The Rs 34 crore IPO, which was open for subscription between February 4 and February 6, is entirely a fresh issue of 38.44 lakh equity shares. The issue was priced at Rs 88 per share, the upper end of the price band.
Despite the flat GMP, investor interest during the bidding period was reasonably healthy. The issue was subscribed 19.16 times overall, led by strong demand from non-institutional investors, where the category was subscribed over 37 times. Retail investors subscribed to the issue nearly 16 times, while qualified institutional buyers, excluding anchor investors, subscribed about 11 times. The company had also raised Rs 9.62 crore from anchor investors ahead of the issue.
Incorporated in 2021, Grover Jewells is engaged in the manufacturing and designing of wholesale gold jewellery, including plain gold, studded and semi-finished products across 22, 20 and 18 karat categories. The company operates two showrooms in Delhi’s Karol Bagh and Chandni Chowk and has built a B2B presence across around 20 states, with export exposure to Australia and the UAE.
Financially, the company has reported steady growth in recent years. For the period ended October 31, 2025, Grover Jewells reported total income of Rs 473.22 crore and profit after tax of Rs 10.45 crore, compared with a PAT of Rs 7.62 crore in FY25.
Proceeds from the IPO will be primarily used to fund working capital requirements and for general corporate purposes.
With the GMP at zero, Grover Jewells listing performance will be driven more by fundamentals and post-listing liquidity rather than speculative enthusiasm.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)