Grover Jewells Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹88
Per ShareLot Size
1600 Shares
Minimum Investment
₹1,40,800
Issue Size
₹33.83 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.01%
QIB Quota
49.96%
NII Quota
15.03%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Grover Jewells Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
100%
Promoter Holding (Post-Issue)
73.5%
Issue Type
Book Building - SME
ISIN
INE1TY801010
About the Company
Our company specializes in the manufacturing and designing of a wide range of wholesale gold jewellery which includes finely crafted jewellery, comprising of gold chains, bangles, rings, necklaces, and complete sets, designed to meet the diverse preferences of our clientele. While our primary focus remains on the B2B segment, we are also undertaking initiatives to strengthen our presence and increase revenue in the B2C segment. In addition, we operate a job work segment, wherein small jewellers entrust us with gold and designs, and we transform them into finished jewellery.
Industry Overview
India's gold and diamond trade contributed 7% to India's Gross Domestic Product (GDP). India's Gems & Jewellery market size was at US$ 78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs. 2,43,162 crore (US$ 28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs. 2,20,379 crore (US$ 25.82 billion). The demand for jewellery is expected to be significantly supported by the recent positive developments in the industry. India's Gems & Jewellery industry is expected to reach US$ 100 billion by 2027.
Company History
Our company was originally incorporated as a Private Limited Company under the name "Grover Chain Private Limited" on October 12, 2021, in accordance with the Companies Act, 2013 vide Certificate of Incorporation, bearing the corporate identification number (CIN) U36910DL2021PTC388184 issued by the Registrar of Companies, Central Registration Centre. Later, the name of the Company has been changed to "Grover Jewells Private Limited" in accordance with the Companies Act, 2013 pursuant to a Certificate of Incorporation issued by Registrar of Companies, Central Processing Centre on February 17, 2025 with the corporate identification number (CIN) being U36910DL2021PTC388184. Subsequently, our company was converted into Public Limited Company under the Companies Act, 2013 and the name of our Company was changed to "Grover Jewells Limited" vide a fresh Certificate of Incorporation consequent upon conversion from Private Company to Public Company dated April 02, 2025, bearing Corporate Identification Number (CIN) U36910DL2021PLC388184, issued by Registrar of Companies, Central Processing Centre.
Products & Services
- The company specializes in the manufacturing and designing of a wide range of wholesale gold jewellery which includes finely crafted jewellery, comprising of gold chains, bangles, rings, necklaces.
Growth Strategy
- Expansion of Production Capacity through Advanced Technology.
- Strengthening Presence in Southern India and International Market Expansion
- Strategic Expansion into the B2C Retail Segment
- Product Portfolio Diversification.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of up to 38,44,800 equity shares of face value of Rs.10/- each ("Equity Shares") of Grover Jewells Limited (the "Company" or the "Issuer") for cash at a price of Rs.88 per equity share, including a share premium of Rs.78 per equity share (the "Issue Price"), aggregating to Rs.33.83 crores ("the Issue"), of which 1,93,600 equity shares of face value of Rs.10/- each for cash at a price of Rs.88 per equity share, aggregating to Rs.1.70 crores will be reserved for subscriptions by the market maker to the issue (the "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e., issue of up to 36,51,200 equity shares of face value of Rs.10/- each for cash at a price of Rs.88 per equity share, aggregating to Rs.32.13 crores is here in after referred to as the "Net Issue". The issue and the net issue will constitute 26.50% and 25.17% respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 88 per equity share of face value Rs. 10/- each. The floor price is 8.8 times of the face value of the equity shares. Bids can be made for a minimum of 3200 equity shares and in multiples of 1600 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Established and proven track record.
- Leveraging the experience of our Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
- The Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- The company's Registered Office and one of the company's Showroom are not owned by the company and the company has only leave and license rights over them. In the event the company loses such rights, the company's business, financial condition and results of operations, and cash flows could be adversely affected.
- The company's gold jewellery business faces risks from market volatility and changing customer preferences. Fluctuations in commodity prices like gold could impact the company's costs and profitability. Evolving customer tastes influence product demand, necessitating continuous adaptation, to remain competitive.
- The company's business is primarily concentrated in the central and northern part of India, especially around Delhi and its neighbouring states, i.e. Uttar Pradesh, Haryana and Uttarakhand and the company is significantly dependent on these states for revenue generation. Any adverse development affecting such states may have an adverse effect on the company's business, prospects, financial condition and results of operations.
- The company's inability to identify market trends, and customer demand accurately, counter the challenges that the industry faces and maintain an optimal level of inventory may impact its operations adversely.