The initial public offering (IPO) of Grover Jewells has garnered strong investor interest, being subscribed over 1.76 times by the afternoon of the second day of bidding on Thursday, February 5. The offer, which opened on February 4, is set to close on February 6, with the company making its market debut on the NSE SME platform on February 11.
Grover Jewells IPO Subscription Status: Robust Demand from Individual Investors
According to data available on the National Stock Exchange (NSE), the Grover Jewells IPO had received bids for 48,48,000 shares as of 12:40 pm on the second day, compared to the 27,52,000 shares on offer. This translates to a subscription rate of more than 1.76 times.
Category-Wise Subscription Breakdown
The subscription data reveals a varied response across investor categories:
- Individual Investors: This segment showed the strongest interest, with bids for 28,48,000 shares.
- Non-Institutional Investors (NIIs): The NII portion garnered bids for 20,00,000 shares.
- Qualified Institutional Buyers (QIBs): As of the reported time, the QIB section had not yet received any bids.
Grover Jewells IPO Grey Market Premium (GMP) and Pricing Details
In the unofficial grey market, shares of Grover Jewells were trading at a premium of ₹2.5, as per data from Investorgain. This GMP indicates a projected listing price of ₹90.5 per share, which is approximately 2.84% higher than the upper end of the IPO price band set at ₹88.
IPO Structure and Financial Highlights
Grover Jewells IPO is entirely a fresh issue aiming to raise ₹33.83 crore. The company has established a price band of ₹83 to ₹88 per share. Investors are required to bid in lots of 1,600 shares, with the minimum retail application amounting to ₹2,81,600 for 3,200 shares, as applicants must apply for at least two lots.
The issue comprises 38.44 lakh equity shares, with nearly ₹32 crore available for public subscription after allotment to the market maker. In accordance with book-building norms, the allocation is structured as follows:
- Up to 50% of the net issue is reserved for qualified institutional buyers.
- A minimum of 35% is allocated for retail investors.
- At least 15% is set aside for non-institutional investors.
Prior to the public offering, the company successfully raised ₹9.62 crore from anchor investors on February 3. The proceeds from the IPO are primarily earmarked for working capital requirements, with the remainder designated for general corporate purposes.
Company Profile and Financial Performance
Established in 2021, Grover Jewells specializes in the design and manufacture of gold jewellery for the wholesale market. The company's product portfolio includes plain gold, studded, and semi-finished jewellery available in 22-karat, 20-karat, and 18-karat ranges.
Operating from two showrooms in Delhi's prominent jewellery hubs—Karol Bagh and Chandni Chowk—Grover Jewells serves a diverse clientele encompassing wholesale, retail, and direct-to-consumer customers.
Financially, the company has demonstrated consistent growth in both scale and profitability. For the fiscal year ending March 2025, Grover Jewells reported a revenue of ₹460.95 crore and a profit after tax of ₹7.62 crore. This marks a significant increase from the ₹2.78 crore profit recorded in FY24, underscoring the company's expanding operational success.
Key Advisors for the IPO
Finshore Management Services is acting as the book-running lead manager for the issue, while Maashitla Securities has been appointed as the registrar, ensuring the smooth execution of the public offering process.
Disclaimer: This article is intended for educational purposes only. Investors are advised to consult with a qualified investment advisor before making any financial decisions.
