Grover Jewells IPO, Feb. 4 -- 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 p...