Grover Jewell’s IPO is listed today on NSE SME. Check GMP prior to debut

Grover Jewells shares are set to debut on the NSE SME platform on February 11, with gray market indicators pointing to a muted listing. The IPO currently has a GMP of 0%, which suggests the listing is largely in line with the issue price, rather than sharp gains.The Rs 34 crore IPO, which was subscribed between February 4 and 6, is entirely a fresh issue of 38.44 lakh shares. The issue was priced at Rs 88 per share, the top end of the price range.

Despite the flat GMP, investor interest was quite healthy during the offering period. The issue was subscribed a total of 19.16 times, driven by strong demand from non-institutional investors, where the category was subscribed more than 37 times. Retail investors have subscribed to the issue almost sixteen times, while qualified institutional buyers, excluding anchor investors, have subscribed approximately eleven times. The company had also raised Rs 9.62 crore from key investors prior to the issue.

Founded in 2021, Grover Jewells is engaged in the production and design of wholesale gold jewelry, including plain gold, studs and semi-finished products in the 22, 20 and 18 carat categories. The company operates two showrooms at Karol Bagh and Chandni Chowk in Delhi and has built a B2B presence in around 20 states, with export operations to Australia and the UAE.

Financially, the company has shown steady growth in recent years. For the period ended October 31, 2025, Grover Jewells reported total income of Rs 473.22 crore and profit after tax of Rs 10.45 crore, compared to a PAT of Rs 7.62 crore in FY25.

Proceeds from the IPO will be used primarily to finance working capital needs and for general corporate purposes.

With GMP at zero, Grover Jewells’ listing performance will be driven more by fundamentals and post-listing liquidity than speculative enthusiasm.(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)