Mehul Telecom SME IPO 2026: Key dates, GMP, price band

Mehul Telecom IPO opens on BSE SME

Mehul Telecom’s SME initial public offering (IPO) opened for subscription on Friday, April 17, 2026, as the Gujarat-based multi-brand mobile retail chain looks to raise growth capital. The IPO is a book-built issue with a price band of ₹96 to ₹98 per equity share and a face value of ₹10 per share. The company’s shares are proposed to be listed on the BSE SME platform.

The issue is positioned as a pure primary raise, with the entire offer structured as a fresh issue. Market attention has also been on grey market activity around the offer, with some trackers indicating a mild premium and others showing no premium close to the opening.

Price band and grey market premium signals

The IPO is priced in a band of ₹96-98 per share. One set of grey market indicators referenced around the issue suggested a premium of about 4%, implying a potential listing price near ₹102. Another tracker data point cited a GMP of ₹4.50.

But there is also a separate grey market snapshot that showed the premium at ₹0 on April 16, 2026, with an estimated listing price near the upper band of ₹98. These GMP readings are unofficial and can change daily, so they should be read as sentiment indicators rather than confirmed pricing signals.

Issue size, structure, and fresh issue details

Mehul Telecom’s IPO is entirely a fresh issue of 28,29,600 equity shares, aggregating up to ₹27.73 crore. Multiple disclosures in the provided information refer to the offer as “around ₹28 crore,” but the detailed issue size is stated as ₹27.73 crore.

Because it is a fresh issue, the proceeds go to the company, unlike an offer-for-sale structure where selling shareholders receive proceeds. The offer is also described as a book building issue.

Important dates: open, close, allotment, listing

The IPO bidding window is open from April 17, 2026, to April 21, 2026. The basis of allotment is expected to be finalised on April 22, 2026. Refund initiation and credit of shares to demat accounts are listed for April 23, 2026. Listing is scheduled for April 24, 2026 on BSE SME.

The bid cut-off time on the last day is shown as April 21, 2026 at 5 PM. Investors can submit applications between 10:00 AM and 5:00 PM during the offer period.

Lot size and high minimum ticket for retail

The market lot size is 1,200 shares. Retail investors are required to apply for at least 2 lots, which equals 2,400 shares. At the upper price band of ₹98, the minimum retail investment works out to ₹2,35,200.

The same information set also outlines minimum applications for non-institutional investors (NIIs): sNII participants are shown as requiring 3 lots (₹3,52,800), while bNII investors are shown as requiring 9 lots (₹10,58,400). These thresholds make it a relatively high-entry IPO in the SME category for smaller applicants.

Reservation and category-wise split

The IPO’s category allocations are presented in two ways in the provided material. A broad summary notes an approximate split of nearly 50% for qualified institutional buyers (QIBs), about 15% for non-institutional investors (NIIs), and about 35% for retail.

A more detailed reservation table breaks the 28,29,600 shares into specific buckets including anchor investors and a market maker portion. Anchor investor shares are shown as 7,89,600 (27.91%). QIB allocation is shown as 5,50,800 (19.47%). NII allocation is shown as 4,03,200 (14.44%), and individual (retail) shares are shown as 9,42,000 (33.29%). A market maker portion is shown as 1,44,000 shares (5.09%).

Business profile: multi-brand smartphone retail chain

Mehul Telecom operates a multi-brand retail business focused on smartphones and related accessories, along with connected devices. The company uses a hybrid format of company-owned and franchisee-operated stores, described as COCO and FOFO models. The operating focus is positioned around consumer demand for smartphones and related products.

Use of proceeds: working capital and general purposes

The stated objects of the issue include funding working capital needs, general corporate purposes, and issue-related expenses. A detailed breakup provided for objects of the issue shows ₹23 crore (84.69%) earmarked for meeting working capital needs and ₹4 crore (15.31%) for general corporate purposes.

Key intermediaries: registrar and market maker

Kfin Technologies Ltd. is listed as the registrar for the IPO. Nikunj Stockbrokers Ltd. is shown as the market maker, with the market maker reservation listed at 1,44,000 shares (aggregating up to ₹1.41 crore).

IPO snapshot table

Timeline at a glance

Market impact: what investors are watching

The most visible sentiment marker around the issue is the grey market premium, which is mixed across trackers cited in the provided information. Where GMP is referenced around 4% (or about ₹4.50), it points to mild optimism around a modest listing premium. The ₹0 GMP reading cited on April 16 suggests some market participants were not pricing in an immediate premium close to the opening.

Separately, the SME format and the minimum retail investment of ₹2,35,200 can influence participation patterns, as it reduces access for smaller retail applicants compared with mainboard IPOs. Category-wise allocations and the presence of an anchor portion are also relevant for investors tracking how demand builds across QIB, NII, and retail segments.

Analysis: why this SME IPO stands out

Two features stand out in the disclosed details. First, the offering is fully a fresh issue, which means the capital raised is intended to support the company’s funding needs rather than provide an exit to existing shareholders. Second, the stated use of proceeds is heavily skewed towards working capital, with ₹23 crore explicitly allocated for that purpose.

The reservation tables also show a meaningful anchor portion and a defined market maker allocation, both typical elements in SME listings. For investors, the decision often comes down to price band comfort, minimum ticket size, and the evolving subscription data once the issue is open.

Conclusion

Mehul Telecom’s ₹27.73 crore SME IPO runs from April 17 to April 21, 2026, with shares expected to list on April 24 on BSE SME. The offer is priced at ₹96-98 and requires a minimum retail application of 2,400 shares. The company plans to use proceeds largely for working capital, while grey market indicators cited around the issue have ranged from about 4% premium to flat at ₹0 ahead of the opening.