- Price band
- ₹96 – ₹98
- Issue size
- ₹27.73 Cr
- Lot size
- 1200 sh
- Bidding
- 17 – 21 Apr
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 24 Apr 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
41% of the scoring model was backed by disclosed data for Mehul Telecom, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2007 · Rajkot, Gujarat, India · 27 employees
Mehul Telecom runs a multi-brand mobile phone retail chain in Gujarat under the "Mehul Telecom" name. At the date of its April 2026 red herring prospectus it operated 80 stores in the state: 6 that it owns and staffs itself (COCO) and 74 run by franchisees (FOFO). The stores sell smartphones and accessories from Samsung, Vivo, Oppo, Realme, Xiaomi, OnePlus, Nokia and other brands, alongside televisions, air conditioners, refrigerators, washing machines, wearables, audio devices and power banks. The company is based in Rajkot and sells only within Gujarat. It has 27 employees of its own, with roughly 116 more deputed to its stores by the brands it stocks. The business began as promoter Mehul Vasantbhai Raymagiya's proprietorship, trading since 2007-08; the company acquired it in April 2024.
Revenue is booked by the company in both store formats, so franchised stores appear as company sales with the margin shared back to the franchisee, who also carries the store's operating costs and posts a security deposit against the stock issued to him — ₹6.33 crore of such shop deposits sat on the balance sheet at 31 December 2025. Retail is the cost structure: in the nine months to 31 December 2025, purchases of traded goods were ₹144.22 crore against ₹151.99 crore of revenue from operations, leaving EBITDA of ₹9.71 crore. Inventory of ₹24.86 crore and receivables of ₹17.77 crore are the constraint; ₹22.95 crore of the issue was earmarked for working capital.
The company on paper
- Legal name
- Mehul Telecom Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 17 May 2023trading as Mehul Telecom since 2007
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U46524GJ2023PLC141259
- Sector
- Consumer Discretionary · Multi-brand smartphone and consumer-electronics retail chain in Gujarat
- Employees
- 27
- Registered office
- Rajkot, Gujarat, India
- Promoters
- Mehul Vasantbhai Raymagiya, Raymagiya Hemali Mehulbhai
- Promoter holding, pre-issue
- 94.3%
- Promoter holding, post-issue
- 68.7%
- Website
- mehultelecom.com
The numbers
Financial performance
Figures as reported in the prospectus. Interim periods are shown but not annualised.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹27.73 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹27.73 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,44,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹98.00
- Listed at
- ₹108.00
- Listing gain
- up 10.2%
- Since listing
- up 12.3%
- Against the issue price
- up 23.7%
Trading at ₹121.25 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹98.00
- Amount blocked
- ₹2,35,200
One lot is 1200 shares at ₹1,17,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,35,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~3%
chance of one lot, per application
- Retail subscription
- 37.37×
- Applicants per share available
- 37.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹108.00
listed at, 10.2% against the issue price
- Issue price
- ₹98.00
- Premium said
- —
- If allotted 1200 shares
- ₹12,000
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY24 revenue is genuinely nil in the restated statutory accounts: the company was incorporated 17 May 2023 but was a shell until it acquired the promoter's proprietorship business with effect from 21 April 2024, so the FY24-to-FY25 step is an acquisition, not organic growth.
- The RHP also publishes a proforma/combined KPI series that merges the company with the predecessor proprietorship (revenue from operations ₹80.15 Cr FY23, ₹107.20 Cr FY24, ₹120.89 Cr FY25; FY25 EBITDA ₹8.02 Cr and PAT ₹6.04 Cr). The figures published here are the restated statutory series only. Trackers quote a mixture of the two.
- The 31 December 2025 column is a nine-month stub period, not a full year, and is not comparable to the annual rows.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Cumulative Capital Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Mehul Telecom's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated April 09, 2026 (company website, 7.1 MB PDF) · read 16 Oct 2026
- BSE equity bhavcopy for the 24 Apr 2026 session (ISIN, scrip code 544751, series MT, open/high/low/close, NewBrdLotQty) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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