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Shares of Apsis Aerocom and Grover Jewells have delivered multibagger returns in about eight months since their stock-market debuts, gaining 420% and 410%, respectively, from their IPO prices. Apsis Aerocom, which was listed on 18 March 2026 at a 39% premium to its issue price, has since surged around 420%. Grover Jewells, meanwhile, made its debut at a 9% premium but has subsequently rallied around 410%. However, the sharp gains in these SME stocks have also been accompanied by elevated volatility, with both counters witnessing circuit-to-circuit moves. Apsis Aerocom, a provider of engineering and precision machining services, raised ₹35.77 crore through its IPO by issuing 32.52 lakh shares. The price band was set at ₹104– ₹110 per share. The IPO received strong investor interest and was subscribed 120.24 times by the close of bidding on 13 March. Non-institutional investors subscribed to their reserved portion 236.96 times, while the retail and qualified institutional investor portions were subscribed to99.95 times and 100.2 times, respectively. The company caters to the aerospace, defence and healthcare sectors. It had proposed using ₹27.02 crore of the IPO proceeds to purchase machinery, with the remaining funds earmarked for general corporate purposes. Apsis Aerocom shares were locked in a 5% lower circuit at ₹570.50 on Wednesday, according to the data provided. One of the key developments supporting the stock's post-listing trajectory has been a series of order wins. On 16 September, the company announced that it had secured a ₹4.30 crore work order from a domestic healthcare-sector customer, with execution scheduled within seven months. The customer's identity was not disclosed due to confidentiality provisions. Earlier, on 27 May, Apsis Aerocom disclosed a ₹1.53 crore supply order from a domestic aerospace and defence client, to be executed within eight months. The company also secured a ₹5 crore defence supply order from an undisclosed domestic aerospace client, with a 15-month execution period. These orders provide additional visibility into revenue and highlight the company's exposure to the domestic aerospace and defence manufacturing ecosystem. Apsis Aerocom also inaugurated its Unit II manufacturing facility and branch office in Bengaluru's Hitech Defence and Aerospace Park in August 2026, expanding its manufacturing footprint. Grover Jewells has delivered a similar post-listing surge. The Delhi-based gold jewellery maker raised ₹33.83 crore through a fresh issue of 38.44 lakh shares at a price band of ₹83– ₹88 per share. The minimum bid was 1,600 shares, requiring an investment of ₹1.41 lakh at the upper end of the price band. The IPO attracted strong investor interest, with the issue subscribed more than 19 times during its three-day bidding period from 4 February to 6 February. The NII portion was subscribed to nearly 38 times, while the retail and QIB portions were subscribed to 16 times and 11 times, respectively. The company planned to use the IPO proceeds primarily for working capital requirements, with the balance earmarked for general corporate purposes. Grover Jewells shares were locked in a 5% upper circuit at ₹447.85 on the NSE on Wednesday, according to the data provided. The sharp post-listing gains in Apsis Aerocom and Grover Jewells have been supported by strong momentum, with Apsis Aerocom also announcing a series of order wins across the aerospace, defence and healthcare segments. However, the sharp price moves have come alongside thin trading volumes and circuit-based movements, particularly in Grover Jewells. A technical expert said the stock has been locked in the upper circuit for several consecutive sessions, but volumes remain low. The expert cautioned that such circuit-to-circuit moves on thin volumes should be approached carefully and described the recent price action as operator-driven. Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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