Mopshop Distribution IPO

Mopshop Distribution Limitedmopshop.in

ListedSMEIndustrialsBSE SME

Price band: ₹138
Issue size: ₹27.26 Cr
Lot size: 1000 sh
Bidding: 19 – 21 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Mopshop Distribution Limited is a Vasai, Maharashtra business-to-business distributor of cleaning tools and hygiene consumables, incorporated on 6 June 2018 and employing 89 people as on 28 February 2026. Its Rs 27.26 Cr fixed-price BSE SME offer at Rs 138 a share — Rs 22.08 Cr fresh issue and Rs 5.18 Cr offer for sale — ran from 19 to 21 August 2026 and closed 1.59 times subscribed. Revenue rose from Rs 30.02 Cr in FY23 to Rs 41.99 Cr in FY25 and profit after tax from Rs 0.81 Cr to Rs 3.48 Cr over the same span, with the eleven months to 28 February 2026 carrying Rs 44.60 Cr of revenue and Rs 5.18 Cr of profit. The shares listed at Rs 137 on 26 August 2026 and last traded at Rs 29.15 on 23 October 2026, 78.88% below the issue price.

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.

66Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Mopshop Distribution, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below 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 2018 · Vasai, Palghar district, Maharashtra · 89 employees

Mopshop Distribution Limited is a Vasai, Maharashtra business-to-business distributor of facility management supplies — it sells cleaning tools and hygiene consumables rather than cleaning services. Its catalogue covers microfibre cloths, surface disinfectants, sensor-based dispensers, biodegradable garbage bags, tissue paper, pedal bins, wringer buckets, vacuum cleaners, air fresheners and tool kits. The prospectus describes a roster of over 300 clients across banking, financial services and insurance, construction and real estate, and healthcare, plus facility-management contractors, supplying corporate offices, industrial parks, hospitals, educational institutions, retail chains and government establishments. Orders come through an online order-management platform built by a third-party provider alongside a business-development team. The company operates warehouses in Ahmedabad, Hyderabad, Bangalore, Gurugram, Chennai, Pune and Indore totalling roughly 20,000 sq ft, and employed 89 people as on 28 February 2026.

Mopshop buys standardised cleaning and hygiene products from third-party suppliers and resells them to institutional buyers, so bought-in stock dominates the cost base: purchases of stock-in-trade were ₹3,446.80 lakh against ₹4,459.74 lakh of revenue from operations in the eleven months to 28 February 2026, with employee benefit expenses of ₹368.39 lakh. The prospectus calls the operating model asset-light — warehousing across seven cities, third-party transport, and no long-term agreements with suppliers or transporters — and billing runs on recurring account-based ordering rather than binding contracts. The constraints are working capital and concentration: total debt stood at ₹1,220.63 lakh at 28 February 2026 (debt-to-equity 1.02) against a ₹1,200.00 lakh Bank of India facility, and the top ten clients produced 75.89% of revenue in that period.

The company on paper

Legal name: Mopshop Distribution Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 6 Jun 2018
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51909MH2018PLC310403
Sector: Industrials · B2B distribution of cleaning tools and hygiene consumables for facility management
Employees: 89
Registered office: Vasai, Palghar district, Maharashtra
Promoters: Prakash Hakim Singh, Bunty Hakim Singh Gaur, Anju Prakash Singh
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 72.6%
Website: mopshop.in

The numbers

Financial performance

Revenue has compounded at 18.3% a year across the 3 reported financial years.

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

81% 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: ₹22.08 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹5.18 Cr
Total issue size: ₹27.26 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: 99,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.4% 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.

Total subscription1.59×

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: ₹138.00
Listed at: ₹137.00
Listing gain: down 0.7%
Since listing: down 77.5%
Against the issue price: down 77.6%

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.

Lots

Shares applied for: 2,000
At cut-off price: ₹138.00
Amount blocked: ₹2,76,000

One lot is 1000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. 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.

~34%

chance of one lot, per application

Retail subscription: 2.91×
Applicants per share available: 2.9× 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.

₹137.00

listed at, −0.7% against the issue price

Issue price: ₹138.00
Premium said: —
If allotted 1000 shares: −₹1,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue grew 26.08% in FY24 (Rs 37.85 Cr against Rs 30.02 Cr) and 10.94% in FY25 (Rs 41.99 Cr against Rs 37.85 Cr). The eleven months to 28 February 2026 carry Rs 44.60 Cr, above the full twelve-month FY25 figure of Rs 41.99 Cr over eleven months rather than twelve.
Profit after tax was Rs 0.81 Cr in FY23 and rose at every later period on record: Rs 1.42 Cr in FY24, a rise of 75.31%, and Rs 3.48 Cr in FY25, a rise of 145.07%. The eleven months to 28 February 2026 carry Rs 5.18 Cr, above the full FY25 year.
EBITDA margin was 4.63% in FY23 (Rs 1.39 Cr on Rs 30.02 Cr), 7.69% in FY24 (Rs 2.91 Cr on Rs 37.85 Cr), 14.60% in FY25 (Rs 6.13 Cr on Rs 41.99 Cr) and 17.85% in the eleven months to 28 February 2026 (Rs 7.96 Cr on Rs 44.60 Cr). Net margin across the same four periods was 2.70%, 3.75%, 8.29% and 11.61%.
Net worth stood at Rs 1.25 Cr at 31 March 2023 and rose at each later date on record — Rs 2.92 Cr at FY24, Rs 6.74 Cr at FY25 and Rs 11.92 Cr at 28 February 2026, which is 9.54 times the FY23 level.

What to weigh against it

The record states that the top ten clients produced 75.89% of revenue in the eleven months to 28 February 2026, from a roster the prospectus describes as over 300 clients across banking, financial services and insurance, construction and real estate, and healthcare.
Total borrowings were Rs 3.92 Cr in FY23, Rs 6.59 Cr in FY24 and Rs 5.14 Cr in FY25, then Rs 12.21 Cr at 28 February 2026 — 2.38 times the FY25 figure — against net worth of Rs 11.92 Cr on the same date, a debt-to-equity of 1.02. The record puts total debt of Rs 1,220.63 lakh against a Rs 1,200.00 lakh Bank of India facility.
The record describes a cost base dominated by bought-in stock: purchases of stock-in-trade were Rs 3,446.80 lakh against Rs 4,459.74 lakh of revenue from operations in the eleven months to 28 February 2026, or 77.29% of revenue, with employee benefit expenses of Rs 368.39 lakh, or 8.26%. The prospectus states there are no long-term agreements with suppliers or transporters.
The issue was subscribed 1.59 times overall on 21 August 2026, with the non-institutional category at 0.27 times and retail at 2.91 times. It listed at Rs 137 against the Rs 138 fixed price, closed its first day at Rs 130.15 and last traded at Rs 29.15 on 23 October 2026.

Easy to miss in the prospectus

No operating cash-flow figure is recorded for any of the four periods, so the record cannot show how much of the Rs 3.48 Cr of FY25 profit or the Rs 5.18 Cr of eleven-month profit was collected in cash.
The record carries no valuation metrics, no peer set and no stated objects of the offer, so the Rs 138 price cannot be placed against earnings or against comparable issuers from this record alone.
Only the final day of the 19 to 21 August 2026 subscription window is on record (21 August 2026); the day-one and day-two books are not recorded.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Mopshop Distribution — Prospectus dated 2026-08-1313 Aug 2026Filed after pricing, with every placeholder filled in.Opens on mopshop.in

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: Khandwala Securities Limited
RegistrarAllotment status is checked on the registrar's own site: Cameo Corporate Services Limited

How these figures were checked

Reconciled to Mopshop Distribution's own prospectus and to exchange disclosures, then cross-checked against 6 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.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 19 Aug 2026
Closes: 21 Aug 2026
Allotment: 24 Aug 2026
Lists: 26 Aug 2026
Revenue (FY25): ₹41.99 Cr
Profit (FY25): ₹3.48 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.