The Grover Jewells IPO achieved 1.76 times subscription on the second day of bidding as of 12:40 pm on Thursday, February 5. According to data from NSE, the issue has received bids for 48,48,000 shares against the 27,52,000 shares on offer. The Non-Institutional Investors' portion garnered bids for 20,00,000 shares, while the Individual Investors' portion received bids for 28,48,000 shares. The QIB section did not see any bids yet during this period, reflecting strong investor confidence in the company's financial track record and growth potential.
The shares of Grover Jewells were trading at a premium of ₹2.5 in the grey market, as reported by Investorgain. This grey market premium (GMP) signals that the listing price will be ₹90.5, which is 2.84% higher than the IPO price of ₹88. The company is set to make its debut on the NSE SME platform on February 11, positioning itself to carve a niche in the growing gold jewellery market backed by a robust financial foundation.
Established in 2021, Grover Jewells is involved in the design and manufacture of gold jewellery for the wholesale market. According to the report, the company's offerings span plain gold, studded, and semi-finished jewellery in 22-karat, 20-karat, and 18-karat ranges. The company runs two showrooms located in Delhi's Karol Bagh and Chandni Chowk, serving wholesale, retail, and direct-to-consumer customers. With its upcoming listing on the NSE SME platform, Grover Jewells is set to establish itself in the competitive gold jewellery sector.
The Grover Jewells IPO is entirely a fresh issue seeking to raise ₹33.83 crore and will remain open for subscription until February 6. As reported, the company has set the price band for the issue at ₹83–88 per share with investors able to bid in lots of 1,600 shares. The minimum retail application amounts to ₹2,81,600 for 3,200 shares, requiring application for at least two lots. The issue consists of 38.44 lakh equity shares, with nearly ₹32 crore available for public subscription after allotment to the market maker. Allocation under book-building norms includes up to 50% for Qualified Institutional Buyers, minimum 35% for Retail Investors, and minimum 15% for Non-Institutional Investors.
Prior to the IPO opening, Grover Jewells raised ₹9.62 crore from anchor investors on February 3, demonstrating early market interest. According to the report, the company demonstrated consistent expansion in both scale and profitability, recording revenue of ₹460.95 crore and profit after tax of ₹7.62 crore for the year ended March 2025, up from ₹2.78 crore in FY24. The company intends to deploy the IPO funds primarily for working capital requirements, ensuring smooth operations and continued growth, while the remaining portion will be utilized for general corporate purposes. Finshore Management Services serves as the book-running lead manager, while Maashitla Securities has been appointed as the registrar for the issue.
