Grover Jewells IPO
smelistedAbout the company
Incorporated in 2021, Grover Jewells manufactures and designs a wide range of wholesale gold jewellery. The company makes and sells gold jewellery in 22 Karat, 20 Karat, and 18 Karat. It mainly works with the wholesale (B2B) segment, but at the same time, it's opening up its retail (B2C) side through two showrooms in Karol Bagh and Chandni Chowk, Delhi. The company also deals in hallmarked and non-hallmarked jewellery. A big part of the company’s product portfolio is the machine made of gold chains, which account for about 96.4% of sales as of October 2025. Other products like rings, bracelets, bangles, necklaces, earrings, and pendants accounted for the rest of the revenue. Jewellery manufacturing accounted for 99.76% of the revenue as of October 2025, while the rest of the revenue came from job work (labour charge). Regarding clientele, about 60.7% sales are to wholesalers and 38.2% retailer. Geographically, the largest market is Delhi, accounting for almost 58% of revenue, followed by Uttar Pradesh, Haryana, and the rest of the states, with presence in more than 20 states. The export business is a very minor part of revenue. Going forward, the company envisions scaling up manufacturing capacity through modern machinery, deepening its presence in South India and international markets, continuing the retail expansion by opening more stores in tier-1 and tier-2 cities, as well as diversifying its product range into lightweight daily wear, men's fashion, and bridal jewellery.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 06 Feb | ₹2.5 | ₹90.5 | 0 |
| 05 Feb | ₹2.5 | ₹90.5 | 0 |
| 04 Feb | ₹2.5 | ₹90.5 | +2.5 |
| 03 Feb | ₹0 | ₹88 | 0 |
| 02 Feb | ₹0 | ₹88 | 0 |
| 01 Feb | ₹0 | ₹88 | 0 |
| 31 Jan | ₹0 | ₹88 | 0 |
| 30 Jan | ₹0 | ₹88 | 0 |
Strengths
Risks
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed04 Feb 2026Bidding starts for all investor categories
IPO Closes
Completed06 Feb 2026Last day to place your bid
Basis of Allotment
Completed09 Feb 2026Share allotment finalised
Refund Initiation
Completed10 Feb 2026Refunds credited for non-allottees
Credit to Demat
Completed10 Feb 2026Allotted shares credited to demat account
Listing on Exchange
Completed11 Feb 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹140,800 | 1 | ₹140,800 | 1 lot only |
| HNI | 2 | 3200 | ₹281,600 | 2 | ₹281,600 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,988,304 | 17 | 0 | 0.00x | 100% |
| NII | 15% | 596,491 | 5.1 | 0 | 0.00x | 100% |
| Retail | 35% | 1,391,813 | 11.9 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
