Grover Jewells IPO Day 2: Issue subscribed 1.76x so far - Check GMP, subscription status, and other key details

Grover Jewells IPO: The initial public offering (IPO) of Grover Jewells has been subscribed over 1.76 times so far on the second day of the bidding on Thursday, February 5. The offer opened on February 4. Established in 2021, Grover Jewells is involved in the design and manufacture of gold jewellery for the wholesale market. Its offerings span plain gold, studded, and semi-finished jewellery in 22-karat, 20-karat, and 18-karat ranges. The company runs two showrooms located in Delhi’s Karol Bagh and Chandni Chowk, serving wholesale, retail, and direct-to-consumer customers. Grover Jewells IPO subscription status Grover Jewells IPO was subscribed over 1.76 times on the second day of bidding, as of 12:40 pm, according to data available on NSE. The issue has so far received bids for 48,48,000 shares, as compared to 27,52,000 shares on offer. The Non-Institutional Investors' (NIIs) portion garnered bids for 20,00,000 shares. Meanwhile, the QIB section did not see any bids yet. The Individual Investors' portion received bids for 28,48,000 shares so far on the second day of bidding. Grover Jewells IPO GMP today The shares of Grover Jewells were trading at a premium of ₹2.5 in the grey market, according to data from Investorgain. Grover Jewells IPO GMP signals that the listing price will be ₹90.5, which is 2.84% higher than the IPO price of ₹88. Grover Jewells IPO details Grover Jewells IPO, entirely a fresh issue, seeks to raise ₹33.83 crore and will be open for subscription until February 6. The company will make its debut on the NSE SME platform on February 11. Grover Jewells has set the price band for the issue at ₹83–88 per share. Investors can bid in lots of 1,600 shares, with the minimum retail application amounting to ₹2,81,600 for 3,200 shares, as they need to apply for at least two lots. The issue consists of 38.44 lakh equity shares, with nearly ₹32 crore available for public subscription after allotment to the market maker. As per the book-building norms, up to 50% of the net issue is reserved for qualified institutional buyers, at least 35% for retail investors, and a minimum of 15% for non-institutional investors. Prior to the opening of the issue, the company raised ₹9.62 crore from anchor investors on February 3. The IPO proceeds will largely be used for working capital needs, with the balance allocated for general corporate purposes. Financially, the company has demonstrated consistent expansion in both scale and profitability. For the year ended March 2025, it recorded revenue of ₹460.95 crore and a profit after tax of ₹7.62 crore, up from ₹2.78 crore in FY24. Finshore Management Services is the book-running lead manager for the issue, while Maashitla Securities has been appointed as the registrar. Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.