Mehul Telecom's shares are set to list on the BSE SME platform today, following a robust IPO subscription of nearly 45 times. However, the grey market premium is only 4%, signaling limited immediate gains for investors. The ₹28 crore (approximately $3.4 million USD) IPO was priced at ₹98 per share, reflecting strong interest primarily from high-net-worth individuals, with healthy retail participation. Despite this, the muted grey market response indicates cautious sentiment within the broader SME sector.

Mehul Telecom operates a multi-brand mobile retail chain in Gujarat, selling smartphones and accessories through both company-owned and franchise stores. The company reported revenues exceeding ₹150 crore (approximately $18 million USD) and a profit of around ₹7 crore (approximately $840,000 USD) for the nine months ending December 2025, with EBITDA margins of 6-7%, highlighting the competitive nature of the market. The IPO proceeds will fund working capital, essential for its trading-led model. Investors are now keenly observing the company's ability to enhance margins and expand its market presence in a fragmented industry.