Steve,
When you add a grid to a form you must instantiate the grid object, each column object, and each control object in the columns. If you have code in the Inits of any of these objects that takes time to run. Don't forget that it also takes time to bind the columns to their controlsources. So if you have 24 grids with 10 columns in each grid you are instantiating 24 grid objects, 240 column objects and 240 control objects and binding 240 columns to their data sources.