Grover Jewells IPO Opens for Subscription Today: Key Details to Know 

New Delhi, 4 February 2026: Grover Jewells Ltd has opened its initial public offering for subscription today, February 4, 2026. The SME IPO will remain open until February 6, 2026, and is being closely tracked in the small-cap primary market space. 

A Brief Overview of the Company 

Incorporated in 2021, Grover Jewells Ltd is engaged in the manufacturing and designing of wholesale gold jewellery, and its offerings include plain gold, studded, and semi-finished jewellery in 22K, 20K, and 18K variants. 

The company operates across machine-made chain manufacturing and casting jewellery production. It caters to wholesale, retail, and consumer segments through a mix of B2B distribution and two company-owned showrooms in Delhi. 

Grover Jewells has built a distribution network across around 20 Indian states. It has also expanded its export presence to Australia and the UAE. 

Key Details of Grover Jewells IPO 

The Grover Jewells IPO is a book-built issue of approximately ₹33.83 crore. It consists entirely of a fresh issue of equity shares. No offer-for-sale component is included in the issue. 

The price band has been fixed at ₹83 to ₹88 per share. The total issue comprises about 38.45 lakh shares, with a lot size of 1,600 shares per application. 

Retail investors are required to apply for a minimum of two lots, translating to an investment of about ₹2.82 lakh at the upper price band. 

Grover Jewells IPO Timeline 

The IPO opened for subscription today, February 4, 2026, and will close on February 6, 2026. The basis of allotment is expected to be finalised on February 9, 2026, and refunds are likely to be initiated on February 10, 2026, with shares credited to successful applicants’ demat accounts on the same day. 

The company is scheduled to list on the NSE SME platform on February 11, 2026. 

Grover Jewells IPO Reservation Structure 

The issue allocates nearly 47.4% of the shares to qualified institutional buyers, including anchor investors. Retail investors have been allotted about 33.3% of the total issue. 

Non-institutional investors account for roughly 14.3% of the shares, while a small portion has been reserved for the market maker to support post-listing liquidity, and the remaining allocation is split between anchor investors and QIBs, excluding anchor participation. 

Financial Performance of Grover Jewells 

Grover Jewells has reported consistent growth in revenue and profitability over the past few years. For the period ended October 31, 2025, the company posted total income of over ₹473 crore, compared with ₹461 crore in FY25. 

Profit after tax increased to around ₹10.45 crore, up from ₹7.62 crore in FY25 and ₹2.78 crore in FY24. EBITDA and net worth have also shown steady improvement alongside scale-up in operations. 

The IPO proceeds will be primarily used to meet working capital requirements, with the balance allocated towards general corporate purposes. 

Ref: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_27092025215116_DRHP_GroverJewells_NSE_26092025.pdf 

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