Grover Jewells IPO Update: GMP, Subscription & Trading Outlook

The Grover Jewells IPO has drawn notable investor attention as it nears its tentative listing on the NSE SME platform on 11th February 2026. With an issue size of approximately ₹33.83 crore and a price band of ₹83–₹88 per share, the IPO has made gradual progress throughout its subscription window.

Subscription Trend

By Day 3 of bidding, data shows that the IPO was subscribed around 5.53 times, a strong indicator of investor interest, especially from retail and non‑institutional investors. Retail participation was significant, and Qualified Institutional Investors (QII) also contributed to the healthy subscription momentum. This level of oversubscription suggests that the market sees potential in the company’s business fundamentals and growth prospects.

Grey Market Premium & Estimated Listing Price

One of the key aspects investors track before listing is the Grey Market Premium (GMP) — essentially an unofficial indicator of demand in the unregulated market. As of 6th February 2026, the GMP for Grover Jewells stood at ₹2.50, implying an estimated listing price of approximately ₹90.50. If realized, this suggests an expected listing gain of around 2.84% over the upper price band — a modest but positive signal for short‑term listing performance.

However, it’s important to note that GMP can fluctuate daily and does not always guarantee actual listing performance. Investors should interpret this figure with caution, blending sentiment indicators like GMP with fundamental analysis and subscription trends.

Company & Market Context

Grover Jewells is engaged in manufacturing and designing a wide range of wholesale gold jewellery, leveraging both traditional craftsmanship and modern production facilities. The firm has steadily grown its revenue and profitability in recent financial years, making it an attractive candidate for SME investors looking for exposure in the jewellery manufacturing space.

As the market awaits its listing next week, investors keen on IPO plays should monitor allotment results (likely declared around 9th February 2026) and overall market sentiment, which will ultimately influence the debut pricing and post‑listing momentum.