Mehul Telecom Limited
Bookbuilding IPO · BSE
- Price band
- ₹96 – ₹98
- Lot size
- 1,200 shares
- Issue amount
- ₹27.73 cr
- Total subscription
- 44.99×
- Opens
- 17 Apr 2026
- Closes
- 21 Apr 2026
- Allotment
- 22 Apr 2026
- Listing
- 24 Apr 2026
Offer at a glance
Issue overview
- Issue size
- 28,29,600 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,15,200
- Fresh issue
- ₹27.73 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,17,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 76,22,000
- Shares after issue
- 1,04,51,600
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,35,200 |
| sHNI | 3 | 3,600 | ₹3,52,800 |
| bHNI | 9 | 10,800 | ₹10,58,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 21 Apr 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 22 |
| NIB | 0 | 3,948 |
| RETAIL | 393 | 14,701 |
| HNIs(10L +) | 75 | 2,357 |
| HNIs (2-10L) | 37 | 1,591 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 5.39 | 175.04 |
| FIIs | 0 | 20.72 |
| Others | 0 | 154.31 |
| RETAIL | 9.24 | 345.77 |
| NIB | 3.95 | 315.07 |
| HNIs 2+ | 1.32 | 59.66 |
| HNIs 10+ | 2.63 | 255.42 |
Financial performance
Company financials
In Crore · Reported periods may include interim results.
Key performance indicators
| Metric | Dec-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 9.28 | 8.3 | 3.43 |
| ROE | 34.27 | 59.84 | 99.32 |
| ROCE | 34.8 | 47.16 | 42.43 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 13.02 | 0 |
| POST IPO(PE) | 10.86 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Fonebox Retail limited | 14.45 | 64.00 | 10.00 | 33.62 | 13.18 | 4.43 |
| Jay Jalaram Technologies Limited | 17.13 | 90.30 | 10.00 | 56.81 | 10.02 | 5.27 |
| Bhatia Communications & Retail (India) Limited | 18.94 | 20.83 | 1.00 | 7.08 | 15.56 | 1.10 |
| Mehul Telecom Limited | 13.02 | 0 | 10.00 | 23.49 | 35.31 | 8.30 |
Company information
Company profile
Mehul Telecom Private Limited, incorporated in May 2023, is a multi-brand mobile retail chain that operates through a hybrid business model, combining company-owned stores with franchise-owned outlets. The company offers a wide range of products, including smartphones, tablets, connected lifestyle devices, and accessories such as earphones, smartwatches, chargers, and power banks. Its portfolio features popular brands like Samsung, Apple (iPhone), Vivo, Oppo, Realme, OnePlus, Redmi, Nothing, Infinix, and Xiaomi, giving it a strong presence in the mobile retail market. The company has built a solid retail network across Gujarat, with major revenue coming from key districts such as Rajkot and Morbi. It is focused on expanding its offline retail presence through franchise-led growth, which helps scale the business efficiently while optimizing capital investment.
Strengths
- Experienced leadership team: Skilled promoters and management with strong industry knowledge help drive smooth operations and support business growth.
- Strong distribution network in Gujarat: Well-established presence across important locations improves customer reach and makes products easily available.
- Wide product range: A large selection of smartphones and accessories from top brands meets different customer needs and budget segments.
Risk factors
- Store performance and expansion risk: Frequent opening and closing of stores may create challenges related to choosing the right location, estimating customer demand, and managing closure costs.
- Geographical concentration risk: Since most operations are focused in Gujarat, especially Rajkot and Morbi, the business may be affected by regional issues or market saturation.
- Limited operating history risk: As a relatively new company, it may face difficulties in expanding smoothly and building long-term business stability.
Promoters
Mehul Vasantbhai Raymagiya
Raymagiya Hemali Mehulbhai
Registrar & documents
Lead manager
Cumulative Capital Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Mehul Telecom Ltd. West Gate Shop 223, 150 Ft Ring Road, Raiya Road, Rajkot, Gujarat, 360007
0281 2991223
[email protected]Company website ↗Understanding MTL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.