What is the GMP of Grover Jewells Limited IPO today?

The Grey Market Premium (GMP) for Grover Jewells Limited IPO is currently ₹0. With an upper price band of ₹88, the estimated listing price is ₹88 per share, reflecting an expected listing gain of ~0%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Grover Jewells Limited IPO?

The price band for Grover Jewells Limited IPO is ₹83 to ₹88 per equity share. The minimum lot size is 1600 shares, which requires a minimum retail application investment of ₹1,40,800.

What are the important dates for Grover Jewells Limited IPO?

Grover Jewells Limited IPO opens for subscription on 2026-02-04T00:00:00 and closes on 2026-02-06T00:00:00. The basis of allotment is scheduled for 2026-02-09T00:00:00, and shares are expected to list on 2026-02-11T00:00:00 on BSE, NSE.

How can I check the allotment status for Grover Jewells Limited IPO?

You can check Grover Jewells Limited IPO allotment status on the registrar's official portal (Maashitla Securities Pvt Ltd) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Grover Jewells Limited IPO?

Investors can apply for Grover Jewells Limited IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Grover Jewells Limited IPO open and close?

The IPO opens on 4 Feb 2026, and closes on 6 Feb 2026.

What is Grover Jewells Limited IPO price band?

The issue price band is ₹83.00 to ₹88.00 per equity share.

What is the Grover Jewells Limited IPO lot size?

The minimum lot size is 1600 shares per application.

What is the Grover Jewells Limited IPO allotment date?

The allotment is scheduled on 9 Feb 2026.

Grover Jewells Limited IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

34.00 Cr

Price Band

₹83.00 - ₹88.00

Lot Size

1600 Shares

Min Investment

₹2,81,600

GMP

₹0

Subscription

19.16x

₹431.37 Cr

04 Feb 2026

IPO Opens

COMPLETED

06 Feb 2026

IPO Closes

COMPLETED

09 Feb 2026

Basis of Allotment

COMPLETED

10 Feb 2026

Refunds

COMPLETED

10 Feb 2026

Demat Credit

COMPLETED

11 Feb 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

04 Feb 2026

IPO ClosesDONE

06 Feb 2026

Basis of AllotmentDONE

09 Feb 2026

RefundsDONE

10 Feb 2026

Demat CreditDONE

10 Feb 2026

ListingDONE

11 Feb 2026

About Grover Jewells Limited IPO

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 to raise around ₹33.83 crores via IPO that comprises fresh issue of ₹33.83 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

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.

The company reported revenue of ₹460.95 crores in 2025 against ₹258.00 crores in 2024. The company reported profit of ₹7.62 crores in 2025 against profit of ₹2.78 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Grover Jewells Limited IPO Details and Specifications
IPO Date	04 Feb 2026 to 06 Feb 2026
Face Value	₹10 Per Share
Price Band	₹83.00 - ₹88.00
Lot Size	1600 Shares
Total Issue Size	Approx 34.00 Cr 38,44,800 Equity Shares
Fresh Issue	Approx 34.00 Cr 38,44,800 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	35.06%
Sale Type	Fresh Issue
Issue Type	Bookbuilding IPO
Listing Date	11 Feb 2026
Listing At	NSE
Total Subscription Amount	₹431.37 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	18,22,400	49.91%
- Anchor	10,92,800	0.00%
- QIB (Ex. Anchor)	7,29,600	0.00%
NII	5,48,800	15.03%
- bNII > ₹10L	3,64,800	0.00%
- sNII < ₹10L	1,84,000	0.00%
Retail	12,80,000	35.06%
Total	36,51,200	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	3,200	₹2,81,600
Individual investors (Retail) (Max)	2	3,200	₹2,81,600
S-HNI (Min)	3	4,800	₹4,22,400
S-HNI (Max)	7	11,200	₹9,85,600
B-HNI (Min)	8	12,800	₹11,26,400

About Company

Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market.

Further, the company’s 22,20 and 18 karat gold provide plain gold, studded, and semi-finished jewellery. Moreover, It sells both hallmarked and non-hallmarked jewellery through its two showrooms, which are located in Karol Bagh and Chandni Chowk in Delhi.

Based in Delhi, the company has built a strong business-to-business network across around 20 states in India. It has also expanded internationally, with exports to countries like Australia and the UAE.

Contact Details

Grover Jewells Ltd.

House No C-44/5

1st Floor Lawrance, Road Industrial Area

Keshavpuram Ind Area, North West

Delhi, New Delhi, 110035

+91 9218012596

cs@groverjewells.com

Visit Website

Registrar

Maashitla Securities Pvt Ltd

+91-11-45121795

ipo@maashitla.com

Lead Managers

Finshore Management Services Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
11-Feb-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
10-Feb-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
09-Feb-2026 12:00 PM	+₹2	₹90	+2.27%	₹3,200
07-Feb-2026 12:00 PM	+₹3	₹91	+3.41%	₹4,800
06-Feb-2026 12:00 PM	+₹3	₹91	+3.41%	₹4,800
05-Feb-2026 12:00 PM	+₹2	₹90	+2.27%	₹3,200
04-Feb-2026 12:00 PM	+₹0	₹88	+0.00%	₹0
03-Feb-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
02-Feb-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
01-Feb-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
31-Jan-2026 09:30 AM	+₹0	₹88	+0.00%	₹0
30-Jan-2026 09:30 AM	+₹0	₹88	+0.00%	₹0

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	11.32x	7,29,600	82,56,000	₹72.65 Cr
NII	37.57x	5,48,800	2,06,16,000	₹181.42 Cr
bNII > ₹10L	44.63x	3,64,800	1,62,81,600	₹143.28 Cr
sNII < ₹10L	23.56x	1,84,000	43,34,400	₹38.14 Cr
Retail	15.74x	12,80,000	2,01,47,200	₹177.30 Cr
Total	19.16x	25,58,400	4,90,19,200	₹431.37 Cr

Objects of the Issue

01 Working Capital Requirements : 25.34 Cr
02 General Corporate Purpose : 4.50 Cr
03 Issue Expenses : 3.99 Cr

Company Financials

Period Ended	31 OCT 2025	31 MAR 2025	31 MAR 2024
Total Income	473.22	460.95	258.00
Profit After Tax	10.45	7.62	2.78
EBITDA	14.62	11.26	4.71
NET Worth	27.14	16.69	9.07
Reserves and Surplus	16.48	14.03	6.41
Total Borrowing	28.30	9.34	4.17

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
ROCE	45.00%
Debt/Equity Ratio	0.56
Return on Net Worth (RoNW)	45.67%
PAT Margin	1.65%
EBITDA Margin	2.44%
Net Asset Value (NAV)	₹15.66
Earning Per Share (EPS)	₹7.15
Price/Earning P/E Ratio	-

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Utssav CZ Gold Jewels Limited	11.63	19.01	53.23	19.76	646.32
RBZ Jewellers Limited	9.70	14.18	61.26	15.86	530.15
Retaggio Industries Limited	2.60	9.08	13.51	11.57	23.49
Shanti Gold International Limited	10.34	20.71	21.13	36.56	1,106.41

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover, Mrs. Bhawna Grover are the company's promoters of Grover Jewells Limited.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	100.00%	73.48%
Others*	0.00%	26.52%

Strengths

1. Grover Jewells claims to operate a fully integrated, in-house jewellery manufacturing facility that covers design, production, finishing, and packaging. The company states that this centralised setup helps reduce dependency on external vendors and allows closer control over production processes and material movement.
2. The company claims to manufacture a wide range of gold jewellery products, including casting jewellery, chains, rings, bangles, necklaces, bracelets, and earrings. These products are offered primarily in 22 Karat, 20 Karat, and 18 Karat gold and cater to both standardised and custom design requirements.
3. Grover Jewells claims to primarily serve the B2B segment, supplying jewellery to dealers, showrooms, and retailers across multiple regions. The company states that it follows multi-level internal quality checks, especially for products where hallmarking is not mandatory.
4. The company claims to have in-house facilities for processes such as purity testing, plating, and polishing. It states that managing these functions internally allows better control over consistency, timelines, and product specifications.
5. Grover Jewells claims to have an established B2B customer base across around 20 states in India. The company also states that it has undertaken jewellery exports to markets such as Australia and the UAE.
6. The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 255.10 crore in FY23 to Rs 257.91 crore in FY24 and Rs 460.80 crore in FY25. PAT increased from Rs 2.70 crore in FY23 to Rs 2.78 crore in FY24 and Rs 7.62 crore in FY25.

Risks

1. The company reported negative cash flow from operating activities amounting to Rs 12.28 crore for the period ended October 31, 2025. This was mainly due to an increase in trade receivables, short-term loans, and advances. Additionally, negative cash flow from investing activities amounted to Rs 7.14 crore for the period ended October 31, 2025; Rs 2.10 crore in FY25; Rs 2.19 crore in FY24; and Rs 1.75 crore in FY23, mainly on account of capital expenditure and non-current investments. The company also reported a net decrease in cash and cash equivalents amounting to Rs 1.57 crore for the period ended October 31, 2025. Sustained negative cash flows or inability to generate positive cash flows in the future could adversely affect the company’s liquidity, business operations, and financial condition.
2. Grover Jewells operates in the gold jewellery segment, where profitability is directly impacted by fluctuations in gold prices. Sustained increases in gold prices can raise raw material and production costs and put pressure on margins, while sudden declines may negatively affect inventory valuation where stock has been procured at higher prices. Additionally, changes in consumer preferences driven by fashion trends and cultural factors require continuous design adaptation, and failure to respond effectively to these shifts could lead to excess inventory, reduced sales, and erosion of market position.
3. Grover Jewells’ business operations and revenue generation are primarily concentrated in Delhi and neighbouring states such as Uttar Pradesh, Haryana, and Uttarakhand. This geographic dependence makes the company susceptible to region-specific risks, including economic slowdowns, regulatory changes, social or political disruptions, and natural events in these states. Any adverse political, social, economic, or policy-related developments in these regions, or delays in expanding into other domestic or international markets, could negatively impact the company’s business performance, financial condition, and growth prospects.
4. Chains accounted for Rs 456.55 crore (96.48 percent) of the company’s total turnover for the period ended October 31, 2025; Rs 447.95 crore (97.21 percent) in FY25; Rs 253.20 crore (98.17 percent) in FY24; and Rs 252.38 crore (98.94 percent) in FY23. Any reduction in demand for chains, disruptions in manufacturing, changes in customer preferences, pricing pressures, or operational issues affecting chain production could adversely impact the company’s revenue, financial condition, and results of operations.
5. The B2B segment accounted for Rs 468.23 crore (98.95 percent) of the company’s revenue for the period ended October 31, 2025; Rs 457.86 crore (99.36 percent) in FY25; Rs 257.45 crore (99.82 percent) in FY24; and Rs 255.09 crore (99.99 percent) in FY23. Any adverse developments affecting wholesalers, small retailers, or the broader B2B jewellery trade, or delays in successfully expanding direct-to-consumer (D2C) operations, could adversely affect the company’s revenue diversification, business stability, and financial performance.
6. The top customer accounted for Rs 87.94 crore (18.59 percent) of the company’s revenue for the period ended October 31, 2025; Rs 47.44 crore (10.29 percent) in FY25; Rs 41.82 crore (16.21 percent) in FY24; and Rs 32.95 crore (12.92 percent) in FY23. Loss of this client, reduction in order volumes, changes in sourcing strategies, or cancellation or cut in purchase orders could adversely affect the company’s business stability, results of operations, and financial condition.

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About Grover Jewells Limited IPO

IPO Details

Grover Jewells Limited IPO Details and Specifications
IPO Date	04 Feb 2026 to 06 Feb 2026
Face Value	₹10 Per Share
Price Band	₹83.00 - ₹88.00
Lot Size	1600 Shares
Total Issue Size	Approx 34.00 Cr 38,44,800 Equity Shares
Fresh Issue	Approx 34.00 Cr 38,44,800 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	35.06%
Sale Type	Fresh Issue
Issue Type	Bookbuilding IPO
Listing Date	11 Feb 2026
Listing At	NSE
Total Subscription Amount	₹431.37 Cr

Investor Category

Shares Offered

% Net Issue

QIB

18,22,400

49.91%

- Anchor

10,92,800

0.00%

- QIB (Ex. Anchor)

7,29,600

0.00%

NII

5,48,800

15.03%

- bNII > ₹10L

3,64,800

0.00%

- sNII < ₹10L

1,84,000

0.00%

Retail

12,80,000

35.06%

Total

36,51,200

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

3,200

₹2,81,600

Individual investors (Retail) (Max)

3,200

₹2,81,600

S-HNI (Min)

4,800

₹4,22,400

S-HNI (Max)

11,200

₹9,85,600

B-HNI (Min)

12,800

₹11,26,400

About Company

Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market.

Contact Details

Grover Jewells Ltd.

House No C-44/5

1st Floor Lawrance, Road Industrial Area

Keshavpuram Ind Area, North West

Delhi, New Delhi, 110035

+91 9218012596

cs@groverjewells.com

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

11-Feb-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

10-Feb-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

09-Feb-2026 12:00 PM

+₹2

₹90

+2.27%

₹3,200

07-Feb-2026 12:00 PM

+₹3

₹91

+3.41%

₹4,800

06-Feb-2026 12:00 PM

+₹3

₹91

+3.41%

₹4,800

05-Feb-2026 12:00 PM

+₹2

₹90

+2.27%

₹3,200

04-Feb-2026 12:00 PM

+₹0

₹88

+0.00%

₹0

03-Feb-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

02-Feb-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

01-Feb-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

31-Jan-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

30-Jan-2026 09:30 AM

+₹0

₹88

+0.00%

₹0

Grover Jewells Limited IPO Details

About Grover Jewells Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Grover Jewells Limited IPO open and close?

What is Grover Jewells Limited IPO price band?

What is the Grover Jewells Limited IPO lot size?

What is the Grover Jewells Limited IPO allotment date?

What is the Grover Jewells Limited IPO listing date?

What is the minimum investment required in Grover Jewells Limited IPO?

Join the discussion

Grover Jewells Limited IPO Details

About Grover Jewells Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Grover Jewells Limited IPO open and close?

What is Grover Jewells Limited IPO price band?

What is the Grover Jewells Limited IPO lot size?

What is the Grover Jewells Limited IPO allotment date?

What is the Grover Jewells Limited IPO listing date?

What is the minimum investment required in Grover Jewells Limited IPO?

Join the discussion