The Initial Public Offering (IPO) market remains a crucial avenue for capital infusion and investor participation. As attention shifts towards the SME segment, the upcoming Grover Jewells IPO presents an interesting prospect for those looking to invest in the Indian jewelry manufacturing space. This book-building issue, scheduled to open in February 2026, requires careful evaluation. At Publiclisting.in, we have analyzed the key data points and company fundamentals to provide you with a holistic view before you decide to bid.
Grover Jewells: Understanding the Business
Incorporated in 2021, Grover Jewells Limited has rapidly established itself in the gold jewelry segment. The company focuses on manufacturing and designing a diverse inventory of wholesale gold jewelry.
Core Business Highlights:
- Product Range: Offers plain gold, studded, and semi-finished jewelry in 22 Karat (K), 20K, and 18K.
- Operational Segments: Focuses on high-volume machine-made chain manufacturing and intricate casting jewelry production.
- Distribution Network: Strong B2B presence across approximately 20 states in India.
- International Reach: Engages in exports to markets including Australia and the U.A.E.
- Sales Channels: Operates through wholesale, retail (through two Delhi showrooms), and consumer sales divisions.
Grover Jewells IPO Key Subscription Schedule
Timing is everything when participating in an IPO. Here is the tentative timeline to mark on your calendar:
| Event | Tentative Date |
|---|---|
| IPO Opens for Subscription | Wednesday, February 4, 2026 |
| IPO Closes for Subscription | Friday, February 6, 2026 |
| Finalization of Share Allotment | Monday, February 9, 2026 |
| Initiation of Refunds | Tuesday, February 10, 2026 |
| Credit of Shares to Demat Accounts | Tuesday, February 10, 2026 |
| Tentative Listing Date on NSE SME | Wednesday, February 11, 2026 |
Tracking IPO Progress: A Visual Guide
While subscription figures become available during the bidding period, prospective investors can track the progress towards the closing date.
Financial Health Snapshot: Performance Review
Analyzing the company's historical financial performance provides insight into its growth trajectory and stability. The figures below are presented in ₹ Crore (Restated).
Company Financials Summary
| Metric (₹ Cr.) | Latest Period (Oct 31, 2025) | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Assets | 67.51 | 29.85 | 13.91 | 11.71 |
| Total Income | 473.22 | 460.95 | 258.00 | 255.11 |
| Profit After Tax (PAT) | 10.45 | 7.62 | 2.78 | 2.71 |
| EBITDA | 14.62 | 11.26 | 4.71 | 4.10 |
| Net Worth | 27.14 | 16.69 | 9.07 | 6.29 |
| Total Borrowing | 28.30 | 9.34 | 4.17 | 3.74 |
Valuation and Key Performance Indicators (KPIs)
Understanding how the IPO prices the company relative to its earnings and efficiency metrics is essential for valuation assessment.
Profitability and Efficiency Metrics
| KPI | Latest Period (Oct 31, 2025) | Mar 31, 2025 |
|---|---|---|
| Return on Capital Employed (ROCE) | 30.62% | 45% |
| Return on Net Worth (RoNW) | 38.52% | 45.67% |
| PAT Margin | 2.21% | 1.65% |
| EBITDA Margin | 3.09% | 2.44% |
Valuation Ratios
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs) | 7.15 | 12.35 |
| P/E (x) | 12.31 | 7.12 |
| Price to Book Value | 3.46 | 5.62 |
IPO Structure and Investment Requirements
This SME IPO is a **Bookbuilding Issue** amounting to approximately ₹34 Crores, consisting entirely of a fresh issue of equity shares.
- Total Issue Size: 38,44,800 shares (aggregating up to ₹34 Crore).
- Face Value: ₹10 per share.
- Price Band: Set between ₹83 and ₹88 per share.
- Listing Exchange: NSE SME.
Share Allocation Breakdown
The allocation strategy targets various investor classes, with a significant portion reserved for Qualified Institutional Buyers (QIBs).
| Investor Category | Shares Offered | Percentage (%) |
|---|---|---|
| QIB (Total) | 18,24,000 | 47.44% |
| QIB (Excluding Anchor Investors) | 7,29,600 | 18.98% |
| Non-Institutional Investors (NII/HNI) | 5,48,800 | 14.27% |
| Retail Individual Investors (RII) | 12,78,400 | 33.25% |
| Anchor Investors | 10,94,400 | 28.46% |
| Market Maker Reservation | 1,93,600 | 5.04% |
| Total Shares Offered | 38,44,800 | 100.00% |
Minimum Investment (Lot Size Details)
The minimum bidding quantity is set for retail investors, with HNI bids requiring larger block sizes.
| Investor Type | Minimum Lots | Shares | Minimum Investment (at Upper Price Band ₹88) |
|---|---|---|---|
| Retail Investor (Minimum) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Minimum) | 3 | 4,800 | ₹4,22,400 |
| B-HNI (Minimum) | 8 | 12,800 | ₹11,26,400 |
Corporate Governance and Stakeholders
A strong management team and reliable intermediaries build confidence in the post-listing journey.
Promoter Holding
The promoter family, comprising Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover, and Mrs. Bhawna Grover, initially holds the entire stake, which is set to dilute post-IPO.
- Pre-Issue Promoter Holding: 100%
- Post-Issue Promoter Holding: 73.48%
Intermediary Roles
- Book Running Lead Manager (BRLM): Finshore Management Services Ltd.
- Registrar and Share Transfer Agent: Maashitla Securities Pvt.Ltd.
- Market Maker: Anant Securities (ensuring liquidity post-listing).
Contact Information
- Address: House No C-44/5 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West Delhi, New Delhi, 110035.
- Phone: +91 9218012596
- Email: cs@groverjewells.com
Strategic Outlook: IPO Objectives and SWOT Analysis
The primary reason for any IPO is capital deployment. Understanding these objectives alongside the company's internal strengths and external challenges is vital.
Utilisation of Net Proceeds
The capital raised is earmarked mainly for enhancing operational capacity:
- Working Capital Requirements: Estimated at ₹21.35 Crore.
- General Corporate Purposes.
SWOT Assessment for Grover Jewells
| Category | Key Points |
|---|---|
| Strengths (S) | Established presence in manufacturing (machine chain & casting). Strong B2B network across 20 states. Diversified product portfolio (plain, studded, semi-finished). |
| Weaknesses (W) | Relatively young company (incorporated 2021). High reliance on wholesale distribution. Total Borrowings stand at ₹28.30 Cr as of Oct 2025, requiring monitoring against Net Worth. |
| Opportunities (O) | Growing formalization of the domestic jewelry market. Potential to scale up international exports (Australia, UAE). Utilization of IPO funds for working capital can boost production capacity. |
| Threats (T) | High competition from established, larger organized players. Sensitivity to fluctuations in gold prices. Dependence on specific geographical markets for retail presence (Delhi). |
Applying for the IPO: Accessibility and Methods
Investors can choose between ASBA (via banking channels) or UPI integration through their brokerage platforms to place bids.
Guidance for UPI Application via Brokers
For those utilizing modern digital platforms, the UPI mechanism streamlines the application process:
- Log into your preferred broker's portal (e.g., Console for certain services).
- Navigate to the IPO section and select the Grover Jewells IPO.
- Input the required quantity (minimum 2 lots) and the desired price (cut-off or specific price within the band).
- Enter your UPI ID correctly.
- Submit the application, followed by mandatory approval of the payment mandate in your UPI application (like GPay, PhonePe, or BHIM).
It is crucial to ensure the mandate is approved promptly to avoid rejection of the application.