Mehul Telecom Limited, a retail and distribution company in the telecom sector, is launching its Initial Public Offering (IPO) worth ₹27.73 crore. The company operates through an extensive retail network and franchise model, offering mobile phones, gadgets, and telecom accessories.

The IPO is a book-built issue, consisting entirely of:

• Fresh Issue of ₹27.73 crore

This means that the entire proceeds will be utilised for:

• Business expansion
• Working capital requirements
• Strengthening retail presence

IPO Dates and Listing Timeline

The IPO schedule is as follows:

• IPO Opening Date: April 17, 2026
• IPO Closing Date: April 21, 2026
• Allotment Date: April 22, 2026
• Listing Date: April 24, 2026 (Tentative)
• Exchange: BSE SME

This IPO offers a standard subscription-to-listing timeline.

Price Band and Investment Details

The price band is fixed at:

• ₹96 to ₹98 per share

Lot Size and Investment Requirement

• Lot Size: 1,200 shares

Retail Investors

• Minimum 2 lots (2,400 shares)
• Investment: ₹2,35,200

HNI Investors

• Minimum 3 lots (3,600 shares)
• Investment: ₹3,52,800

This indicates:

• Moderate to high investment requirement for participation

Market Capitalisation

At the upper price band of ₹98:

• Market Capitalisation: ₹102.43 crore

This places the company in:

• SME small-cap segment

Company Business Model

Mehul Telecom Limited operates as a telecom retail and distribution company, offering:

Core Products

• Smartphones
• Mobile accessories
• Telecom gadgets

Revenue Model

The company earns revenue through:

• Retail store sales
• Franchise network distribution

Its products are used by:

• End consumers for communication and digital connectivity

Industry Outlook

The telecom and smartphone market in India is expanding due to:

• Rising smartphone penetration
• Increasing digital adoption
• Growth in internet usage

This creates opportunities for:

• Retail and distribution companies like Mehul Telecom

Strengths of the Company

1. Strong Retail Network

The company benefits from:

• Wide distribution reach
• Franchise-based expansion

2. Growing Market Demand

The demand for:

• Smartphones and accessories

continues to rise across India

3. Consumer-Centric Business

Focus on end-users ensures:

• Consistent demand
• Repeat purchases

Grey Market Premium (GMP) Analysis

The GMP of Mehul Telecom IPO is currently ₹0, indicating:

• Neutral market sentiment
• No strong listing gain expectations

Important Note

• GMP is unofficial and unregulated
• Based on grey market demand and supply
• Should not be the sole factor for investment decisions

Lead Manager and Registrar

• Lead Manager: Cumulative Capital Private Limited
• Registrar: KFIN Technologies Limited
• Market Maker: Nikunj Stock Brokers Ltd.

These entities ensure:

• Smooth IPO process
• Efficient allotment

Risk Factors

1. SME IPO Risks

• Limited liquidity
• Higher volatility

2. Competitive Industry

The telecom retail sector faces:

• High competition
• Price pressure

3. Dependence on Consumer Demand

Revenue depends on:

• Consumer spending trends
• Market demand fluctuations

Growth Opportunities

1. Smartphone Market Expansion

Increasing smartphone adoption drives:

• Higher sales volume

2. Digital India Push

Government initiatives promote:

• Digital connectivity

3. Retail Expansion

The company can:

• Expand store network
• Increase franchise presence

Investment Perspective

Positives

• Growing telecom market
• Strong retail model
• Full fresh issue for growth

Concerns

• Flat GMP (₹0)
• SME risks
• Competitive pressure

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