Grover Jewells’ IPO price band is ₹83 to ₹88 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Grover Jewells’ IPO to list on NSE SME on February 11, 2026. The allotment of Grover Jewells’ IPO date is February 9, 2026.
Grover Jewells’ IPO open date is February 4, 2026, and the IPO will close on February 6, 2026. Grover Jewells’ IPO is a Book build Issue. The company plans to raise around ₹33.83 crores via IPO that comprises a fresh issue of ₹33.83 crores and offer for sale up to equity shares with a face value of ₹10 each.
The company reported revenue of ₹460.95 crores in 2025 against ₹258.00 crores in 2024. The company reported a profit of ₹7.62 crores in 2025 against a profit of ₹2.78 crores in 2024. As per the financials, the IPO investors should apply the IPO for a long term.
Grover Jewells IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Grover Jewells IPO |
| Company | Grover Jewells Limited |
| Exchange | NSE SME |
| Issue Type | Book Built Issue |
| Face Value | ₹10 per equity share |
| Price Band | ₹83 – ₹88 per share |
| Issue Size | ₹33.83 Crore |
| Fresh Issue | 38.44 lakh equity shares |
| Market Maker Portion | As per SME norms |
Grover Jewells IPO Review & Key Points
Key Positives
- Established gold jewellery manufacturer and wholesaler
- Strong promoter experience in jewellery trade
- Consistent revenue growth as per DRHP
- Focus on organised B2B jewellery market
Key Risks
- Highly working-capital intensive business
- Exposure to gold price volatility
- Thin operating margins
- SME platform with lower liquidity
IPO Verdict:
This IPO is suitable for high-risk investors with an understanding of SME stocks.
Grover Jewells IPO Market Lot
| Category | Lots | Shares | Amount (₹88) |
|---|---|---|---|
| Retail (Minimum) | 2 | 3,200 | ₹2,81,600 |
| HNI (Minimum) | 3 | 4,800 | ₹4,22,400 |
IPO Reservation
| Category | Reservation |
|---|---|
| Retail Individual Investors | As per SME rules |
| Non-Institutional Investors | As applicable |
| QIB | As applicable |
| Market Maker | Reserved |
Grover Jewells IPO Anchor Investors
- Anchor Investor Portion: Not applicable
(SME IPOs generally do not include anchor investors)
Grover Jewells IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | 4 February 2026 |
| IPO Close Date | 6 February 2026 |
| Basis of Allotment | 9 February 2026 |
| Refunds Initiation | 10 February 2026 |
| Shares Credit | 10 February 2026 |
| Listing Date | 11 February 2026 |
Promoters and Holding Pattern
Promoters
- Mr. Harsh Grover
- Mr. Mohit Grover
The promoters have long-standing experience in the gold jewellery manufacturing and wholesale business.
Shareholding Pattern
| Shareholder | Pre-IPO | Post-IPO |
|---|---|---|
| Promoters | 100% | Majority stake retained |
| Public | Nil | Balance shares |
Objects of the Issue & Utilisation of Proceeds
As per DRHP, the IPO proceeds will be utilised for:
- Working capital requirements
- General corporate purposes
About Grover Jewells IPO (Company Overview)
Grover Jewells Limited is engaged in the manufacturing and wholesale trading of gold jewellery, specialising in traditional and modern designs. The company supplies jewellery mainly to retail jewellers across India and operates on a B2B business model.
The company focuses on design precision, quality assurance, and long-term client relationships.
Grover Jewells IPO Company Financial Report
| Financial Year | Revenue (₹ Cr) | Profit After Tax (₹ Cr) |
|---|---|---|
| FY2023 | 157.24 | 1.15 |
| FY2024 | 205.59 | 2.10 |
| FY2025 | 276.49 | 3.35 |
➡️ Shows steady growth in revenue and profitability.
Grover Jewells IPO Valuation – FY2025
- Based on FY25 earnings, the IPO is valued at a moderate P/E compared to SME peers
- Valuation reflects growth but leaves limited margin of safety
- Suitable mainly for listing gains / medium-term investors
Peer Group Comparison
| Company Type | Comparison |
|---|---|
| SME Jewellery Companies | Similar margins |
| Branded Jewellery Players | Higher valuation & brand premium |
| Unorganised Jewellers | Lower compliance & scalability |
Grover Jewells competes mainly with organised SME jewellery manufacturers.
IPO Lead Managers aka Merchant Bankers
- Lead Manager: Horizon Management Private Limited
Company Address
Registered Office:
House No. C-44/5, 1st Floor,
Lawrance Road Industrial Area,
Keshavpuram Industrial Area,
North West Delhi – 110035, India
📧 Email: cs@groverjewells.com
🌐 Website: www.groverjewells.com
IPO Registrar
- Registrar to the Issue: Maashitla Securities Private Limited
Grover Jewells IPO FAQs
Q1. Is Grover Jewells IPO an SME IPO?
Yes, it will list on NSE SME.
Q2. What is the minimum investment?
₹2.81 lakh for retail investors.
Q3. Is this IPO suitable for beginners?
No, SME IPOs are suitable for experienced, high-risk investors.
Q4. What is the listing date?
Expected on 11 February 2026.
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