Grover Jewells IPO listing: Shares of Grover Jewells were off to a decent start on the NSE SME on Wednesday, February 11, listing at a 9% premium over the offer price. Grover Jewells' share price opened at ₹96, as against the initial public offering (IPO) of ₹88, a premium of 9.09%.
However, minutes after listing, profit taking ensued as Grover Jewells' share price hit the day's low of 91.40, dropping almost 5%.
Grover Jewells' IPO listing beat expectations as the grey market premium (GMP) remained nil earlier today, signalling a flattish debut at par with the IPO price.
Grover Jewells IPO Details
The ₹33.83-crore Grover Jewells IPO was open for bidding from February 4 to February 6, during which it garnered a decent response from investors.
Grover Jewells' IPO received bids for 4,90,19,200 shares as against 25,58,400 shares on offer, resulting in a 19.16 times bids. The qualified institutional investor (QIB) quota was booked 11.32 times, the non-institutional investor (NII) segment received 37.57 times bids, and the retail segment received 15.74 times subscription.
The SME IPO was entirely a fresh issue of 0.38 crore shares. The company plans to use these funds for meeting working capital needs and for general corporate purposes. The IPO was priced at ₹83 to ₹88 per share. Investors could apply for the offer in lots of 1600 shares.
The allotment for Grover Jewells' IPO was finalised on February 9.
Grover Jewells Limited, incorporated in 2021, manufactures and designs gold jewellery. Its product portfolio includes plain gold, studded, and semi-finished jewellery. The company has two showrooms located in the Karol Bagh and Chandni Chowk areas of Delhi.
Finshore Management Services was the book-running lead manager, and Maashitla Securities was the registrar of the issue.
Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions.
