Grover Jewells Limited will open its subscription window on Wednesday, February 4, 2026, on the NSE SME (Emerge) platform. The issue, which is entirely a fresh offering of 38.45 lakh shares, will remain open for three days, closing on Friday, February 6.
The company specializes in machine-made chains and casting jewellery (22K, 20K, and 18K gold). It primarily operates in the B2B space, serving wholesale dealers and retailers across 20 Indian states, though it also maintains a retail presence with two stores in Delhi (Karol Bagh and Chandni Chowk).
Financially, Grover Jewells has shown significant momentum. Its revenue surged from ₹258 crore in FY24 to ₹461 crore in FY25, while its Profit After Tax (PAT) jumped from ₹2.78 crore to ₹7.62 crore in the same period. For the current fiscal (7M FY26), it has already reported a PAT of ₹10.45 crore, suggesting a strong year-on-year growth trajectory.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹83 – ₹88 per share |
| Lot Size | 3,200 Shares (Min. Investment ₹2,81,600) |
| Total Issue Size | ₹33.83 Crore (100% Fresh Issue) |
| Listing Platform | NSE SME (Emerge) |
| Open Date | February 4, 2026 (Wednesday) |
| Close Date | February 6, 2026 |
| Basis of Allotment | February 9, 2026 |
| Tentative Listing | February 11, 2026 |
Important Note for Investors
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Today's Status (Feb 2): The IPO is currently in its pre-open phase. No bids can be placed yet, but investors are reviewing the RHP (Red Herring Prospectus).
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Grey Market Premium (GMP): As of today, the GMP is at ₹0. This indicates a neutral stance from the grey market before the bidding actually starts.
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Profitability "Spike": Analysts have noted a sharp jump in margins from FY25 onwards. While the growth is impressive (PAT Margin increasing from 1.1% to 2.2%), conservative investors are watching to see if these margins are sustainable in a highly fragmented and competitive gold industry.
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Working Capital Focus: A massive portion of the funds (₹25.34 crore) is intended for working capital. This is typical for jewellery businesses that need high liquidity to maintain gold inventory, but it means the IPO isn't primarily focused on building new factories or physical assets.
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Client Concentration: The company depends heavily on its B2B network. While they have an app with a 4.5+ rating for direct engagement, the bulk of their revenue still relies on wholesale relationships.
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Valuation: At the upper price band of ₹88, the P/E ratio stands at approximately 12.3x (based on FY25 earnings) and roughly 7.1x if H1 FY26 earnings are annualized. This is considered competitive compared to listed peers like Shanti Gold or RBZ Jewellers.