Grover Jewells has fixed the price band for the issue at Rs 83 to Rs 88 per share. Investors can apply in lots of 1,600 shares, with the minimum retail investment set at Rs 2,81,600 for 3,200 shares.
The public issue comprises 38.44 lakh equity shares, of which about Rs 32 crore is offered to the public after allocating shares to the market maker. Under the book-building process, up to 50% of the net issue is reserved for qualified institutional buyers, at least 35% for retail investors and a minimum of 15% for non-institutional investors. Ahead of the issue opening, the company raised Rs 9.62 crore from anchor investors on February 3.
Incorporated in 2021, Grover Jewells is engaged in the manufacturing and designing of wholesale gold jewellery. Its product portfolio includes plain gold, studded and semi-finished jewellery across 22 karat, 20 karat and 18 karat categories. The company operates through two showrooms in Delhi’s Karol Bagh and Chandni Chowk and caters to wholesale, retail and direct consumer segments.
Grover Jewells has built a B2B presence across around 20 states and has also expanded internationally with exports to Australia and the UAE. Operationally, it runs machine-made chain manufacturing as well as casting jewellery production, allowing it to serve both bulk demand and design-led orders.
The proceeds from the IPO will be primarily used to meet working capital requirements, with the remaining amount earmarked for general corporate purposes. On the financial front, the company has reported steady growth in scale and profitability. For the year ended March 2025, it posted revenue of Rs 460.95 crore and a profit after tax of Rs 7.62 crore, compared with Rs 2.78 crore in FY24.
The issue is being managed by Finshore Management Services as the book-running lead manager, while Maashitla Securities is the registrar. With the grey market indicating no listing premium, investor attention is likely to remain on subscription trends across categories during the three-day bidding window.
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