Grover Jewells IPO
Market Sentiment
Market Lot Size
IPO Details
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Financial Analysis
| Metric | 2023 | 2024 | 2025 | Oct 2025 |
|---|---|---|---|---|
| Revenue | 255.11 | 258.00 | 460.95 | 473.22 |
| Expense | 250.97 | 253.21 | 449.55 | 458.57 |
| Profit (PAT) | 2.71 | 2.78 | 7.62 | 10.45 |
| Total Assets | 11.71 | 13.91 | 29.85 | 67.51 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Shanti Gold International Limited | 20.71 | 10.34 | 37 |
| Retaggio Industries Limited | 9.08 | 2.60 | 12 |
| RBZ Jewellers Limited | 14.18 | 9.70 | 16 |
| Utssav CZ Gold Jewels Limited | 19.01 | 11.63 | 20 |
Promoters: Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover and Mrs. Bhawna Grover
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,06,62,400 | 100.00% |
| Promoter Holding Post Issue | 1,45,07,200 | 73.48% |
Company Information
Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market. Further, the company’s 22,20 and 18 karat gold provide plain gold, studded, and semi-finished jewellery. Moreover, It sells both hallmarked and non-hallmarked jewellery through its two showrooms, which are located in Karol Bagh and Chandni Chowk in Delhi. Based in Delhi, the company has built a strong business-to-business network across around 20 states in India. It has also expanded internationally, with exports to countries like Australia and the UAE.
| Purpose | Amount (Cr) |
|---|---|
| Working Capital Requirements | 21.35 |
| General Corporate Purpose | - |
Resources & Documents
Grover Jewells Ltd., House No C-44/5, 1st Floor Lawrance, Road Industrial Area, Keshavpuram Ind Area, North West, Delhi, New Delhi, 110035
Grover Jewells has set a price band of Rs 83–Rs 88 per share for an issue size of Rs 34 crore in the jewellery sector. The stock listed with a 9.09% gain versus its issue price on February 11, 2026.
Grover Jewells Limited was incorporated in 2021 and started a business of designing and manufacturing a wide range of gold jewellery for the wholesale market. Further, the company’s 22,20 and 18 karat gold provide plain gold, studded, and semi-finished jewellery. The company operates in the jewellery space.
The issue is promoted by Mr. Deepak Kumar Grover, Mr. Lavkesh Kumar Grover and Mrs. Bhawna Grover with Finshore Management Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Working Capital Requirements (Rs 21 crore) and General Corporate Purpose.
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 19.25x, retail at 15.76x, QIB at 11.32x, NII at 37.92x.
On fundamentals, the company is posting revenue growth of 78.7%, a profit margin of 1.7%, return on equity of 45.7% in its most recent reported period. Listed peers in this segment include Shanti Gold International Limited (P/E 20.71x, market cap Rs 37 crore) and Utssav CZ Gold Jewels Limited (P/E 19.01x, market cap Rs 20 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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