Here are the important dates you need to know in order to participate in this IPO
Offer Start Date
4th Feb
Offer End Date
6th Feb
Allotment Date
9th Feb
Refund Initiation
10th Feb
Demat Transfer
10th Feb
Listing Date
11th Feb
Grover Jewells Limited, incorporated in 2021, operates in the manufacturing and designing of wholesale gold jewellery. The company’s product range includes plain gold jewellery, studded pieces, and semi-finished jewellery, offered mainly in 22 Karat, 20 Karat, and 18 Karat categories. Its offerings include both hallmarked and non-hallmarked jewellery, distributed through two physical showrooms located in Karol Bagh and Chandni Chowk, Delhi. The company’s operations are structured around manufacturing and design activities that cater primarily to business customers, reflecting its wholesale-oriented operating model.
Operationally, Grover Jewells Limited functions across two core segments—machine-made chain manufacturing and casting jewellery production. This segmentation allows the company to address varying order sizes and design requirements. For internal reporting and sales clarity, revenue is classified into wholesale sales, retail sales, and consumer sales. Headquartered in Delhi, the company has developed a business presence across around 20 states in India and has reported exports to markets such as Australia and the U.A.E. As of August 31, 2025, the company’s workforce comprised 68 employees supporting its manufacturing, sales, and administrative functions.
| Pre-Issue | Post-Issue | |
|---|---|---|
| Promoter Group | 100% | 73.5% |
| Public Group | 0% | 26.5% |
| QIB Shares Offered | 7,29,600 (18.98%) |
| NII (HNI) Shares Offered | 5,48,800 (14.27%) |
| Retail Shares Offered | 12,78,400 (33.25%) |
| Anchor Investor Shares Offered | 10,94,400 (28.46%) |
| Total Shares Offered | 38,44,800 |
| Total Shares With Anchor Investor | 38,44,800 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,81,600 |
| Retail (Max) | 2 | 3,200 | ₹2,81,600 |
| S HNI (Min) | 3 | 4,800 | ₹4,22,400 |
| S HNI (Max) | 7 | 11,200 | ₹9,85,600 |
| B HNI (MIN) | 8 | 12,800 | ₹11,26,400 |
| Bid Date | February 03, 2026 |
| Maashitla Securities Pvt Ltd | |
|---|---|
| Phone Number | +91-11-45121795/011-47581432 |
| Email Id | ipo@maashitla.com |
| Website | www.maashitla.com |
1. Finshore Management Services Limited
| March 31, 2025 | March 31, 2024 | March 31, 2023 | |
|---|---|---|---|
| Net Worth | ₹16.69 Cr | ₹9.07 Cr | ₹6.29 Cr |
| Reserves and Surplus | ₹14.03 Cr | ₹6.41 Cr | ₹3.63 Cr |
| Total Borrowing | ₹9.34 Cr | ₹4.17 Cr | ₹3.74 Cr |
| Category | No. of shares offered | No. of shares bid | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 7,29,600 | 82,56,000 | 11.3158 |
| Non Institutional Investors (NIIs) | 7,42,400 | 2,08,09,600 | 28.0302 |
| Retail Individual Investors (RIIs) | 12,78,400 | 2,01,47,200 | 15.7597 |
| Total | 27,52,000 | 4,92,12,800 | 17.8826 |
Presence in multiple gold jewellery categories, including plain, studded, and semi-finished products across different karat segments.
Structured operations across machine-made chain manufacturing and casting jewellery production, supporting varied design and order requirements.
Established wholesale-focused business model catering primarily to business customers across several Indian states.
Retail presence through two showrooms in key jewellery hubs in Delhi.
Participation in select export markets, reflecting exposure beyond domestic boundaries.
Reported expansion in asset base, income, net worth, and reserves over the reviewed period.
Improved operating profitability at the EBITDA level compared to earlier periods.
Exposure to fluctuations in gold prices, which can affect input costs and overall business performance.
Dependence on market demand for gold jewellery, which may vary with consumer preferences and economic conditions.
Regulatory risks related to hallmarking, sourcing norms, and compliance requirements in the jewellery sector.
Concentration in business-to-business sales, which may create dependence on institutional customers.
Potential risk of delayed payments or order variability from wholesale buyers.
Operational reliance on two key manufacturing segments, which may be affected by supply chain or production constraints.
India’s gold and diamond trade plays a significant role in the economy, contributing approximately 7% to India’s Gross Domestic Product (GDP). The gems and jewellery sector forms an important part of the country’s overall trade and manufacturing ecosystem.
As per industry data, India’s Gems & Jewellery market size was valued at around US$ 78.50 billion in FY21. The sector has continued to benefit from demand across domestic and export markets, supported by its established manufacturing capabilities.
Export growth in the gems and jewellery industry has been aided by the revival of import demand in key export markets such as the United States. In addition, Indian exporters have benefited from orders generated through Virtual Buyer–Seller Meets (VBSMs) organised by the Gems and Jewellery Export Promotion Council (GJEPC).
In FY25, India’s Gems & Jewellery exports stood at ₹2,43,162 crore (US$ 28.50 billion), reflecting the sector’s contribution to India’s export performance. In March 2025, exports were reported at ₹2,20,379 crore (US$ 25.82 billion).
The demand outlook for jewellery is expected to be supported by recent positive developments within the industry, including export-focused initiatives and engagement with international buyers.
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your IPO allotment status for Grover Jewells IPO.
Grover Jewells Ltd IPO is a SME IPO of 38,44,800 equity shares of a face value of ₹10 aggregating up to ₹33.83 Crores. The issue is priced at ₹83 to ₹88 per share. The minimum order quantity is 1600 Shares. The IPO opens on February 04, 2026, and closes on February 06, 2026. Maashitla Securities Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE-SME.
The Grover Jewells Ltd IPO opens on February 04, 2026 and closes on February 06, 2026.
Grover Jewells Ltd lot size is 1600 shares, and the minimum amount required is ₹2,81,600.
You can apply in Grover Jewells Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:
• Login to Bajaj Broking account App/Website & click on IPO
• Enter the number of lots and price at which you wish to apply.
• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
• You will receive a mandate notification to block funds in your UPI app.
• Approve the mandate request on your UPI and funds will be blocked.
The finalization of Basis of Allotment for Grover Jewells Ltd IPO will be done on February 09, 2026, and the allotted shares will be credited to your demat account by February 10, 2026.
The Grover Jewells Ltd listing date is February 11, 2026.
The registrar of Grover Jewells Ltd IPO is Maashitla Securities Pvt Ltd
Finshore Management Services Limited will be the book-running lead manager of this IPO.
The fresh issue size is ₹33.83 Crores equity shares.
Retail investors can subscribe to a minimum of one lot, 1600 shares and ₹2,81,600 amount.
To apply for Grover Jewells Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.
The price of each Grover Jewells Ltd share will be ranging in between ₹83 to ₹88 per share.
The cut-off time for the UPI mandate confirmation is 5:00 PM, February 06, 2026.
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