SME
IPO ·
NSE SME
Grover Jewells Ltd
Listed
Incorporated in 2021, Grover Jewells Limited is engaged in the manufacturing and designing of a wide range of wholesale gold jewellery.
Issue details
Price band
₹83 – ₹88
Face value
₹10
Lot size
1,600 shares
Minimum investment
₹2,81,600
Issue size
₹33.83 Cr
Fresh issue
₹32.13 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE SME
Key dates
Opens
4 Feb 2026
Closes
6 Feb 2026
UPI mandate cut-off
5:00 PM on 6 Feb 2026
Allotment
9 Feb 2026
Refunds
10 Feb 2026
Shares in demat
10 Feb 2026
Listing
11 Feb 2026
Subscription and listing
Subscription
13.73x
Listing price
₹96
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Finshore Management Services
Subscription by category
Total
13.73x
Total applications
8,402
Anchor investors
Amount raised
₹9.62 Cr
Bid date
3 Feb 2026
50% lock-in ends
13 Mar 2026
Rest lock-in ends
12 May 2026
Listing day
Issue price
₹88
Open
₹96.00
High
₹100.80
Low
₹91.40
Day close
₹100.80
Listing gain at open
+9.09%
Issue structure
Shares reserved per category and share of the total issue
QIB Shares Offered
18,22,400
47.40%
Anchor Investor Shares Offered
10,92,800
28.42%
QIB (Ex. Anchor) Shares Offered
7,29,600
18.98%
NII Shares Offered
5,48,800
14.27%
bNII > ₹10L
3,64,800
9.49%
sNII < ₹10L
1,84,000
4.79%
Retail Shares Offered
12,80,000
33.29%
Market Maker Shares Offered
1,93,600
5.04%
Total Shares Offered
38,44,800
100.00%
Finaccle’s quick read
Avoid
FY25 income up 79%, PAT up 174%, D/E 1.04, post-issue P/E 7.12x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Incorporated in 2021, Grover Jewells Limited is engaged in the manufacturing and designing of a wide range of wholesale gold jewellery. The company’s product portfolio includes plain gold, studded, and semi-finished jewellery, primarily available in 22 Karat, 20 Karat, and 18 Karat. It also offers hallmarked and non-hallmarked jewellery through its two showrooms located at Karol Bagh, New Delhi, and Chandni Chowk, Delhi.
Founded
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
—
ROCE
30.62%
Debt / equity
1.04
PAT margin
2.21%
P/E post issue
7.12
Market cap
₹127.66 Cr
Use of IPO money
Working Capital Requirements
₹25.34 Cr
General Corporate Purposes
₹4.50 Cr
Issue Expenses
₹3.99 Cr
Strengths
✓
Revenue up 79% in FY25 to ₹460.95 Cr
✓
PAT up 174% in FY25 to ₹7.62 Cr
Risks to watch
!
Thin PAT margin of 2.21%
!
SME platform: large lot size and thinner trading liquidity
!
Debt to equity of 1.04
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.