Grover Jewells IPO
Bookbuilding IPO | ₹34.00 Cr | Listing at NSE SME
Closed
GMP: 0.00
IPO Open
Wed, Feb 04, 2026
IPO Close
Fri, Feb 06, 2026
Price Band
₹83.00 to ₹88.00
Market Cap (Pre-IPO)
₹127.66 Cr
IPO Details
| IPO Date | Feb 04, 2026 to Feb 06, 2026 |
| Listing Date | Tentative: Feb 11, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹83.00 to ₹88.00 |
| Lot Size | 1600 Shares (Minimum: ₹140,800.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Issue Size | ₹34.00 Crores |
| Total Shares Offered | 3,844,800 shares |
| Offer For Sale | 3,844,800 shares |
Grover Jewells IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 18,24,000 (47.44%) |
| Retail Shares Offered | 12,78,400 (33.25%) |
| NII Shares Offered | 5,48,800 (14.27%) |
Grover Jewells IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹281,600 |
| Retail (Max) | 2 | 3,200 | ₹281,600 |
| S-HNI (Min) | 3 | 4,800 | ₹422,400 |
| S-HNI (Max) | 7 | 11,200 | ₹985,600 |
| B-HNI (Min) | 8 | 12,800 | ₹1,126,400 |
Grover Jewells Financial Information (Restated Consolidated)
| Period Ended | 31 Oct 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 67.51 | 29.85 | 13.91 | 11.71 |
| Total Income | 473.22 | 460.95 | 258.00 | 255.11 |
| Profit After Tax | 10.45 | 7.62 | 2.78 | 2.71 |
| EBITDA | 14.62 | 11.26 | 4.71 | 4.10 |
| NET Worth | 27.14 | 16.69 | 9.07 | 6.29 |
| Reserves and Surplus | 16.48 | 14.03 | 6.41 | 3.63 |
| Total Borrowing | 28.30 | 9.34 | 4.17 | 3.74 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROCE (Return on Capital Employed) | 45.00% |
| Debt/Equity | 0.56 |
| RoNW (Return on Net Worth) | 45.67% |
| PAT Margin (Profit After Tax Margin) | 1.65% |
| EBITDA Margin | 2.44% |
| Price to Book Value | 5.62 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.15 | 12.35 |
| P/E (x) | 12.31 | 7.12 |
| Promoter Holding | 100.00% | 73.48% |
Company Promoters
- Mr. Deepak Kumar Grover
- Mr. Lavkesh Kumar Grover and Mrs. Bhawna Grover are the company promoters.
Company Overview
Company Overview
- Incorporated in 2021, Grover Jewells Limited is engaged in the manufacturing and designing of wholesale gold jewellery in India.
- The company specializes in plain gold, studded, and semi-finished jewellery, catering mainly to the B2B jewellery market.
Product Portfolio
- Offers gold jewellery in 22 Karat, 20 Karat, and 18 Karat variants
- Includes hallmarked and non-hallmarked jewellery
- Product range covers chains, casting jewellery, and contemporary design collections
Manufacturing & Operations
- Operates across two core segments:
- Machine-made chain manufacturing
- Casting jewellery production
- Enables high-volume production, design flexibility, consistent quality, and timely delivery
Sales & Distribution
- Sales classified into wholesale sales, retail sales, and consumer sales
- Operates two retail showrooms located at Karol Bagh and Chandni Chowk, Delhi
- Headquartered in Delhi, with a strong B2B distribution network across ~20 Indian states
- International presence through exports to Australia and the UAE
Workforce
- As of August 31, 2025, the company employed 68 personnel supporting design, manufacturing, and sales operations
Use of Proceeds
| 1') | Working Capital Requirements | 21.35 |
| 2) | General corporate purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Grover Jewells IPO Peer Comparison
Grover Jewells peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Shanti Gold International | 10.34 | 0.00 | 21.13 | 20.71 | 36.56 | 9.14 | - |
| Retaggio Industries | 2.60 | 0.00 | 13.51 | 9.08 | 11.57 | 2.85 | - |
| RBZ Jewellers | 9.70 | 0.00 | 61.26 | 14.18 | 15.86 | 2.20 | - |
| Utssav CZ Gold Jewels | 11.63 | 0.00 | 53.23 | 19.01 | 19.76 | 4.17 | - |
| Grover Jewells | 7.15 | 0.00 | 15.66 | 0.00 | 45.67 | 0.00 | - |
Quick Info
| Sector | gold jewellery |
| Exchange | NSE SME |
| Market Cap (Pre-IPO) | ₹127.66 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Feb 04, 2026 |
| IPO Close | Feb 06, 2026 |
| Allotment Date | Feb 09, 2026 |
| Credit to Demat | Feb 10, 2026 |
| Listing Date | Tentative: Feb 11, 2026 |
Lead Manager(s)
Finshore Management Services Ltd.
Registrar
Description
- Grover Jewells IPO is a book-built SME IPO with a total issue size of ₹33.83 crore, comprising a 100% fresh issue of 0.38 crore equity shares. The IPO opens for subscription on February 4, 2026 and closes on February 6, 2026. IPO allotment is expected on February 9, 2026, while the shares are likely to list on NSE SME on February 11, 2026.
- The Grover Jewells IPO price band is fixed at ₹83–₹88 per share, with an IPO lot size of 1,600 shares. Retail investors need a minimum investment of ₹2,81,600 (3,200 shares), while HNI investors must apply for 4,800 shares worth ₹4,22,400.