Grover Jewells IPO Details: Price Band, GMP, Subscription & Listing Plan

Grover Jewells Ltd has launched its Initial Public Offering (IPO) as an SME issue, with subscription already underway and key market indicators showing a muted response.

Offer Overview

• IPO Opened: 4 February 2026
• IPO Closes: 6 February 2026
• Listing Date: 11 February 2026 on the NSE SME platform
• Issue Size: Approx ₹33.83 crore (entirely fresh issue)
• Price Band: ₹83 to ₹88 per share
• Minimum Lot Size: 1,600 shares (minimum retail investment ~₹2,81,600 for 3,200 shares)
  

Grey Market & Listing Expectations

• The Grey Market Premium (GMP) is currently at ₹0, indicating no expected premium over the issue price ahead of listing.
  

Allocation Structure

• Qualified Institutional Buyers (QIBs): up to 50% of net issue
• Retail Investors: at least 35%
• Non-Institutional Investors (NIIs): minimum 15%

Anchor Funding

• Ahead of the public offer, the company raised ₹9.62 crore from anchor investors on 3 February 2026.

Company Profile & Operations

Grover Jewells, incorporated in 2021, is engaged in designing and manufacturing a wide range of wholesale gold jewellery across 22 karat, 20 karat, and 18 karat categories. The firm operates through two showrooms in Karol Bagh and Chandni Chowk (Delhi), serving wholesale, retail, and direct consumer segments. It also has a B2B presence across around 20 states and exports to markets like Australia and the UAE.

Financial Snapshot

• For the year ended March 2025, the company reported:
  • Revenue of ₹460.95 crore
  • Profit after tax of ₹7.62 crore
  • (Compared with revenue of ₹258 crore and profit of ₹2.78 crore in FY24)
    

Use of IPO Proceeds
Proceeds from the offer are planned for working capital needs and general corporate purposes.