Mehul Telecom IPO will have a public issue of 28,29,600 shares with a nominal value of ₹10. The total size of this offering is ₹28 crore. Applications will be accepted starting from
April 17, 2026. The window for bidding will close on April 21, 2026. The shares of this issue are planned to be allotted on April 22, 2026. This issue will make its debut on April 24, 2026, on BSE SME.
Each lot of this IPO consists of 1,200 shares. The price ranges between ₹96 and ₹98. Retail investors are required to bid for at least 2 lots, an outlay of ₹2,35,200. The sNII participants will have to bid for a minimum of 3 lots with ₹3,52,800. For bNII investors, the minimum requirement is 9 lots, amounting to ₹10,58,400.
Mehul Telecom IPO Details
An overview of the essential details of this issue is provided below:
| Particulars | Details |
| Bidding Opens | April 17, 2026 |
| Bidding Closes | April 21, 2026 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding Issue |
| Lot Size | 1,200 Shares |
| Price Band | ₹96 to ₹98 |
| Issue Price | – |
| Listing at | BSE SME |
| Fresh Issue | 26,85,600 shares (₹26 Crore) |
| Reserved for Market Maker | 1,44,000 shares (₹1 Crore) |
| Offer for Sale (OFS) | – |
| Total Issue | 28,29,600 shares (₹28 Crore) |
| Minimum Investment | ₹2,35,200 |
Mehul Telecom IPO Timeline
The offering is expected to follow the given schedule:
| Particulars | Details |
| Bidding Opens | April 17, 2026 |
| Bidding Closes | April 21, 2026 |
| Tentative Allotment | April 22, 2026 |
| Initiation of Refunds | April 23, 2026 |
| Demat Credit of Shares | April 23, 2026 |
| Listing Scheduled | April 24, 2026 |
| UPI mandate cut-off | April 21, 2026 (5:00 PM) |
Mehul Telecom Key Performance Indicators (KPI)
The following table presents Mehul Telecom’s KPIs:
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 40.95 | 99.32 | 59.84 |
| ROCE (%) | 30.05 | 42.43 | 47.16 |
| Debt Equity (times) | – | – | 0.15 |
| RoNW (%) | 38.45 | 71.22 | 35.31 |
| PAT Margin (%) | 0.64 | 2.05 | 5.00 |
| EBITDA Margin (%) | 0.92 | 2.83 | 6.63 |
| Price Book Value | – | – | 4.17 |
Mehul Telecom Financials
The financial metrics of Mehul Telecom are presented below:
| Particulars (in ₹ lakh) | Mar 31, 2024 | Mar 31, 2025 | Dec 31, 2025 |
| Total Assets | 9.62 | 3,440.91 | 5,440.80 |
| Revenue | – | 11,547.26 | 15,202.19 |
| Profit | – | 573.62 | 707.25 |
Mehul Telecom IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Apr 17 (Day 1) | 1.34 | 9.82 | 2.34 | 3.64 |
| Apr 20 (Day 2) | 1.34 | 13.91 | 3.66 | 5.17 |
Mehul Telecom IPO GMP Today
The Mehul Telecom IPO is currently showing no grey market premium, with GMP holding steady at ₹0. Investor sentiment appears muted as there has been no movement in the premium. Based on current trends, the shares are expected to list around the upper price band of ₹98.
| GMP Date | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|
| 20-04-2026 | ₹4.5  | ₹102.5 (4.59%) | ₹5400 | 20-Apr-2026 10:34 |
| 19-04-2026 | ₹4.5 | ₹102.5 (4.59%) | ₹5400 | 19-Apr-2026 23:31 |
| 18-04-2026 | ₹4.5 | ₹102.5 (4.59%) | ₹5400 | 18-Apr-2026 23:31 |
| 17-04-2026 Open | ₹4.5 | ₹102.5 (4.59%) | ₹5400 | 17-Apr-2026 23:32 |
| 16-04-2026 | ₹4.5  | ₹102.5 (4.59%) | ₹5400 | 16-Apr-2026 23:34 |
| 15-04-2026 | ₹0 | ₹98 (0.00%) | ₹0 | 15-Apr-2026 23:34 |
| 14-04-2026 | ₹0 | ₹98 (0.00%) | ₹0 | 14-Apr-2026 23:37 |
| 13-04-2026 | ₹0 | ₹98 (0.00%) | ₹0 | 13-Apr-2026 23:28 |
| 12-04-2026 | ₹0 | ₹98 (0.00%) | ₹0 | 12-Apr-2026 23:28 |
| 11-04-2026 | ₹0 | ₹98 (0.00%) | ₹0 | 11-Apr-2026 23:31 |
Note: Grey market premium data comes from informal trading activity and is meant for reference only, not as a basis for investment decisions.
Mehul Telecom IPO Reservation
The allocation of shares among different investor categories is outlined below:
| Investor Category | Reservation |
| QIB Shares | 13,40,400 |
| NII (HNI) Shares | 4,03,200 |
| Retail Shares | 9,42,000 |
| Market Maker Shares | 1,44,000 |
| Total Shares | 28,29,600 |
Mehul Telecom IPO Lot Size
Bids must be submitted in accordance with the prescribed lot sizes:
| Investor Type | Lots | Shares | Amount |
| Minimum Bid for Retail Investors | 2 | 2,400 | ₹2,35,200 |
| Maximum Bid for Retail Investors | 2 | 2,400 | ₹2,35,200 |
| S-HNI – Minimum Bid | 3 | 3,600 | ₹3,52,800 |
| S-HNI – Maximum Bid | 8 | 9,600 | ₹9,40,800 |
| B-HNI – Minimum Bid | 9 | 10,800 | ₹10,58,400 |
Anchor Investors in the Mehul Telecom IPO
The following section highlights the involvement of anchor investors in the issue:
| Particulars | Details |
| Anchor Bidding Opens | April 16, 2026 |
| Shares Offered | 7,89,600 |
| Portion Size | 60% of the QIB |
| 50% Shares Lock-in (30 Days) | May 22, 2026 |
| Remaining shares Lock-in (90 Days) | July 21, 2026 |
Mehul Telecom IPO Prospectus
The documents below offer detailed information about this offering.
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed Yet |
About Mehul Telecom
Mehul Telecom started its journey in May 2023 in Rajkot, Gujarat. Mehul Vasantbhai Raymagiya, the managing director, along with the promoter, Raymagiya Hemali Mehulbha, head the firm. Their focus remains on expanding market reach, strengthening customer service, and offering quality products at accessible price points.
The company operates a multi-brand retail network for smartphones, electronics, and accessories through a mix of company-owned (COCO) and franchise-led (FOFO) stores. Its portfolio includes leading brands such as Xiaomi, Samsung, Vivo, and others, along with appliances and connected lifestyle products. It offers omnichannel payment options and currently runs 80 stores. With steady revenue growth over recent years, it continues to expand its retail presence and product range to meet evolving customer demand.
| Lead Manager | Cumulative Capital |
| IPO Registrar | Kfin Technologies |
Mehul Telecom IPO Objectives
Capital generated from the offering will support the following goals:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Working Capital Needs | 2,295.00 |
| 2. | General Corporate Uses | – |
Strengths of Mehul Telecom
The strength of Mehul Telecom’s operations lies in the following factors:
- Experienced Leadership: The promoters bring over 17 years of retail experience, guiding strategy and daily operations. Their leadership and capable management team drive growth, execution, and customer satisfaction.
- Diverse Portfolio: Mehul Telecom offers a broad range of smartphones and accessories from leading brands, with over 1,600 SKUs, catering to varied customer preferences in terms of features, pricing, and functionality.
- Strong Network: The company runs a network of 80 stores across 15 districts in Gujarat through the COCO and FOFO models. It ensures a wide market reach and strong regional presence across diverse customer segments.
- Asset-Light Model: The franchise-led model enables expansion with low capital investment, improving scalability, optimising costs, and delivering higher returns while maintaining operational efficiency.
Risks of Mehul Telecom
A thorough evaluation of Mehul Telecom’s risks is necessary before investing.
- Margin Pressure Operating in a high-volume, low-margin business requires consistent sales growth. Any inefficiencies in procurement, sales, or cost control could reduce profitability and impact financial results.
- Leased Premises: Key offices and retail outlets operate on leased properties. Non-renewal or unfavourable lease terms could lead to relocation costs, operational disruptions, or increased expenses.
- Franchise Dependence: Heavy reliance on franchise-operated stores limits operational control. Poor performance or non-compliance by franchisees could harm brand reputation and financial outcomes.
- Low Entry Barriers: The industry has minimal entry barriers, enabling new competitors and unorganised players to enter easily, intensifying competition and potentially affecting market share and margins.
Mehul Telecom IPO Review
The Mehul Telecom IPO presents an opportunity to tap into a growing retail network with an asset-light model and improving financials. Its strong presence in Gujarat and wide product range support growth. However, GMP at ₹0 reflects neutral listing expectations. Key risks like thin margins, intense competition, and dependence on franchise partners may affect operations and profitability over time.
This issue is suited for investors with a moderate risk appetite. Apply only after carefully evaluating business fundamentals and sustainability.
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Mehul Telecom IPO FAQs
Mehul Telecom IPO is a book-built public issue of around ₹28 crore, entirely fresh. The company plans to raise funds to support working capital needs.
You can apply through your broker or banking app using ASBA or UPI. Ensure sufficient funds and bid in multiples of the prescribed lot size.
It offers growth potential due to expansion and improving margins, but risks like competition and low margins remain. Suitability depends on your risk appetite and investment horizon.
With GMP at ₹0, listing gains appear limited currently. Returns will largely depend on market conditions and the company’s performance post listing.
The Mehul Telecom IPO opens for subscription on April 17, 2026, and closes on April 21, 2026.
The lot size is 1,200 shares. Retail investors must apply for at least 2 lots (2,400 shares), requiring a minimum investment of ₹2,35,200.
The allotment for the Mehul Telecom IPO will be finalised on April 22, 2026.
The shares are expected to be listed on the BSE SME platform on April 24, 2026.
