Grover Jewells IPO
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Grover Jewells IPO details
Schedule of Grover Jewells
| Issue open date | 04 Feb 2026 |
| Issue close date | 06 Feb 2026 |
| UPI mandate deadline | 06 Feb 2026 (5 PM) |
| Allotment finalization | 09 Feb 2026 |
| Refund initiation | 10 Feb 2026 |
| Share credit | 10 Feb 2026 |
| Listing date | 11 Feb 2026 |
| Mandate end date | 21 Feb 2026 |
| Lock-in end date for anchor investors (50%) | 11 Mar 2026 |
| Lock-in end date for anchor investors (remaining) | 10 May 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Grover Jewells
Grover Jewells Limited is a Delhi-based gold jewellery manufacturer incorporated in October 2021, originally as Grover Chain Private Limited, and later converted into a public limited company in April 2025. The company is promoted by Mr Deepak Kumar Grover, Mr Lavkesh Kumar Grover, and Mrs Bhawna Grover. The company is engaged in the design and manufacture of wholesale gold jewellery, with a strong focus on gold chains, along with bangles, rings, necklaces, pendants, and complete jewellery sets. Its operations are primarily B2B-oriented, catering to wholesalers, retailers, and local jewellery shops, while also undertaking job-work manufacturing for small jewellers. Grover Jewells has a limited but growing presence in the B2C segment through its showrooms. The business follows an asset-light, order-driven model supported by in-house design capabilities and skilled craftsmanship. Its strengths include deep promoter experience, specialisation in chain manufacturing, consistent product quality, strong relationships with customers, and operational presence in key jewellery markets of North India.
Financials of Grover Jewells
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 33.83 |
| Fresh Issue – Proceeds go to the company | 33.83 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working Capital Requirements | 21.35 (63.11%) |
| General corporate purposes | 12.48 (36.89%) |
Strengths
- Experienced promoters with a deep understanding of gold jewellery manufacturing.
- Strong specialisation in gold chains, a high-demand and scalable product category.
- Established a B2B network of wholesalers and retailers, ensuring steady orders.
- In-house manufacturing and design capabilities support quality and cost control.
- Track record of revenue growth driven by repeat customers.
Risks
- Revenue is highly concentrated in gold chains, limiting product diversification.
- Operations are largely concentrated in North India, especially the Delhi region.
- Heavy dependence on B2B sales with limited direct consumer presence.
- Exposure to gold price volatility may impact margins and inventory value.
- Absence of long-term contracts with customers and suppliers increases uncertainty.
Allotment Status for Grover Jewells
To check your IPO allotment status:
- Visit the Maashitla Securities IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Grover Jewells
As per media reports (Link), the Grey Market Premium (GMP) of Grover Jewells is reported at ₹3 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on 06 February 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 7.30 | 82.56 | 11.32x |
| NII | 5.49 | 206.16 | 37.57x |
| Retail | 12.80 | 201.47 | 15.74x |
| Total | 25.58 | 490.19 | 19.16x |