The Grover Jewells IPO will open for subscription on February 4, 2026, and close on February 6, 2026. Investors will be able to bid for shares in the price band of ₹83 to ₹88 per share.
This is a Book Build Issue where the company aims to raise approximately ₹33.83 crores through a fresh issue. The IPO is set to list on NSE SME on February 11, 2026. The basis of allotment will be finalised on February 9, 2026.
Contents
Grover Jewells IPO Details
| Parameter | Details |
|---|---|
| IPO Open Date | February 4, 2026 |
| IPO Close Date | February 6, 2026 |
| Face Value | ₹10 per Equity Share |
| IPO Price Band | ₹83 to ₹88 per share |
| Issue Size | Approx ₹33.83 Crores |
| Fresh Issue | Approx ₹33.83 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Grover Jewells IPO
Open: 4-6 Feb
Issue Size: ₹33.83 Cr.
Objective: Raise funds mainly for working capital to grow operations and business needs.
Exchange: NSE SME
Grover Jewells IPO Review
The Grover Jewells IPO is an SME offering with a price band of ₹83-88. Retail investors have a 35% quota, Qualified Institutional Buyers (QIBs) have 50%, and High Net Worth Individuals (HNIs) have 15%. The minimum market lot is 3,200 shares requiring an application amount of ₹2,81,600 at the upper band.
The company’s revenues surged from ₹258.00 crores in FY24 to ₹460.95 crores in FY25, while profit after tax increased from ₹2.78 crores to ₹7.62 crores over the same period. These figures highlight strong business momentum, making this IPO viable for long-term investors.
Grover Jewells operates in the gold jewellery segment, with showrooms in Delhi’s Karol Bagh and Chandni Chowk. With a wide B2B network across ~20 Indian states and exports to markets like Australia and the UAE, the company’s growth prospects are underpinned by increasing demand in both domestic and international markets.
Grover Jewells IPO Market Lot
| Investor Type | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,81,600 |
| 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 |
IPO Reservation by Category
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| Anchor Investor | 10,94,400 Shares | 28.46% |
| QIB (Ex. Anchor) | 7,29,600 Shares | 18.98% |
| NII Shares Offered | 5,48,800 Shares | 14.27% |
| Retail Shares Offered | 12,78,400 Shares | 33.25% |
Grover Jewells IPO Important Dates
| Activity | Date |
|---|---|
| IPO Open Date | February 4, 2026 |
| IPO Close Date | February 6, 2026 |
| Basis of Allotment | February 9, 2026 |
| Refunds | February 10, 2026 |
| Credit to Demat Account | February 10, 2026 |
| IPO Listing Date | February 11, 2026 |
| Bidding Cut-off Time | February 6, 2026 – 5 PM |
Promoters and Shareholding Pattern
The promoters of Grover Jewells are Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover, and Mrs. Bhawna Grover.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,06,62,400 | 100% |
| Promoter Holding Post Issue | 1,45,07,200 | 73.48% |
Objects of the Issue
Proceeds from the Grover Jewells IPO will largely be used for working capital requirements, which are estimated at ₹21.35 crores.
This funding will support the business as it expands production capacity and strengthens inventory levels to meet growing consumer demand. Remaining funds will serve general corporate purposes.
Business Analysis and Financial Health
Grover Jewells has demonstrated robust revenue growth, nearly doubling from ₹258.00 crores in FY24 to ₹460.95 crores in FY25, signalling strong market traction. Profit after tax also improved significantly from ₹2.78 crores to ₹7.62 crores, reflecting better operational efficiency.
The company maintains a healthy return on equity (45.67%) and RoCE (45%), indicating efficient utilisation of capital. Its debt-to-equity ratio of 0.56 shows a conservative leverage position, reducing financial risk.
With expanding retail presence in key Indian markets and export operations in Australia and the UAE, Grover Jewells is positioned for scaling its business. Investors looking for long-term wealth creation may find this IPO aligned with fundamental growth prospects and improving profitability.
About Grover Jewells
Grover Jewells Limited was incorporated in 2021 and specialises in designing and manufacturing a wide range of gold jewellery for the wholesale market. The company offers jewellery in 22, 20, and 18 karat gold, including plain, studded, and semi-finished designs.
It markets both hallmarked and non-hallmarked products through its two showrooms in Delhi. The company has also built a strong business-to-business network across roughly 20 states in India, along with international sales in countries such as Australia and the UAE.
Grover Jewells IPO Financial Summary
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2023 | 255.11 | 250.97 | 2.71 | 11.71 |
| 2024 | 258.00 | 253.21 | 2.78 | 13.91 |
| 2025 | 460.95 | 449.55 | 7.62 | 29.85 |
| Oct 2025 | 473.22 | 458.57 | 10.45 | 67.51 |
Grover Jewells IPO Valuation – FY2025
| KPI | Value |
|---|---|
| Return on Equity (RoE) | 45.67% |
| Return on Capital Employed (RoCE) | 45.00% |
| EBITDA Margin | 2.44% |
| PAT Margin | 1.65% |
| Debt-to-Equity Ratio | 0.56 |
| Earnings Per Share (EPS) | ₹7.15 |
| PE Ratio | Not Applicable |
| Net Asset Value (NAV) | ₹15.66 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW (%) | NAV | Revenue (₹ Cr) |
|---|---|---|---|---|---|
| Shanti Gold International Limited | 10.34 | 20.71 | 36.56 | 21.13 | 1,106.41 |
| Retaggio Industries Limited | 2.60 | 9.08 | 11.57 | 13.51 | 23.49 |
| RBZ Jewellers Limited | 9.70 | 14.18 | 15.86 | 61.26 | 530.15 |
| Utssav CZ Gold Jewels Limited | 11.63 | 19.01 | 19.76 | 53.23 | 646.32 |
IPO Lead Managers & Registrar
| Category | Details |
|---|---|
| IPO Lead Manager | Finshore Management Services Ltd. |
| IPO Registrar | Maashitla Securities Pvt. Ltd. |
Company Address
| Address | Contact |
|---|---|
| Grover Jewells Ltd. | Phone: +91 9218012596 |
| House No C-44/5, 1st Floor, Lawrence Road Industrial Area, Keshavpuram Ind Area, North West Delhi, New Delhi – 110035 | Email: cs@groverjewells.com |
| Website: https://www.groverjewells.com/ | |
| Registrar Office | Phone: +91-11-45121795-96 |
| Email: ipo@maashitla.com | |
| Website: https://maashitla.com/allotment-status/public-issues |
Grover Jewells IPO FAQs
What is Grover Jewells IPO?
The Grover Jewells IPO is an SME IPO aiming to raise approximately ₹33.83 crores with a price band of ₹83 to ₹88 per share. It will be listed on NSE SME.
When will Grover Jewells IPO open and close?
The IPO opens on February 4, 2026 and closes on February 6, 2026.
What is the investor quota for this IPO?
QIB portion is 50%, NII is 15%, and Retail is 35%.
How can I apply for the Grover Jewells IPO?
You can apply through ASBA via your bank account or stockbroker. You can also bid using UPI through supported broker platforms.
What is the IPO issue size?
The issue size of the Grover Jewells IPO is ₹33.83 crores.
What is the price band?
The price band is set at ₹83 to ₹88 per share.
What is the lot size?
Minimum bid is 3,200 shares with an application value of ₹2,81,600 at upper band.
When is the allotment date?
Allotment will be finalised on February 9, 2026.
When will the IPO list on the exchange?
Listing is scheduled for February 11, 2026 on NSE SME.
Expert Comment
Grover Jewells IPO presents a promising investment opportunity given its solid revenue growth, improved profitability, and strategic positioning in both domestic wholesale markets and international exports. With a diversified product mix and strong promoters, the company’s financials show consistent improvement.
Long-term investors seeking exposure to the jewellery sector may consider subscribing, keeping in mind the typical risks associated with SME IPOs. As with any investment, careful evaluation of one’s risk appetite and investment horizon is recommended before applying.
