Published: 12 April 2026 | 5.45 AM
Last Updated: 12 April 2026 | 6.30 AM
IPO Overview / Intro
Mehul Telecom IPO is a book-built SME IPO of Rs. 27.73 Cr. The issue is entirely a fresh issue of 28,29,600 shares. The IPO opens on 17 April 2026 and closes on 21 April 2026. Mehul Telecom Ltd. is a Gujarat-based multi-brand mobile retail chain operating through COCO and FOFO models, offering smartphones, accessories and connected devices across leading brands, catering to growing digital consumption demand.
Mehul Telecom IPO GMP – Latest Update
| Particulars |
Details |
| GMP Status |
Not available / not established |
| GMP Note |
Grey market premium is unofficial and may change daily |
Mehul Telecom IPO Subscription Status – Live Update
Subscription View
The subscription data is awaited as the issue is yet to close. Investors should track QIB participation and retail response closely for listing cues.
Chanakya Subscription Interpretation
👉 Early trend will be crucial. Strong QIB + retail participation typically signals better listing momentum.
| Category |
Subscription |
| QIB |
To be updated |
| NII |
To be updated |
| Retail (RII) |
To be updated |
| Total |
To be updated |
👉 | GMP | Reviews | Subscription | Allotment
IPO Details at a Glance
| Particulars |
Details |
| IPO Date |
17 April 2026 to 21 April 2026 |
| Listing Date |
24 April 2026 |
| Face Value |
Rs. 10 per share |
| Price Band |
Rs. 96 to Rs. 98 per share |
| Lot Size |
1,200 Shares |
| Issue Type |
Book Build IPO |
| Listing At |
BSE SME |
| Total Issue Size |
28,29,600 shares aggregating up to Rs. 27.73 Cr |
| Fresh Issue |
28,29,600 shares aggregating up to Rs. 27.73 Cr |
| Market Maker Portion |
1,44,000 shares |
| Net Offered to Public |
26,85,600 shares |
| Shareholding Pre Issue |
76,22,000 shares |
| Shareholding Post Issue |
1,04,51,600 shares |
| Sale Type |
Fresh capital only |
| Market Cap Pre-IPO |
Rs. 102.43 Cr |
IPO Timetable
| Event |
Date |
| IPO Open |
Friday, 17 April 2026 |
| IPO Close |
Tuesday, 21 April 2026 |
| Allotment |
Wednesday, 22 April 2026 |
| Refund |
Thursday, 23 April 2026 |
| Credit of Shares |
Thursday, 23 April 2026 |
| Listing |
Friday, 24 April 2026 |
Reservation
| Investor Category |
Shares Offered |
% of Net Issue |
| QIB |
13,40,400 |
49.91% |
| NII (HNI) |
4,03,200 |
15.01% |
| Retail (RII) |
9,42,000 |
35.08% |
| Market Maker |
1,44,000 |
— |
Lot Size
| Application |
Lots |
Shares |
Amount |
| Retail Minimum |
2 |
2,400 |
Rs. 2,35,200 |
| Retail Maximum |
2 |
2,400 |
Rs. 2,35,200 |
| S-HNI Minimum |
3 |
3,600 |
Rs. 3,52,800 |
| S-HNI Maximum |
8 |
9,600 |
Rs. 9,40,800 |
| B-HNI Minimum |
9 |
10,800 |
Rs. 10,58,400 |
Company Details
Mehul Telecom Ltd. is engaged in the business of multi-brand mobile retailing, offering smartphones, tablets, and accessories through a hybrid distribution model comprising Company Owned Company Operated (COCO) and Franchise Owned Franchise Operated (FOFO) stores.
The company deals in leading brands such as Apple, Samsung, Vivo, Oppo, Xiaomi and others, along with a wide range of accessories including wearables, chargers, earphones, and power devices.
Its key strength lies in strong regional presence in Gujarat, strategic store locations and diversified product portfolio catering to the fast-growing digital consumption ecosystem.
As of March 2026, the company had a workforce of 27 employees.
Company Address:
West Gate Shop 223, 150 Ft Ring Road, Rajkot Raiya Road, Rajkot, Gujarat – 360007
Lead Manager: Cumulative Capital Pvt. Ltd.
Registrar: Kfin Technologies Ltd.
Financials
| Particulars (Rs. Cr) |
Dec 2025 |
Mar 2025 |
Mar 2024 |
| Assets |
54.41 |
0.10 |
34.41 |
| Total Income |
152.02 |
— |
115.47 |
| PAT |
7.07 |
5.74 |
-0.01 |
| EBITDA |
9.71 |
8.02 |
3.04 |
| Net Worth |
24.18 |
17.10 |
0.09 |
| Reserves |
16.55 |
9.48 |
-0.01 |
| Borrowings |
3.72 |
0.07 |
— |
Valuation
| KPI |
Value |
| ROE |
34.27% |
| ROCE |
34.80% |
| Debt/Equity |
0.15 |
| RoNW |
29.25% |
| PAT Margin |
4.65% |
| EBITDA Margin |
6.39% |
| Particulars |
Pre IPO |
Post IPO |
| EPS (Rs.) |
7.53 |
9.02 |
| P/E (x) |
13.02 |
10.86 |
Chanakya View
Investment Summary
Mehul Telecom IPO operates in the highly competitive mobile retail segment, generating over 97% revenue from smartphone sales. The company has shown strong growth in revenue and profitability in recent years, indicating improving scale and execution.
However, the business remains low-margin and highly competitive, with dependence on consumer demand cycles and brand partnerships. Sudden jump in profitability raises concerns of possible earnings normalization post listing.
The IPO proceeds are primarily for working capital, which is typical for retail-driven businesses.
Chanakya View
👉 The issue reflects growth but carries execution + competition risk. Suitable only for well-informed investors with moderate risk appetite for medium term.
