Apsis Aerocom and Grover Jewells shares delivered multibagger returns of 420% and 410% since their stock-market debuts eight months ago. Apsis Aerocom listed on 18 March 2026, while both stocks saw high volatility. Investors showed strong interest during the IPO, though these SME stocks now face frequent circuit-to-circuit price moves.
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.
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.
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.
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.
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.