Editor’s Note
Grover Jewels Limited’s SME IPO, valued at ₹33.83 crore, concluded its subscription period on February 6. The offering, priced between ₹83 and ₹88 per share, was met with solid investor interest despite a conservative grey market premium.
Grover Jewels Limited’s (Grover Jewells IPO) SME IPO of ₹33.83 crore closed on February 6. The issue, with a price band of ₹83 to ₹88, was entirely a fresh issue. Despite a modest GMP (Grey Market Premium), the issue received a good response from investors.
According to market sources, the Grover Jewells IPO GMP in the unlisted market is ₹2.6, which is 2.9% higher than the cap price. Based on the cap price and the current GMP, indications are that the estimated listing price for Grover Jewells IPO could be ₹90.6, potentially offering investors a modest listing gain. However, GMP is merely an indicator and is subject to rapid changes.
Shares from the Grover Jewels IPO will be listed on the NSE SME on February 11. The share allotment will be finalized on February 9. Investors can check how many shares they have been allotted by visiting the website of the registrar for this issue, which is Maashitla Securities Private Limited. Here are the easy steps:
Step 1: Go to the website of Maashitla Securities Private Limited.
Step 2: Select the company name from the dropdown.
Step 3: Enter your PAN number, Demat account number, or application number and click submit.
Established in 2021, Grover Jewels is in the business of manufacturing and designing wholesale gold jewelry. The company’s product portfolio spans plain gold, studded, and semi-finished jewelry. It prepares jewelry in 22-carat, 20-carat, and 18-carat categories.
The company operates through two showrooms in Karol Bagh and Chandni Chowk in Delhi and targets the wholesale, retail, and direct consumer segments.
Grover Jewels has built a B2B network in about 20 states. Additionally, the company has taken steps into the international market and has started exports to Australia and the UAE. Operationally, the company engages in both machine-made chain manufacturing and casting jewelry production, enabling it to serve both bulk demand and design-based orders.
A major portion of the funds raised from the IPO will be used by the company to meet its working capital requirements. The remaining amount has been earmarked for general corporate purposes.
The company’s financial figures show growth. In the year ending March 2025, Grover Jewels recorded revenue of ₹460.95 crore and a PAT (Profit After Tax) of ₹7.62 crore. In the financial year 2024, the company’s profit was ₹2.78 crore.