Aniket PujariGrover Jewells IPO: The initial public offering (IPO) of Grover Jewells, which opened for bidding today, January 28, received a robust response from investors, with the issue being fully subscribed at 1.08 times amid large interest from institutional investors.
The issue received bids for 27.72 lakh shares against 25.58 lakh shares on offer. In terms of segment-wise, non-institutional investors showed strong interest, as their portion was booked 2.46 times, while retail investors also displayed the same enthusiasm, with their quota subscribing 1.11 times. The QIB portion was not yet opened for bidding.
The company proposes to utilise the net proceeds from the IPO to meet working capital requirements and for general corporate purposes.
Grover Jewells issue details
1. Grover Jewells IPO date: The issue opened for subscription today, February 04, and will remain open until Friday, February 06.
2. Grover Jewells IPO price: The price band of the IPO has been fixed between ₹83 and ₹88 per equity share.
3. Grover Jewells IPO size: The company aims to raise ₹33.83 crore through the IPO, which is a fresh issue of 0.38 crore shares.
4. Grover Jewells IPO lot size: The IPO lot size is fixed at 3,200 shares, requiring a minimum investment of ₹2.81 lakh for retail investors.
5. Grover Jewells IPO reservation: The IPO has reserved 18.22 lakh shares for QIB, 5.48 lakh for NII, and 12.80 lakh for retail investors.
6. Grover Jewells IPO allotment date: The IPO allotment date is set for Monday, February 09. Investors who receive an allotment will see the shares in their demat accounts by Tuesday, February 10, while those who do not will have their refunds processed on the same day.
7. Grover Jewells IPO listing: The SME IPO is proposed to list on NSE SME on Wednesday, February 11.
8. Grover Jewells IPO GMP: According to market sources, the GMP of Grover Jewells IPO on Wednesday was 0, indicating that the stock might list the same as the IPO price.
9. Grover Jewells IPO book-running lead manager and registrar: Finshore Management Services Ltd. is the book-running lead manager, and Maashitla Securities Pvt. Ltd. is the registrar of the issue. The market maker of the company is Anant Securities.
10. Grover Jewells overview: It is engaged in the manufacturing and designing of a wide range of wholesale gold jewellery. Its product portfolio includes plain gold, studded, and semi-finished jewellery, primarily available in 22 karat, 20 karat, and 18 karat.
Further, the company also offers hallmarked and non-hallmarked jewellery through its two showrooms located at Karol Bagh, New Delhi, and Chandni Chowk, Delhi.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
