaner investment narrative. Gold jewellery demand in India is structurally supported by cultural consumption patterns. However, concerns are for increased import duties on gold and currency weakening.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. SME IPOs carry higher risk than mainboard issues. Please consult a SEBI-registered financial advisor before making any investment decisions.
