NSE SME Grover Jewells carves a glittering path in market debut

Grover Jewells traded at Rs 100.80 on the NSE, a premium of 14.55% compared with the issue price of Rs 88.

The scrip was listed at Rs 96, a premium of 9.09% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 100.80 and a low of Rs 91.40. About 23.98 lakh shares of the company changed hands at the counter.

Grover Jewells' IPO was subscribed 12.79 times. The issue opened for bidding on 4 February 2026 and it closed on 6 February 2026. The price band of the IPO was fixed between Rs 83 to Rs 88 per equity share.

The IPO comprised fresh issue of 38,44,800 equity shares. The promoter and promoter shareholding diluted to 73.50% from 100% pre-IPO.

The company intends to utilize the net proceeds for working capital requirements, issue related expenses and for general corporate purposes.

Ahead of the IPO, Grover Jewells on 3 February 2026, raised Rs 9.61 crore from anchor investors. The board allotted 10.92 lakh shares at Rs 88 per share to 5 anchor investors.

Delhi-based Grover Jewells is engaged in the manufacturing and designing of wholesale gold jewellery. The company offers a wide range of plain gold, studded, and semi-finished jewellery, primarily in 22 Karat, 20 Karat, and 18 Karat gold. It operates through two showrooms located in Karol Bagh and Chandni Chowk, Delhi, providing both hallmarked and non-hallmarked jewellery. The companys manufacturing activities are divided into machine-made chain manufacturing and casting jewellery production, enabling it to cater to high-volume demand as well as contemporary, fashion-oriented designs with consistent quality and timely delivery. Grover Jewells classifies its sales into wholesale, retail, and consumer segments and has established a strong B2B network across around 20 states in India, along with an international presence through exports to Australia and the U.A.E. As of 31 December 2025, the company had a total of 78 employees.

The company recorded revenue from operations of Rs 473.18 crore and net profit of Rs 10.45 crore for the period ended 31 October 2025.

Powered by Capital Market - Live News