Mehul Telecom IPO Day 2: Issue Subscribed Over 6 Times, NII Demand Dominates Early Response

Mehul Telecom IPO Opens for Subscription

The Mehul Telecom Initial Public Offering (IPO) commenced on Friday, April 17, and will close on Tuesday, April 21. The price band for the Mehul Telecom IPO has been set between ₹96 and ₹98 for each equity share, which has a face value of ₹10. Investors can place bids for a minimum of 1,200 equity shares, with further shares available for bidding in increments of 1,200.

Mehul Telecom Private Ltd operates a retail chain that features multiple mobile device brands, offering smartphones and accessories through a blend of "COCO" (Company Owned, Company Operated) and "FOFO" (Franchisee Owned, Franchisee Operated) formats. The company markets connected lifestyle products and accessories, including wearables, audio products, and power solutions like speakers, smartwatches, earphones, headphones, tablets, mobile cases, phone chargers, screen protectors, power banks, phone warranty plans, fire sticks, car holders, USB drives, and more from a range of different brands.

Financial Performance From a financial perspective, the company has shown steady growth. For the nine-month period ending December 2025, it recorded revenues of ₹152 crore and a profit after tax of ₹7.07 crore, an increase from a profit of ₹5.74 crore in FY25, indicating a positive trend in earnings.

Grey Market Trends The grey market premium (GMP) for Mehul Telecom IPO is currently at +5. Considering the upper end of Mehul Telecom's price band and the current premium in the grey market, the estimated listing price of Mehul Telecom share price was indicated at ₹103 apiece, which is 5.10% higher than the IPO price of ₹98. This indicates an upward trend in the grey market and anticipates a robust listing.

Subscription Status As of day 2, the Mehul Telecom IPO subscription status is 6.60x, as per chittorgarh.com. The retail portion was subscribed 5.90x, and NII portion is booked 15.39x. The QIB segment is booked 1.34x. The company has received bids for 1,25,12,400 shares against 18,96,000 shares on offer on the first bidding day, at 13:44 IST, according to data on chittorgarh.com.

| Segment | Subscription Status | | --- | --- | | Retail | 5.90x | | NII | 15.39x | | QIB | 1.34x | | Total | 6.60x |

Issue Details The issue, totaling around ₹28 crore, consists of a fresh issuance of 28.29 lakh shares. The company intends to complete the allotment by April 22, with a listing on the BSE SME platform scheduled for April 24. The funds generated from this issue will primarily be used to fulfill working capital requirements, while the surplus will be allocated for general corporate purposes to bolster the company's expansion efforts.