Grover Jewells Limited
Bookbuilding IPO · NSE
- Price band
- ₹83 - ₹88
- Lot size
- 1,600 shares
- Issue amount
- ₹33.83 cr
- Total subscription
- 19.24×
- Opens
- 4 Feb 2026
- Closes
- 6 Feb 2026
- Allotment
- 9 Feb 2026
- Listing
- 11 Feb 2026
Offer at a glance
Issue overview
- Issue size
- 38,44,800 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,32,800
- Fresh issue
- ₹33.83 cr
- Offer for sale
- ₹0 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,40,800
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,06,62,400
- Shares after issue
- 1,45,07,200
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 3,200 | ₹2,81,600 |
| sHNI | 3 | 4,800 | ₹4,22,400 |
| bHNI | 8 | 12,800 | ₹11,26,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 6 Feb 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 7 |
| NIB | 0 | 2,131 |
| RETAIL | 400 | 6,296 |
| HNIs(10L +) | 76 | 1,237 |
| HNIs (2-10L) | 38 | 894 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 6.42 | 72.65 |
| Others | 0 | 72.65 |
| RETAIL | 11.26 | 177.3 |
| HNIs 2+ | 1.62 | 38.14 |
| HNIs 10+ | 3.21 | 144.98 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Oct-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 9.8 | 7.15 | 2.61 | 2.54 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 30.62 | 45 | 28.73 | 36.52 |
| RONW | 38.52 | 45.67 | 30.65 | 43 |
| PRE IPO(PE) | 0 | 12.31 | 0 | 0 |
| POST IPO(PE) | 7.12 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Grover Jewells | 12.31 | 88.00 | 10.00 | 15.66 | 45.67 | 7.15 |
| Shanti Gold International | 20.71 | 192.28 | 10.00 | 21.13 | 36.56 | 10.34 |
| Retaggio Industries | 9.08 | 37.70 | 10.00 | 13.51 | 11.57 | 2.60 |
| RBZ Jewellers | 14.18 | 134.27 | 10.00 | 61.26 | 15.86 | 9.70 |
| Utssav CZ Gold Jewels | 19.01 | 221.05 | 10.00 | 53.23 | 19.76 | 11.63 |
Company information
Company profile
Incorporated in 2021, Grover Jewells Limited is involved in designing and manufacturing a wide range of wholesale gold jewellery, including plain gold, studded, and semi-finished products mainly in 22, 20, and 18 Karat. The company also sells hallmarked and non-hallmarked jewellery through its showrooms in Karol Bagh and Chandni Chowk, Delhi. It operates in machine-made chain manufacturing and casting jewellery, allowing it to meet bulk demand as well as modern design preferences with consistent quality and timely delivery. Grover Jewells divides its business into wholesale, retail, and consumer sales, has a strong B2B presence across around 20 Indian states, exports to Australia and the UAE, and employed 68 people as of August 31, 2025.
Strengths
- Diversified product portfolio: across plain, studded, and semi-finished gold jewellery in multiple karat options (22K, 20K, 18K).
- Dual manufacturing capabilities: machine-made chains and casting jewellery, supporting both high-volume and design-driven demand.
- Strong B2B presence: across ~20 Indian states, with growing international exports to Australia and the U.A.E.
Risk factors
- Relatively short operating history: incorporated in 2021, limiting a long-term performance track record.
- Geographic concentration: retail operations limited to two showrooms, both located in Delhi.
- Modest workforce size: 68 employees, which may constrain rapid scaling and operational expansion.
Promoters
Mr. Deepak Kumar Grover
Mr. Lavkesh Kumar Grover
Mrs. Bhawna Grover
Registrar & documents
Lead manager
Finshore Management Services Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
House No. C-44/5, 1st Floor, Lawrance Road Industrial Area, Keshavpuram Industrial Area, North West Delhi, New Delhi, New Delhi, 110035
+91 9218012596
[email protected]Company website ↗Understanding GJL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.