Grover Jewells IPO – Key Details

• Company: Grover Jewells Limited specializes in manufacturing and designing wholesale gold jewellery (22K, 20K, 18K) including chains, casting and studded pieces. Fully integrated facility in Delhi; serves B2B clients across India and select international markets.

• IPO size: ₹33.83 crore entirely fresh issue of 38,44,800 equity shares (FV ₹10), no OFS. Post‑IPO promoters hold ~73.5%; public share ~26.5%.
• Price band: ₹83–₹88 per share.
• Sale Type :- Fresh Capital
• Lot size: 1,600 shares (minimum retail bid: ₹1,32,800–₹1,40,800).
  • Retail max: 2 lots (3,200 shares, ~₹2,81,600).
  • sNII min: 3 lots (4,800 shares).

• IPO timeline:

  • Anchor: Feb 3, 2026.

  • Open: Feb 4–6, 2026.
  • Allotment: Feb 9, 2026.
  • Refunds/Demat: Feb 10, 2026.
  • Listing: Feb 11, 2026 (NSE SME).
• IPO Reservation :-

Grover Jewells IPO offers total 38,44,800 shares. Out of which 18,22,400 (47.40%) allocated to QIB, 7,29,600 (18.98%) allocated to QIB (Ex- Anchor), 5,48,800 (14.27%) allocated to NII 12,80,000 (33.29%) allocated to RII and 10,92,800 (28.42%) allocated to Anchor investors.

• Market Cap : Rs. 127.66 crore
• Lead manager: Finshore Management Services Ltd. Registrar: MUFG Intime India.
• IPO Subscription Status

The Grover Jewells IPO is subscribed 4.17 times on February 5, 2026 6:53:21 PM (Day 2). The public issue subscribed 3.38 times in the individual investors category, 3.82 times in the QIB category, and 6.49 times in the NII category. 

Company Financials (Restated)

IPO Objective :-

• Working Capital Requirements

• General corporate purposes

Strengths

• Niche expertise in gold jewellery manufacturing with fully integrated Delhi facility and quality focus across 22K/20K/18K formats.
• 100% fresh issue: All proceeds strengthen working capital, expansion and capex – no promoter exits.
• Strategic diversification: Plans to expand into southern India, international markets, B2C retail and new products, riding organised jewellery wave.
• Stable job work revenue: Labour charges from small jewellers provide recurring income alongside core wholesale.
• NSE SME momentum: Timely listing amid rising investor interest in manufacturing/consumer SME IPOs.
• Conservative structure: Post‑IPO promoters retain 73.5% stake, signaling long‑term commitment.

Risks

• Commodity price volatility: Gold price swings directly impact margins, inventory valuation and working capital needs.
• Wholesale dependency: B2B model vulnerable to client concentration, payment cycles and competition from unorganised players.
• Retail execution risk: B2C expansion requires new capabilities (store ops, branding, inventory mgmt) with uncertain timelines/ROI.
• Working capital intensity: Jewellery business needs heavy funding for gold inventory; execution on ₹25.34 Cr allocation critical.
• SME liquidity: NSE SME stocks often face thin trading, wide spreads and valuation volatility post‑listing.
• Regulatory/geopolitical: Export plans face global trade barriers, gold import duties and compliance hurdles.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. When does the Grover Jewells IPO open and close?
The Grover Jewells IPO opens on February 4, 2026, and closes on February 6, 2026, with allotment around February 9 and listing on February 11 on NSE SME.

2. What is the Grover Jewells IPO price band and lot size?
Price band: ₹83–₹88 per share. Lot size: 1,600 shares (minimum investment ~₹1,32,800–₹1,40,800 at band ends).

3. What is the Grover Jewells IPO issue size?
₹33.83 crore entirely fresh issue of 38,44,800 equity shares (FV ₹10). No OFS component.

4. How will Grover Jewells use IPO proceeds?
₹25.34 Cr for working capital; balance for general corporate purposes including expansion, B2C retail, southern India, international and product diversification.

5. Where will Grover Jewells shares list?
NSE SME Emerge platform on February 11, 2026.

6. Who are Grover Jewells promoters?
Promoters retain ~73.5% post‑listing (pre‑IPO 100%). No promoter selling in OFS.