Grover Jewells IPO

Grover Jewells IPO is a book-built issue worth ₹33.83 crore, comprising only a fresh issue of 0.38 crore equity shares.

The IPO will open for subscription on February 4, 2026, and close on February 6, 2026. The basis of allotment is likely to be finalised on February 9, 2026, and the shares are expected to list on the NSE SME platform on February 11, 2026.

The price band has been fixed at ₹83 to ₹88 per share. Investors can apply in a lot size of 1,600 shares. For retail investors, the minimum investment is ₹2,81,600, which is for 3,200 shares at the upper price band. For HNI investors, the minimum application is 3 lots or 4,800 shares, amounting to ₹4,22,400.

Finshore Management Services Ltd. is the book-running lead manager for the issue, while Maashitla Securities Pvt. Ltd. is acting as the registrar. Anant Securities has been appointed as the market maker.

Investors are advised to refer to the Grover Jewells IPO Red Herring Prospectus (RHP) for complete details.

Industry Outlook

• India’s gems and jewellery industry contributes around 7% to GDP and employs over 5 million people, making it one of the country’s most important employment-generating sectors.
• The sector has been identified by the Government of India as a key focus area for export promotion, given its strong growth potential and value addition capabilities.
• 100% FDI is allowed under the automatic route, which has improved foreign investment without the need for prior government or RBI approvals.
• Trade agreements such as the India-UAE CEPA have strengthened export prospects by providing duty-free access to the UAE market, with exports expected to rise sharply in the coming years.
• India’s gems and jewellery market was valued at US$ 78.5 billion in FY21.
• Exports stood at ₹2.43 lakh crore (US$ 28.5 billion) in FY25, supported by recovery in global demand, especially from the US.
• The industry is expected to reach US$ 100 billion by 2027, driven by organised retail, branding, and rising consumer demand.
• The sector accounts for around 15.7% of India’s total merchandise exports, ranking as the third-largest export category.
• India is the world’s largest exporter of cut and polished diamonds and holds a leading global share in silver jewellery and synthetic diamonds.
• Major export destinations include the USA, UAE, Hong Kong, Belgium, and the UK.
• Western India, especially Surat, remains the global hub for jewellery manufacturing and exports.
• Reduction in customs duty on gold, silver, platinum, and jewellery has improved affordability and domestic demand.

Grover Jewells IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives: 

• Grover Jewells Limited is raising funds through a fresh issue of up to 38,44,800 equity shares with a face value of ₹10 each.
• The proceeds from the IPO will be mainly used to meet the company’s working capital requirements, supporting day-to-day operations and business growth.
• A portion of the funds will also be used for general corporate purposes, including administrative expenses and strengthening overall operations.
  Listing on the stock exchange is expected to improve the company’s brand visibility and corporate image.
• It will help create a public market for the company’s equity shares, improving liquidity for shareholders.
• Being listed will make it easier and more cost-effective to raise funds in the future for expansion or diversification.
• Listing is also likely to attract institutional and foreign investors, enhancing investor confidence.
• The fund utilisation estimates are based on internal management assessments and have not been evaluated by banks or financial institutions. 

About Grover Jewells Limited

Grover Jewells Limited, incorporated in 2021, is engaged in the manufacturing and design of gold jewellery, primarily catering to the wholesale segment.

The company offers a wide range of plain gold, studded, and semi-finished jewellery, mainly in 22 karat, 20 karat, and 18 karat gold. Its product range includes both hallmarked and non-hallmarked jewellery, which is sold through its two retail showrooms in Delhi, located at Karol Bagh and Chandni Chowk.

Grover Jewells operates through two main manufacturing verticals—machine-made chain production and casting jewellery manufacturing—allowing it to serve large-volume orders as well as modern, design-driven jewellery requirements with consistent quality and timely execution.

For better business management, the company classifies its sales into wholesale, retail, and consumer segments. Headquartered in Delhi, it has built a strong B2B presence across nearly 20 Indian states and has also entered international markets with exports to Australia and the UAE.

As of August 31, 2025, the company had a workforce of 68 employees.

How To Check the Allotment Status of the Grover Jewells IPO?

Steps to check IPO allotment status on Angel One’s app: 

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email. 

How To Apply for Grover Jewells IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Grover Jewells IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

Contact Details of Grover Jewells IPO

Registered Office:Grover Jewells Ltd. Address- House No C-44/5, 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West, Delhi, New Delhi, 110035

Phone:+91 9218012596

E‑mail:cs@groverjewells.com

Grover Jewells IPO Reservation

Grover Jewells IPO Promoter Holding

The promoters of the company are H N Devakumar, B H Devasinghnaik, Dharanendra H Gouda, Ramalingam Venkataramana, and Anil K N. 

Key Performance Indicators for Grover Jewells IPO

Grover Jewells IPO Prospectus

• Grover Jewells IPO RHP 

Grover Jewells IPO Registrar and Lead Managers

Grover Jewells IPO Lead Managers

• Finshore Management Services Ltd

Registrar for Grover Jewells IPO

Maashitla Securities Pvt.Ltd.

• Contact Number: +91-11-45121795-96
• Email Address: ipo@maashitla.com

Financial Performance of Grover Jewells Limited

Grover Jewells Limited Peer Details Comparison

Strengths and Opportunities of Grover Jewells IPO

1. The company has shown strong and steady growth in revenue over recent years.
2. It is led by experienced promoters supported by a skilled execution team.
3. Grover Jewells has strong capabilities in customised jewellery manufacturing, catering to varied client requirements.
4. The business benefits from long-standing relationships with customers and suppliers, supporting smooth operations.
5. There is scope to enter new domestic markets and expand geographic presence.
6. Rising global demand for Indian jewellery presents export growth opportunities.
7. Expansion of the retail network can improve direct consumer engagement.
8. Brand-building initiatives, including franchise models, can enhance visibility and recall.

Risks and Threats of Grover Jewells IPO

1. Business performance is highly influenced by overall market and economic conditions.
2. The company has limited direct exposure to individual retail consumers.
3. Brand visibility remains low in the organised jewellery segment.
4. Operations are largely concentrated in a few regions, limiting wider market reach.
5. Economic slowdowns may impact discretionary spending on jewellery.
6. Regulatory changes in import-export policies could affect margins and operations.
7. Frequent changes in fashion trends may impact product demand.
8. The company operates in a highly competitive and fragmented jewellery market.