Mehul Telecom IPO
smelistedAbout the company
Incorporated in 2023, Mehul Telecom is a multi-brand mobile retail chain headquartered in Gujarat and specialises in selling smartphones, electronic goods, and accessories. The company offers a wide range of smartphones and tablets from leading brands, along with accessories and consumer electronics. Mobile phones contribute 98.63% of the revenue mix, while others contribute 1.37% of sales. The company stocks about 1,100 models of smartphones and 500 models of accessories. The company operates on a mixed retailing strategy that involves company-owned, company-operated (COCO) and franchisee-owned, franchisee-operated (FOFO) models. The company has 80 stores in Gujarat across different districts. Out of 80 stores, six are COCO and 74 are FOFO stores. On COCO, the company incurs all the operating expenses and earns revenues directly. However, on FOFO, the company provides inventory on a refundable deposit basis, pays all operating expenses, and earns revenues while sharing the profit margins with the franchisee partners. In terms of geography, Rajkot represents the major market share, as it generates 65.26% of the total sales revenue as of December 31, 2025, with 21 outlets. Morbi is the second-largest contributor at 17.10%. The head office of the organisation is in Rajkot, which also serves as the main operations center for the firm. COCO shops have increasingly accounted for a rising proportion of total income. In 9MFY26, the COCO shops have earned ₹110.09 crore, making up 72.43% of total income, whereas the FOFO shops have earned ₹41.90 crore, making 27.57% of total income.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 17 Apr | ₹4.5 | ₹102.5 | 0 |
| 16 Apr | ₹4.5 | ₹102.5 | +4.5 |
| 15 Apr | ₹0 | ₹98 | 0 |
| 14 Apr | ₹0 | ₹98 | 0 |
| 13 Apr | ₹0 | ₹98 | 0 |
| 12 Apr | ₹0 | ₹98 | 0 |
| 11 Apr | ₹0 | ₹98 | 0 |
| 10 Apr | ₹0 | ₹98 | 0 |
Strengths
- Experienced promoters with strong industry knowledge
- Established retail and distribution network, especially in Gujarat
- Strong presence in key markets like Rajkot and Morbi
- Diverse product portfolio including smartphones and accessories
- Strategic store locations in high footfall areas
- Consistent revenue growth with improving profitability
- Asset-light business model enabling scalability
- Strong relationships with dealers and customers
Risks
- High dependence on a single geographic region (Gujarat)
- Intense competition from organized retailers and online platforms
- Low entry barriers in telecom retail business
- Dependency on limited brands and suppliers
- SME listing leading to low liquidity and high volatility
- Limited operating history as a public company
- Margin pressure due to competitive pricing environment
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed17 Apr 2026Bidding starts for all investor categories
IPO Closes
Completed21 Apr 2026Last day to place your bid
Basis of Allotment
Completed22 Apr 2026Share allotment finalised
Refund Initiation
Completed23 Apr 2026Refunds credited for non-allottees
Credit to Demat
Completed23 Apr 2026Allotted shares credited to demat account
Listing on Exchange
Completed24 Apr 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹117,600 | 1 | ₹117,600 | 1 lot only |
| HNI | 2 | 2400 | ₹235,200 | 2 | ₹235,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,443,299 | 14 | 0 | 0.00x | 100% |
| NII | 15% | 432,990 | 4.2 | 0 | 0.00x | 100% |
| Retail | 35% | 1,010,309 | 9.8 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
