Mehul Telecom IPO

Mehul Telecom IPO Details

Mehul Telecom IPO is a 100% book-built issue of up to 28.29 lakh equity shares, entirely a fresh issue offering, with a face value of ₹10 per share. The company filed its DRHP with SEBI on July 14, 2025.

The price band for this issue is set between ₹96 and ₹98 per share and the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail investor) is ₹2,35,200 (2,400 shares). The IPO will open for subscription from April 17 to 21, 2026, on the BSE SME platform, with a tentative listing date fixed as April 24, 2026. The book-running lead manager of this issue is Cumulative Capital Pvt. Ltd. and the registrar to the issue is Kfin Technologies Ltd.

Mehul Telecom IPO Date & Timeline

The Mehul Telecom IPO is officially set to open for subscription on Apr 17, 2026 and will close on Apr 21, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on July 14, 2025 and has now finalised its schedule following SEBI approval. Once the subscription window allotment is expected on Apr 22, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Apr 23, 2026. Finally, Mehul Telecom Ltd. is tentatively scheduled to list its shares on the stock exchanges on Apr 24, 2026.

Mehul Telecom IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Mehul Telecom IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Mehul Telecom Ltd. was incorporated as a private limited company on May 17, 2023. It started as a proprietorship in 2008 and opened its first COCO (company-owned, company-operated), founded by promoter Mehul Vasantbhai Raymagiya, which had been active in the mobile retail space since 2008. The business transitioned from a single-store operation to a multi-store chain, opening its first franchise store in 2020 and reaching the 50-store milestone in 2022.

The registered office is located in Rajkot, Gujarat; the company has grown into a prominent regional player. To begin its process of listing, the company converted into a public limited company on March 20, 2025. This evolution reflects a strategic shift from a family-run business to a corporatised retail entity aiming for statewide dominance in Gujarat.

Operations & Product Range

Mehul Telecom Ltd. operates a multi-brand retail chain specialising in smartphones and accessories. Its core operating model is a hybrid of "COCO" (Company Owned, Company Operated) and 74 "FOFO" (Franchisee Owned, Franchisee Operated) outlets. This model allows the company to balance direct control over flagship locations with rapid scalability through franchise partners.

The company retails a wide range of products from leading brands, including MI, Samsung, Vivo, Oppo, Realme, OnePlus and Apple. Beyond mobile handsets, the company also sells various connected lifestyle products such as smartwatches, audio devices, power banks and other peripherals like chargers and screen guards. Modern retail technologies, such as integrated POS terminals and support for various digital payment methods, equip their stores.

Facilities & Capacity

Mehul Telecom Ltd. operates a network of 93 stores, reflecting a positive expansion trend focused on retaining high-performing locations and exiting underperforming ones. This infrastructure allows them to serve a broad customer base across urban and semi-urban areas of the state. The company’s growth strategy focuses on expanding this retail footprint. While the current capacity is defined by the number of active stores, the company intends to use funds to meet the working capital requirements necessary to stock new outlets and increase the inventory depth of existing ones.

Brands & Market Presence

"Telecom Mehul" is the primary brand name of Mehul Telecom Ltd. under which they operate. The company has gained considerable reputation in the market of Gujarati mobiles. This company has been able to maintain its high visibility in the market by forming alliances with international as well as local smartphone vendors. They have adopted an effective store positioning strategy where their stores are located at places with maximum customer traffic. The firm operates only in the domestic market, specifically in Gujarat State.

Revenue Streams & Business Model

The primary income source for Mehul Telecom Ltd. comes from selling mobile phones and accessories. In FY25, the pro forma operating revenue was ₹12,088.66 lakh. The company's business model is based on large-scale sales in retail stores, where income comes both from sales made directly in COCO stores and from the supply of products to FOFO partners.

Sales of smartphones are an important component of income, which, in addition, is supplemented by the sale of more profitable accessories and peripherals. The company's "COCO-FOFO" system allows it to increase market coverage without significant investments in the franchising system, while still being able to maintain control over the brand and logistics.

Management & Shareholding

The management of Mehul Telecom Ltd. consists of its promoters, Mr Mehul Vasantbhai Raymagiya and Mrs Raymagiya Hemali Mehulbhai, the chairman and the managing director, respectively, who possess several years of practical experience gained during their tenure at the pre-IPO stage proprietors' firm. Before the IPO issue, the promoters owned the majority shareholding interest in the company, whereas post-IPO, the ratio of their holdings will reduce; however, they will continue to retain control over the company.

Board & Key Management

The board and management of Mehul Telecom Ltd. consist of both executive and independent members to strike a balance in governance. The company’s Chairman and Managing Director is Mehul Vasantbhai Raymagiya. The company also employs a Non-Executive Director, namely Raymagiya Hemali Mehulbhai. The independent directors of the company are Gunjaria Jitesh Kantilal and Naimish Vasharambhai Raiyani. The two independents direct the affairs of the audit and remuneration committees. The key management oversees the daily activities of the business, the company’s franchises and finances.