IPO Details

Grover Jewells IPO

Grover Jewells Limited

Apply Now Track All IPOs

SME IPO

₹1,32,800

Minimum Investment

Exchange Listed · NSE / BSESEBI Regulated Issue

About Company

Company Name: Grover Jewells Limited

Industry / Sector: Jewellery Manufacturing / Wholesale Gold Jewellery

Founded Year: 2021

Promoters: Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover, Mrs. Bhawna Grover

Grover Jewells Limited, incorporated in 2021, manufactures and designs wholesale gold jewellery including plain gold, studded, and semi-finished pieces in 22K, 20K, and 18K purity (hallmarked and non-hallmarked). It operates two showrooms in Delhi (Karol Bagh and Chandni Chowk) with segments in machine-made chains and casting jewellery. Sales channels include B2B wholesale across 20+ states, retail, and exports to Australia and UAE. Employs 68 people as of Aug 31, 2025.

IPO Basic Details

Company Name	Grover Jewells Limited
IPO Type	SME IPO
Price Band	₹83 – ₹88
Lot Size	1600
Total Issue Size	₹33.83 Cr (38,44,800 shares)

IPO Strengths & Risks

Strengths

Strong B2B network across 20+ states
Exports to Australia and UAE
Diversified sales segments (wholesale, retail, consumer)
Two established showrooms in Delhi
Hallmarked jewellery focus

Risks

Highly competitive and fragmented jewellery sector
Gold price volatility impact on margins
Sustainability of recent profit boost (FY25 exceptional)
Working capital intensive
Dependence on wholesale/B2B clients

IPO Important Dates

IPO Open Date	04 Feb 2026
IPO Close Date	06 Feb 2026
Basis of Allotment	09 Feb 2026
Refund Initiation	10 Feb 2026
Demat Credit Date	10 Feb 2026
Listing Date	11 Feb 2026
Anchor Investor Date	-
UPI Mandate Deadline	06 Feb 2026

IPO Objectives

Capital expenditure for machinery and equipment – -
Funding working capital requirements – -
Debt repayment – -
General corporate purposes – ₹4.50 Cr

Investor Reservation

QIB Quota	47.40% (incl. Anchor 28.42% / 10,92,800 shares)
Retail Quota	33.29% (12,80,000 shares)
HNI Quota	14.27% (bNII 9.49%, sNII 4.79%)
Employee Quota	-
Shareholder Quota	-
Anchor Investor Allocation	-

Market Lot Details

Application	Lot Size	Shares	Amount
Retail Minimum	2 lots	3200	₹2,81,600
Retail Maximum	2 lots	3200	₹2,81,600
S-HNI Minimum	3 lots	4800	₹4,22,400
S-HNI Maximum	-	-	-
B-HNI Minimum	8 lots	12800	₹11,26,400

Key Performance Indicators (KPI)

ROE	38.52% (Oct 2025) / 45.67% (FY25)
ROCE	30.62% (Oct 2025) / 45% (FY25)
RoNW	38.52% (Oct 2025) / 45.67% (FY25)
PAT Margin	2.21% (Oct 2025) / 1.65% (FY25)
EBITDA Margin	3.09% (Oct 2025) / 2.44% (FY25)
EPS	₹7.15 (pre) / ₹12.35 (post)
NAV per share	N/A
Debt to Equity	1.04 (Oct 2025) / 0.56 (FY25)
P/E Ratio	12.31x (pre) / 7.12x (post)
Industry P/E	15–30x (jewellery manufacturing)

Company Financial Data

Period	Assets	Total Income	PAT	EBITDA	Net Worth	Borrowings
31 Mar 2023	₹11.71 Cr	₹255.11 Cr	₹2.71 Cr	₹4.10 Cr	₹6.29 Cr	₹3.74 Cr
31 Mar 2024	₹13.91 Cr	₹258.00 Cr	₹2.78 Cr	₹4.71 Cr	₹9.07 Cr	₹4.17 Cr
31 Mar 2025	₹29.85 Cr	₹460.95 Cr	₹7.62 Cr	₹11.26 Cr	₹16.69 Cr	₹9.34 Cr
31 Oct 2025	₹67.51 Cr	₹473.22 Cr	₹10.45 Cr	₹14.62 Cr	₹27.14 Cr	₹28.30 Cr

Grey Market Premium

GMP Price	₹0 (~0%) pre-listing
Kostak Rate	N/A
Subject to Sauda	N/A
Last Updated	Feb 2026
Estimated Listing Price	Flat ~₹88; actual listed at ₹96 (+9.09% premium)

IPO Subscription Data

Total Subscription	19.16x–19.25x
QIB (Ex Anchor)	11.32x
HNI Subscription	37.57x (bNII 44.63x, sNII 23.56x)
Retail Subscription	15.74x
Anchor	-

IPO Intermediaries

Registrar: Maashitla Securities Private Limited

Registrar Website: https://maashitla.com

IPO Lead Manager(s)

Finshore Management Services Ltd.

IPO Documents

DRHP RHP Prospectus PDF Investor Presentation

Explore More Investment Opportunities

Discover IPOs, unlisted shares, and broker comparison tools curated for smart investors.

Insight Hub

Read IPO news, blogs & market insights

→

Unlisted Shares

Invest before public listing

→

Compare Brokers

Find the best broker platform

→