Grover Jewells was incorporated on October 12, 2021. The company manufactures wholesale gold jewellery including chains, bangles, rings and sets, operates in-house production in Delhi, and sells through B2B channels and two retail showrooms
| Bidding Dates |
|---|
| 04 Feb 2026 - 06 Feb 2026 |
| Subscription |
|---|
| 17.88x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,65,600 | 2 | 2 | 1600 | 3.8 M | ₹83 - ₹88 | 73.48 % | ₹319.1 M - ₹338.3 M | RHP DOC |
Grover Jewells IPO SUBSCRIPTION STATUS
06 Feb '26Grover Jewells IPO overall subscription rate was 17.88 times the total available shares
Grover Jewells IPO retail subscription rate was 20.92 times in the retail segment
Grover Jewells IPO non-institutional investor subscription rate was 50.41 times in the non-institutional investor category
Grover Jewells IPO Qualified Institutional Bidder subscription rate was 6 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
06 Feb 2026 (Day 3) | 20.92x | 50.41x | 6x |
05 Feb 2026 (Day 2) | 4.45x | 9.09x | 2.02x |
04 Feb 2026 (Day 1) | 1.55x | 3.27x | - |
Grover Jewells FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 7MFY26 | 473.2 | 10.5 | -12.3 | -16.2 | 3.1% |
| FY25 | 460.8 | 7.6 | 0.2 | -1.8 | 2.4% |
| FY24 | 257.9 | 2.8 | 2.6 | 0.4 | 1.8% |
| FY23 | 255.1 | 2.7 | 1.7 | -0.1 | 1.6% |
Grover Jewells IPO SUBSCRIPTION STATUS DETAILS
Grover Jewells had 3.8 M shares on offer
Grover Jewells IPO offer price was in the range ₹83 - ₹88
Grover Jewells IPO minimum Investment was ₹265600
Grover Jewells IPO issue size was ₹ 319.1 M - ₹ 338.3 M
Grover Jewells had a minimum lot size of 1600 Shares per application
Grover Jewells NUMBER OF SHARES ON OFFER
Grover Jewells IPO IMPORTANT DATES
| Issue Open Date | 04 Feb 2026 |
| Issue close Date | 06 Feb 2026 |
| Allotment Date | 09 Feb 2026 |
| Refund Date | 10 Feb 2026 |
| Demat Account Credit Date | 10 Feb 2026 |
| Listing Date | 11 Feb 2026 |
| Listing on Exchange(s) | NSE |
| Grover Jewells Allotment Status | Exchange/ Registrar |
Grover Jewells IPO subscription opened on 04 Feb 2026, and closed on 06 Feb 2026
IPO allotment for Grover Jewells was finalized on Monday, 09 Feb 2026
IPO listing for Grover Jewells was on NSE on Wednesday, 11 Feb 2026
Grover Jewells IPO LISTING GAINS
| Issue Price (adjusted) | 88.0 |
| Listing Open Price | 96.0 |
| Listing Close Price | 100.8 |
| Listing Gain% | 9.1% |
| Current Gain% | 113.6% |
Grover Jewells Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grover Jewells Ltd. | 188 | 272.7 | 12.9 | 0.1 | 0.3 | 30.5 | 20.5 | 824.8 | 78.9 | 21.2 | 177.7 | 14.6 | 177.7 |
| Titan Company Ltd. | 4941 | 438655.2 | 76.2 | 1.4 | 4.7 | 32.3 | 8.4 | 88136 | 44.6 | 5073 | 52 | 64.9 | 55.1 |
| Kalyan Jewellers India Ltd. | 606.3 | 62615.7 | 43.6 | 0.6 | 1.6 | 21.4 | 6.5 | 35950.9 | 42.7 | 1350.4 | 88.9 | 13.9 | 79.1 |
| Thangamayil Jewellery Ltd. | 5275 | 16404 | 41.9 | 0.2 | 1.7 | 24.8 | 9.2 | 8513.8 | 73.2 | 351.6 | 196.2 | 125.7 | 262.5 |
| Bluestone Jewellery and Lifestyle Ltd. | 814.5 | 12441.4 | 220.9 | 1.7 | 4.6 | 0.8 | 0.3 | 2486 | 35.8 | 14.8 | 106.7 | 3.7 | 128.6 |
| Sky Gold and Diamonds Ltd. | 719.4 | 11141.6 | 40.5 | 0.4 | 1.8 | 23 | 12.5 | 6331.3 | 76.8 | 275.3 | 107.5 | 17.8 | 107.5 |
Grover Jewells INFORMATION ON IPO ISSUE
About Grover Jewells
Grover Jewells was incorporated on October 12, 2021. The company manufactures wholesale gold jewellery including chains, bangles, rings and sets, operates in-house production in Delhi, and sells through B2B channels and two retail showrooms
Object of the Issue
- To meet working capital requirements
- General corporate purposes
Grover Jewells - PROMOTERS
| Name |
|---|
| Deepak Kumar Grover |
| Lavkesh Kumar Grover |
| Bhawna Grover |
Grover Jewells - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Deepak Kumar Grover | Managing Director |
| Lavkesh Kumar Grover | Executive Director |
| Bhawna Grover | Non-Executive Director |
| Ayush Garg | Independent Director |
| Tanishq Gakhar | Independent Director |
Grover Jewells Book Running Lead Manager
Finshore Management Services Limited
info@finshoregroup.com
Grover Jewells Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
Grover Jewells Strengths
In-house production
The company operates a fully integrated in-house manufacturing facility, covering all stages from design to final packaging. Equipped with advanced Italian, Chinese, and German machinery, it ensures precision, efficiency, and scalability
Diverse product portfolio
The company offers a wide range of jewellery, including Casting Jewellery, Cuban Chains, CZ Casting Jewellery, rings, pendants, necklaces, bracelets, bangles, and earrings in 18K, 20K, and 22K gold. Its in-house design team supports traditional, contemporary, fusion, and custom designs, enhancing market relevance, customer loyalty, and revenue opportunities across domestic and international markets
B2B quality focus
The company emphasizes rigorous quality control across all production stages. Advanced in-house facilities for XRF purity testing, plating, and polishing ensure gold purity, durability, and consistent finishing. This internal control minimizes reliance on vendors, maintains timelines, and builds trust with B2B clients
Grover Jewells Risks
Leased properties
The company operates its registered office and one showroom under lease and leave-and-license agreements. Non-renewal or early termination could require relocation, leading to time, cost, and operational disruption
Price volatility
The company’s jewellery business is exposed to fluctuations in gold prices and changing consumer preferences. Rising gold prices may increase production costs and pressure margins, while sudden price declines may impact inventory valuation
Regional concentration
The company generates a significant portion of its revenue from Delhi and nearby states such as Uttar Pradesh, Haryana, and Uttarakhand. Economic, political, social, or regulatory disruptions in these regions could adversely impact operations, revenue, and financial performance
IPO FAQs
The promoters of the company are Deepak Kumar Grover, Lavkesh Kumar Grover and Bhawna Grover.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 83.0 - 88.0.
The IPO application opens on Feb 04, 2026 and closes on Feb 06, 2026.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 265,600.0, the maximum value for this IPO is Rs 281,600.0.
This IPO will be allotted on Feb 09, 2026.
The refund will be credited to your account on Feb 10, 2026.
The allotted shares will be credited to your demat on Feb 10, 2026.
Grover Jewells Ltd.’s shares listed on the stock exchanges on Feb 11, 2026.