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Mehul Telecom IPO Details

Bookbuilding IPO | ₹28 Cr | Listing at BSE SME | Fri, Apr 17, 2026 - Tue, Apr 21, 2026

Rights Issue Timetable
Rights Issue FAQs

Mehul Telecom IPO is a book build issue of ₹27.73 crores. The issue is entirely a fresh issue of 0.28 crore shares of ₹27.73 crore.

Mehul Telecom IPO opens for subscription on Apr 17, 2026 and closes on Apr 21, 2026. The allotment for the Mehul Telecom IPO is expected to be finalized on Apr 22, 2026. Mehul Telecom IPO will list on the BSE SME with a tentative listing date fixed as Apr 24, 2026.

Mehul Telecom IPO is set issue price band at ₹96 to ₹98 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,35,200 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,52,800.

Cumulative Capital Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Nikunj Stock Brokers Ltd..

Refer to Mehul Telecom IPO RHP for detailed Information.

Record Date

Fri, Apr 17, 2026

Entitlement Ratio

Tue, Apr 21, 2026

Open Date

₹96 to ₹98

Listing At

₹102.43 Cr

IPO Date

17 to 21 Apr, 2026
Listing Date

Fri, Apr 24, 2026 T
Face Value

₹10 per share
Price Band

₹96 to ₹98
Lot Size

1,200 Shares
Sale Type

Fresh capital only
Issue Type

Bookbuilding IPO
Listing At

BSE SME

Total Issue Size

28,29,600 shares (agg. up to ₹28 Cr)
Reserved for Market Maker

1,44,000 shares (agg. up to ₹1 Cr) Nikunj Stock Brokers Ltd.
Fresh Issue (Ex Market Maker)

26,85,600 shares (agg. up to ₹26 Cr)
Net Offered to Public

26,85,600 shares (agg. up to ₹26 Cr)
Share Holding Pre Issue

76,22,000 shares
Share Holding Post Issue

1,04,51,600 shares

Rights Issue Timetable

IPO Open

Fri, Apr 17, 2026
Allotment

Wed, Apr 22, 2026
Credit of Shares

Thu, Apr 23, 2026

IPO Close

Tue, Apr 21, 2026
Refund

Thu, Apr 23, 2026
Listing

Fri, Apr 24, 2026
Credit Date

Tue, Apr 28, 2026

Issue Reservation

Mehul Telecom IPO comprises a total issue size of 28,29,600 shares. The net offer to the public is 26,85,600 shares, after excluding 1,44,000 shares allotted on a firm basis. Of the Net offer 13,40,400 (49.91%) are allocated to QIB, 4,03,200 (15.01%) allocated to NII 9,42,000 (35.08%) allocated to RII.

Investor Category	Shares Offered	% of Net Issue	% of Total Issue
QIB Shares Offered	13,40,400	49.91%	47.37%
− Anchor Investor Shares Offered	7,89,600		27.91%
− QIB (Ex. Anchor) Shares Offered	5,50,800		19.47%
NII (HNI) Shares Offered	4,03,200	15.01%	14.25%
Retail Shares Offered	9,42,000	35.08%	33.29%
Firm Reservations
Market Maker Shares Offered	1,44,000		5.09%
Total Shares Offered	28,29,600	100.00%

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	2,400	₹2,35,200
Individual investors (Retail) (Max)	2	2,400	₹2,35,200
S-HNI (Min)	3	3,600	₹3,52,800
S-HNI (Max)	8	9,600	₹9,40,800
B-HNI (Min)	9	10,800	₹10,58,400

IPO Subscription Details

About Mehul Telecom Ltd.

Incorporated in May 2023, Mehul Telecom Private Limited is multi-brand mobile retail chain offering smartphones and accessories through a hybrid “COCO” (Company Owned, Company Operated) and “FOFO” (Franchisee Owned, Franchisee Operated) retail model.

The company retail connected lifestyle products and peripherals such as wearables, audio devices, and power solutions like speakers, smartwatch, ear phones, head phones, tablets, mobile covers, phone chargers, screen guards, power banks, phone warranty plans, fire sticks, car holder clamps, pen drive etc. of various brands.

Business Vertical:

Sales through Company Owned Company Operated Retail Stores (COCO Model)
Sales through Franchise Owned Franchise Operated Outlets (FOFO Model)

Product Portfolio:

Smart Phones and Tablets of all major brands operational in India like MI, Samsung, iPhone, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular Brands in Gujarat.
Allied accessories like speakers, smartwatch, ear phones, head phones, tablets, mobile covers, phone chargers, screen guards, power banks, phone warranty plans, fire sticks, car holder clamps, pen drive of all major brands operational in India like MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular Brands in Gujarat.

As of March 31, 2026, the company had a workforce of 27 personnel.

Competitive Strengths:

Experienced Promoters and Management Team
Extensive Distribution Network in Gujarat
Comprehensive Product Range
Strategic Store Locations and Customer Experience
Low Capital Requirements for Growth

Company Financials (Restated)

Period Ended	31 Dec 2025	31 Mar 2025	31 Mar 2024
Assets	54.41	0.10	34.41
Total Income	152.02		115.47
Profit After Tax	7.07	5.74	-0.01
EBITDA	9.71	8.02	3.04
NET Worth	24.18	17.10	0.09
Reserves and Surplus	16.55	9.48	-0.01
Total Borrowing	3.72	0.07
Amount in ₹ Crore

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
Funding of working capital needs

22.95
General Corporate Purposes
Total

22.95

KPI	Dec 31, 2025	Mar 31, 2025
ROE	34.27%	59.84%
ROCE	34.80%	47.16%
Debt/Equity	0.15
RoNW	29.25%	35.31%
PAT Margin	4.65%	5.00%
EBITDA Margin	6.39%	6.63%
Price to Book Value		4.17

Pre IPO	Post IPO
EPS (₹)	7.53	9.02
P/E (x)	13.02	10.86
Promoter Holding	94.25%
Market Cap	₹102.43 Cr.

Mehul Vasantbhai Raymagiya, and Raymagiya Hemali Mehulbhai are the promoters of the company.

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2025 available in RHP.

IPO Registrar

Kfin Technologies Ltd.

04067162222, 04079611000
mehul.ipo@kfintech.com
Visit Website

IPO Lead Manager(s)

Cumulative Capital Pvt.Ltd. (Past IPO Performance)

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Mehul Telecom Ltd. Address

West Gate Shop 223,

150 Ft Ring Road,

Rajkot Raiya Road,

Rajkot, Gujarat, 360007

0281 2991223
info@mehultelecom.com
Visit Website

IPO FAQs

What is the Mehul Telecom IPO?

Mehul Telecom IPO is a SME IPO of 28,29,600 equity shares of the face value of ₹10 aggregating up to ₹28 Crores. The issue is priced at ₹96 to ₹98. The minimum order quantity is 1200.

The IPO opens on Fri, Apr 17, 2026, and closes on Tue, Apr 21, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Mehul Telecom IPO through Zerodha?

Zerodha customers can apply online in Mehul Telecom IPO using UPI as a payment gateway. Zerodha customers can apply in Mehul Telecom IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Mehul Telecom IPO through Zerodha

Visit the Zerodha website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Mehul Telecom IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

When Mehul Telecom IPO will open?

The Mehul Telecom IPO opens on Fri, Apr 17, 2026 and closes on Tue, Apr 21, 2026.

What is the lot size of Mehul Telecom IPO?

Mehul Telecom IPO lot size is 1200, and the minimum amount required for application is ₹2,35,200, with 2 lots being the minimum application size.

How to apply for Mehul Telecom IPO?

You can apply in Mehul Telecom IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Mehul Telecom IPO allotment?

The finalization of Basis of Allotment for Mehul Telecom IPO will be done on Wednesday, April 22, 2026, and the allotted shares will be credited to your demat account by Thu, Apr 23, 2026. Check the Mehul Telecom IPO allotment status.

When is Mehul Telecom IPO listing date ?

The Mehul Telecom IPO listing date is not yet announced. The tentative date of listing is Fri, Apr 24, 2026.