Mehul Telecom was incorporated on May 17, 2023. The company operates a multi-brand mobile retail chain under a hybrid COCO and FOFO model, offering smartphones and electronic products from leading brands such as Samsung, Xiaomi, and OnePlus. The company also sells a wide range of appliances, accessories, and lifestyle products through omnichannel-enabled stores under the “Mehul Telecom” brand
| Bidding Dates |
|---|
| 17 Apr 2026 - 21 Apr 2026 |
| Subscription |
|---|
| 41.81x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,30,400 | 2 | 2 | 1200 | 2.8 M | ₹96 - ₹98 | 68.74 % | ₹271.6 M - ₹277.3 M | RHP DOC |
Mehul Telecom IPO SUBSCRIPTION STATUS
21 Apr '26Mehul Telecom IPO overall subscription rate was 41.81 times the total available shares
Mehul Telecom IPO retail subscription rate was 49.42 times in the retail segment
Mehul Telecom IPO non-institutional investor subscription rate was 105.07 times in the non-institutional investor category
Mehul Telecom IPO Qualified Institutional Bidder subscription rate was 17.51 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
21 Apr 2026 (Day 3) | 49.42x | 105.07x | 17.51x |
20 Apr 2026 (Day 2) | 12.37x | 30.54x | 0.75x |
17 Apr 2026 (Day 1) | 3.09x | 12.94x | 0.72x |
Mehul Telecom FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) |
| 9MFY26 | 152.0 | 7.1 | -3.6 | -4.1 |
| FY25 | 115.4 | 5.7 | -11.3 | -11.5 |
Mehul Telecom IPO SUBSCRIPTION STATUS DETAILS
Mehul Telecom had 2.8 M shares on offer
Mehul Telecom IPO offer price was in the range ₹96 - ₹98
Mehul Telecom IPO minimum Investment was ₹230400
Mehul Telecom IPO issue size was ₹ 271.6 M - ₹ 277.3 M
Mehul Telecom had a minimum lot size of 1200 Shares per application
Mehul Telecom NUMBER OF SHARES ON OFFER
Mehul Telecom IPO IMPORTANT DATES
| Issue Open Date | 17 Apr 2026 |
| Issue close Date | 21 Apr 2026 |
| Allotment Date | 22 Apr 2026 |
| Refund Date | 23 Apr 2026 |
| Demat Account Credit Date | 23 Apr 2026 |
| Listing Date | 24 Apr 2026 |
| Listing on Exchange(s) | BSE |
| Mehul Telecom Allotment Status | Exchange/ Registrar |
Mehul Telecom IPO subscription opened on 17 Apr 2026, and closed on 21 Apr 2026
IPO allotment for Mehul Telecom was finalized on Wednesday, 22 Apr 2026
IPO listing for Mehul Telecom was on BSE on Friday, 24 Apr 2026
Mehul Telecom IPO LISTING GAINS
| Issue Price (adjusted) | 98.0 |
| Listing Open Price | 108.0 |
| Listing Close Price | 109.9 |
| Listing Gain% | 10.2% |
| Current Gain% | -10.9% |
Mehul Telecom Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mehul Telecom Ltd. | 87.3 | 91.2 | 9.2 | 0.1 | 0.5 | 36.7 | 17.2 | 200.2 | 73.4 | 10 | 73.7 | 9.5 | 73.7 |
| Vedant Fashions Ltd. | 516.9 | 12559.5 | 32.5 | -13.1 | 8.6 | 19.1 | 13.2 | 1529 | 3.9 | 375.5 | -3.3 | 15.9 | -2.5 |
| Aditya Birla Lifestyle Brands Ltd. | 93.9 | 11455.8 | 65.1 | 0.3 | 1.3 | 12.1 | 2 | 8480.9 | 7.2 | 171 | 187 | 1.4 | 189.8 |
| Aditya Vision Ltd. | 618.4 | 7986.5 | 57.5 | 2 | 2.7 | 17 | 7.9 | 2681.5 | 18.3 | 116.9 | 10.8 | 10.8 | 29.2 |
| Ethos Ltd. | 2782.1 | 7444.3 | 71.7 | 5.8 | 4.3 | 6.4 | 4.3 | 1658.4 | 30 | 94.8 | -1.6 | 38.8 | 12.3 |
| Electronics Mart India Ltd. | 165.8 | 6380.3 | 30.9 | 0.3 | 0.8 | 6.6 | 2.8 | 7191.4 | 3.1 | 107.1 | -33.1 | 5.4 | 88.8 |
Mehul Telecom INFORMATION ON IPO ISSUE
About Mehul Telecom
Mehul Telecom was incorporated on May 17, 2023. The company operates a multi-brand mobile retail chain under a hybrid COCO and FOFO model, offering smartphones and electronic products from leading brands such as Samsung, Xiaomi, and OnePlus. The company also sells a wide range of appliances, accessories, and lifestyle products through omnichannel-enabled stores under the “Mehul Telecom” brand
Object of the Issue
- Funding of working capital needs
- General corporate purpose
- Issue related expenses
Mehul Telecom - PROMOTERS
| Name |
|---|
| Mehul Vasantbhai Raymagiya |
| Raymagiya Hemali Mehulbhai |
Mehul Telecom - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Mehul Vasantbhai Raymagiya | Chairman & Managing Director |
| Raymagiya Hemali Mehulbhai | Non- Executive Director |
| Gunjaria Jitesh Kantilal | Independent Director |
| Naimish Vasharambhai Raiyani | Independent Director |
Mehul Telecom Book Running Lead Manager
Cumulative Capital Private Limited
contact@cumulativecapital.group
Mehul Telecom Registrar to the issue
KFin Technologies Limited
mehul.ipo@kfintech.com
Mehul Telecom Strengths
Comprehensive product range
The company is a multi-brand retailer in Gujarat offering a wide range of smartphones and accessories from leading brands such as Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Infinix and Xiaomi. It offers around 1100 smartphone SKUs and 500 accessory products, catering to diverse customer preferences in both design and functionality
Strategic store locations
The company’s retail stores are strategically located in high-traffic areas, ensuring steady customer engagement throughout the week. Each store features well-designed displays and trained sales staff who assist customers with product understanding and informed purchase decisions
Low capital requirements
A key strength of the company is its low capital requirement for expansion, enabling sustainable growth with minimal financial outlay. By leveraging a franchise model and efficient inventory and logistics management, it expands its retail footprint quickly while maximizing returns and focusing on core areas like innovation, customer service, and brand building
Mehul Telecom Risks
Operational risks
Opening and closing stores is a regular part of the company’s strategy, based on each location’s revenue potential and performance factors such as footfall, costs, and customer engagement. While this approach optimizes the store network, it exposes the Company to risks like demand misjudgment, site selection errors, closure costs, and potential reputational impact
High volume-low margin business
The company operates a high volume–low margin business, relying on strong turnover growth and efficient execution of key processes such as procurement, sales, and cost control to maintain profitability. Any inability to increase volumes or manage operations effectively may lead to reduced profitability and adversely impact its financial performance
Competition
Competition from online retailers such as Amazon, Flipkart, and Reliance Digital, along with emerging quick commerce platforms, may adversely impact the Company’s business by offering competitive pricing, wider product ranges, and faster delivery. This shift in consumer preference towards online channels could reduce store footfall, sales, and overall financial performance
IPO FAQs
The promoters of the company are Mehul Vasantbhai Raymagiya and Raymagiya Hemali Mehulbhai.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 96.0 - 98.0.
The IPO application opens on Apr 17, 2026 and closes on Apr 21, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 230,400.0, the maximum value for this IPO is Rs 235,200.0.
This IPO will be allotted on Apr 22, 2026.
The refund will be credited to your account on Apr 23, 2026.
The allotted shares will be credited to your demat on Apr 23, 2026.
Mehul Telecom Ltd.’s shares listed on the stock exchanges on Apr 24, 2026.