The Grover Jewells IPO will issue 38,44,800 shares at a face value of ₹10 per share. The total issue size will amount to ₹34 crore. The bidding window starts from February 4, 2026. The issue will remain open for bidding up to February 6, 2026. Allotment of shares is expected on February 9, 2026. The share listing is planned for February 11, 2026, on the NSE SME.
Each lot consists of 1,600 Shares. The issue is priced within the range of ₹83 to ₹88. For retail participants, the bid starts at ₹2,81,600 for two lots. The sNII investors must apply for at least three lots with ₹4,22,400, while the bNII category will have an outlay of ₹11,26,400 for eight lots.
Grover Jewells IPO Details
The table provides an overview of the important information related to the issue:
| Particulars | Details |
| IPO Opens | February 4, 2026 |
| IPO Closes | February 6, 2026 |
| IPO Lot Size | 1,600 Shares |
| Face value | ₹10 per share |
| Price Band | ₹83 to ₹88 |
| Fresh Issue | 38,44,800 shares (up to ₹34 crore) |
| Issue Type | Bookbuilding |
| Listing at | NSE SME |
| Total Issue | 38,44,800 shares (up to ₹34 crore) |
| Minimum Investment | ₹2,81,600 |
Timeline of the Grover Jewells IPO
The important dates of the IPO are provided below:
| Particulars | Details |
| IPO Opens | February 4, 2026 |
| IPO Closes | February 6, 2026 |
| Allotment Scheduled | February 9, 2026 |
| Refund Initiation | February 10, 2026 |
| Demat Credit of Shares | February 10, 2026 |
| Tentative Listing | February 11, 2026 |
Grover Jewells Key Performance Indicator
The Grover Jewells’ Key Performance Indicators (KPIs) are given below:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | |||
| ROCE (%) | 36.52 | 28.73 | 45.00 |
| Debt Equity (times) | 0.59 | 0.46 | 0.56 |
| RoNW (%) | 43.00 | 30.65 | 45.67 |
| PAT Margin (%) | 1.06 | 1.08 | 1.65 |
| EBITDA margin (%) | 1.61 | 1.82 | 2.44 |
| Price Book Value | 5.62 |
Grover Jewells Financials
The key financial figures of Grover Jewells are as follows:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 1,170.57 | 1,390.66 | 2,984.50 |
| Total Asset | 25,511.32 | 25,800.40 | 46,094.69 |
| Profit | 270.52 | 278.05 | 762.28 |
Subscription Status of the Grover Jewells IPO
The bidding for Grover Jewells IPO has not started yet. Once the bidding window opens on February 4, 2026, subscription details will be available. Bidding is open between 10:00 AM and 5:00 PM on each day of the issue.
Grover Jewells IPO Grey Market Premium Today
Based on grey market trends as of 31 January 2026, the GMP for the Grover Jewells IPO is ₹0, indicating a flat market response. The GMP has stayed unchanged over the last three trading sessions. With no premium in the grey market, the IPO is expected to list around its upper price band at ₹88, implying no expected listing gains.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 31-01-2026 | ₹0 | ₹88 | 0% | Neutral |
| 30-01-2026 | ₹0 | ₹88 | 0% | – |
Note: GMP figures are based on unofficial sources and may change depending on investor interest and market conditions.
Grover Jewells IPO Reservation
The IPO allocation is split across different investor categories as outlined below:
| Investor Category | Reservation |
| Market Maker Shares | 1,93,600 (5.04%) |
| QIB Shares | 18,24,000 (47.44%) |
| NII (HNI) Shares | 5,48,800 (14.27%) |
| Retail Shares | 12,78,400 (33.25%) |
| Total Shares | 38,44,800 (100.00%) |
Lot Size of the Grover Jewells IPO
Investors may apply based on the lot sizes mentioned below:
| Investor Type | Lots | Shares | Amount |
| Individual Investors – Retail (Minimum) | 2 | 3,200 | ₹2,81,600 |
| Individual Investors – Retail (Maximum) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Minimum) | 3 | 4,800 | ₹4,22,400 |
| S-HNI (Maximum) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (Minimum) | 8 | 12,800 | ₹11,26,400 |
Anchor Investors in the Grover Jewells IPO
Information about the anchor investors involved in this IPO is given in the following table:
| Particulars | Details |
| Anchor Bidding Date | February 3, 2026 |
| Shares Offered | 10,94,400 |
| Portion Size | 60% of the QIB |
| 30 Days Lock-in for 50% shares | March 11, 2026 |
| 90 Days Lock-in for remaining shares | May 10, 2026 |
Grover Jewells IPO Prospectus
You can refer to the following documents for more information on the issue:
About Grover Jewells
Grover Jewells, incorporated in 2021, is led by Managing Director Mr. Deepak Kumar Grover, who is part of the promoter group along with Mrs. Bhawna Grover and Mr. Lavkesh Kumar Grover.
The company designs and manufactures gold jewellery, offering products such as bangles, rings, necklaces, and complete sets in 18, 20, and 22 karat variants. It serves both business-to-business and direct consumer segments through its fully integrated manufacturing facility in Delhi.
With a diversified product range across multiple price points, Grover Jewells caters to a broad customer base and operates in a highly fragmented jewellery market, competing with players such as Shanti Gold International Limited, Retaggio Industries Limited, and RBZ Jewellers Limited.
| Issue Registrar | Maashitla Securities Pvt.Ltd. |
| Lead Manager | Finshore Management Services Ltd. |
Objectives of the Grover Jewells IPO
The funds generated from this issue will be allocated towards the given purposes:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Working Capital Needs | 2,534.08 |
| 2. | General Corporate Purposes |
Strength Of Grover Jewells
The following factors are the key strengths supporting Grover Jewells’ growth and operations:
- In-House Manufacturing: A fully integrated production facility ensures quality control, lower costs, efficient operations, and faster response to changing market demand.
- Experienced Leadership: The company is led by experienced promoters with deep industry knowledge, strong supplier networks, and a skilled management team supporting long-term growth.
- Diverse Product Range: Offers a wide range of gold jewellery across 18, 20, and 22 karat categories, covering multiple styles, price points, and customer preferences.
- Strong Quality Systems: Strict in-house quality checks, purity testing, and finishing processes ensure consistency, reliability, and trust, especially in the B2B segment.
- Wide Market Reach: Serves customers across multiple Indian states with growing export presence in markets such as Australia and the UAE.
Risk of Grover Jewells
The following risks may influence the company’s performance and should be carefully considered:
- Gold Price Volatility: Fluctuations in gold prices and changing customer preferences may impact costs, inventory valuation, margins, and overall demand.
- Revenue Concentration: A large share of revenue comes from Delhi and nearby states, making performance sensitive to regional economic or policy changes.
- Supplier Dependency: The lack of long-term supplier tie-ups could affect input costs, availability of materials, and product quality.
- Security & Transit Risks: Handling and transporting high-value jewellery involves inherent security risks, including theft or loss, despite existing safeguards.
- Leased Properties: The offices and showrooms operate on lease arrangements, and non-renewal or termination could disrupt operations and increase relocation costs.
Grover Jewells IPO Review
The Grover Jewells IPO offers exposure to a gold jewellery manufacturer with improving revenues and margins. However, dependence on suppliers, regional concentration, and gold price volatility add risk. With a GMP of ₹0, listing gains look limited. The issue may be appropriate for investors with a higher risk appetite and a long-term investment outlook.
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Grover Jewells IPO FAQs
The Grover Jewells IPO is a book-built SME public issue of ₹34 crore, consisting of 38,44,800 equity shares, and is proposed to be listed on the NSE SME platform.
Investors can apply through their stockbroker using UPI or ASBA, or through supported online trading platforms and mobile apps during the subscription period.
The IPO offers exposure to a growing gold jewellery manufacturer, but price volatility, revenue concentration, and a GMP of ₹0 suggest it may be more suitable for long-term, risk-tolerant investors.
With a current GMP of ₹0, no immediate listing gains are indicated. Returns will largely depend on the company’s long-term business performance.
The Grover Jewells IPO opens on February 4, 2026, and closes on February 6, 2026.
The IPO lot size is 1,600 shares. Retail investors must apply for a minimum of 2 lots (3,200 shares), requiring an investment of ₹2,81,600 at the upper price band.
The allotment for the Grover Jewells IPO is expected on February 9, 2026.
The Grover Jewells IPO is scheduled to list on February 11, 2026, on the NSE SME.
