- Price band
- ₹150 – ₹158
- Issue size
- ₹34.13 Cr
- Lot size
- 800 sh
- Bidding
- 30 Jun – 2 Jul
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 7 Jul 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.
The question this issue poses
In one sentence
Vinit Mobile runs 35 company-owned, company-operated phone shops, 32 of them in Surat district in Gujarat and three in Jaipur, buying handsets in and reselling them over the counter and in bulk; purchases of stock-in-trade were Rs 53.56 Cr against FY25 operating revenue of Rs 59.99 Cr. Revenue rose from Rs 28.56 Cr in FY24 to Rs 59.99 Cr in FY25, a rise of 110.05%, and the nine months to 31 December 2025 brought Rs 55.36 Cr of revenue and Rs 5.11 Cr of profit after tax. The Rs 34.13 Cr issue was entirely fresh, with no offer-for-sale component, and was subscribed 1.67 times overall on the final day — QIB 1.00 times, NII 0.93 times, retail 2.18 times. It listed at Rs 155 against the Rs 158 top of the band, closed its first day at Rs 147.25 and last traded at Rs 45 on 23 October 2026.
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
63% of the scoring model was backed by disclosed data for Vinit Mobile, giving medium 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 2011 · Surat, Gujarat · 46 employees
Vinit Mobile Limited runs a chain of 35 company-owned, company-operated phone shops — 32 across Surat district in Gujarat and three in Jaipur, Rajasthan. The stores sell handsets from Apple, Samsung, Vivo, Oppo, Xiaomi, Realme, Motorola and OnePlus, along with tablets, data cards, earphones, chargers, power banks, screen guards and covers. Arrangements with Bajaj Finserv, HDB Financial Services and TVS Credit let walk-in buyers pay by EMI, and the company routes warranty work to the brands' authorised service centres. Alongside counter sales it supplies handsets and accessories in bulk to small and mid-sized retailers and corporate customers. It had 46 people on its payroll on 31 May 2026, plus roughly 72 more deputed to its stores by brand partners.
Revenue comes from counter sales and bulk supply of handsets. In FY25 operating revenue was Rs 59.99 crore, split 67.70% B2C and 32.30% B2B; over the nine months to 31 December 2025, B2B rose to 37.55% of Rs 55.36 crore. Buying the phones is almost the whole cost base: purchases of stock-in-trade were Rs 53.56 crore in FY25 against that Rs 59.99 crore of revenue, leaving an EBITDA margin of 9.53% and a PAT margin of 6.44%. The structural constraint is working capital — stock held across 35 shops plus about 30 days' credit to B2B buyers — and Rs 23.75 crore of the issue was earmarked for it.
The company on paper
- Legal name
- Vinit Mobile Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 26 May 2011
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U51100GJ2011PLC065617
- Sector
- Consumer Discretionary · Multi-brand mobile handset and accessory retail (NSE classifies it as Speciality Retail)
- Employees
- 46
- Registered office
- Surat, Gujarat
- Promoters
- Vinit Jalan, Shweta Jalan
- Promoter holding, pre-issue
- 99.8%
- Promoter holding, post-issue
- 64.9%
- Website
- vinitmobile.in
The numbers
Financial performance
Revenue has compounded at 110.0% a year across the 2 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. 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
- ₹34.13 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹34.13 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
- 1,08,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 34.9% 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
- ₹158.00
- Listed at
- ₹155.00
- Listing gain
- down 1.9%
- Since listing
- down 70.6%
- Against the issue price
- down 71.2%
Trading at ₹45.55 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
- 1,600
- At cut-off price
- ₹158.00
- Amount blocked
- ₹2,52,800
One lot is 800 shares at ₹1,26,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,52,800. 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.
~46%
chance of one lot, per application
- Retail subscription
- 2.18×
- Applicants per share available
- 2.2× 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.
₹155.00
listed at, −1.9% against the issue price
- Issue price
- ₹158.00
- Premium said
- —
- If allotted 800 shares
- −₹2,400
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 rose from Rs 28.56 Cr in FY24 to Rs 59.99 Cr in FY25, a rise of 110.05%. The nine months to 31 December 2025 brought Rs 55.36 Cr, which is 23.04% above three-quarters of FY25's Rs 59.99 Cr (Rs 44.99 Cr) — a pro-rata comparison, not a full-year or annualised figure.
- The EBITDA margin was 3.68% in FY24 (Rs 1.05 Cr on Rs 28.56 Cr), 9.53% in FY25 (Rs 5.72 Cr on Rs 59.99 Cr) and 13.60% in the nine months to 31 December 2025 (Rs 7.53 Cr on Rs 55.36 Cr). Profit after tax over the same three periods was Rs 0.72 Cr, Rs 3.90 Cr and Rs 5.11 Cr.
- Net worth was Rs 0.70 Cr at 31 March 2024, Rs 4.60 Cr at 31 March 2025 and Rs 9.71 Cr at 31 December 2025. Total borrowings measured against net worth at those same three dates were 4.43x (Rs 3.10 Cr on Rs 0.70 Cr), 0.66x (Rs 3.04 Cr on Rs 4.60 Cr) and 0.63x (Rs 6.07 Cr on Rs 9.71 Cr) — lower at each period on record.
- The whole Rs 34.13 Cr was a fresh issue, with the offer-for-sale component recorded at Rs 0 Cr. The record states Rs 23.75 Cr of the issue, 69.59% of Rs 34.13 Cr, was earmarked for working capital. Promoter holding went from 99.80% pre-issue to 64.86% post-issue, a reduction of 34.94 percentage points.
What to weigh against it
- The record describes buying the phones as almost the whole cost base: purchases of stock-in-trade were Rs 53.56 Cr against FY25 operating revenue of Rs 59.99 Cr, or 89.28% of it. The record puts the FY25 EBITDA margin at 9.53% and the PAT margin at 6.44%.
- Total borrowings were Rs 3.04 Cr at 31 March 2025 and Rs 6.07 Cr at 31 December 2025, a rise of 99.67%. They stood at Rs 3.10 Cr at 31 March 2024, so this is a step up between the two most recent periods rather than a rise at every period the record carries.
- Thirty-two of the 35 stores are in Surat district and three are in Jaipur — 91.43% of the store count in one district. The company had 46 people on its payroll on 31 May 2026, plus roughly 72 more deputed to its stores by brand partners.
- The shares listed at Rs 155 against the Rs 158 top of the band, a listing gain of -1.90%, and closed day one at Rs 147.25. The last traded price on record is Rs 45 on 23 October 2026: 71.52% below Rs 158 and 69.44% below the Rs 147.25 first-day close.
Easy to miss in the prospectus
- The most recent financial period in the record is the nine months to 31 December 2025 — revenue Rs 55.36 Cr, EBITDA Rs 7.53 Cr, PAT Rs 5.11 Cr, net worth Rs 9.71 Cr. No full-year FY26 figures are in the record.
- B2B was 32.30% of FY25's Rs 59.99 Cr of operating revenue and 37.55% of the Rs 55.36 Cr booked over the nine months to 31 December 2025; the FY25 split was 67.70% B2C and 32.30% B2B.
- The record holds a single subscription observation — day 3, 2 July 2026 — and carries no anchor, allocation, valuation, peer or grey-market data.
Straight from the filing
Read it yourself
No official copy of the offer document has been linked here yet.
The paperwork
Who is running the issue
- Lead managers
- Comfort Securities Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- NSE API — issue information and final category-wise bid details for VMOBILE (ISIN, price range, lot size, face value, BRLM, registrar, issue size incl. market maker portion, final bids by category and applications) · read 16 Oct 2026
- NSE cash-market bhavcopy, 7 July 2026 (BhavCopy_NSE_CM_0_0_0_20260707_F_0000) — VMOBILE series ST: ISIN INE27V201011, NewBrdLotQty 800, open 155.00, high 155.00, low 147.25, close 147.25, prev close 158.00 · read 16 Oct 2026
- NSE full securities bhavdata, 7 July 2026 — VMOBILE listing-day prices, volume 1,56,000 and turnover · read 16 Oct 2026
- Red Herring Prospectus dated 23 June 2026, official NSE copy (RHP_VMOBILE.zip) — CIN, incorporation and name-change history, promoters, 99.80% pre-issue promoter holding, market maker reservation 1,08,000 shares, restated financials, KPI table, B2B/B2C revenue split, store clusters, employee count, objects of the issue · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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