Mehul Telecom's SME IPO opened for subscription on Friday, with shares priced between ₹96-98. The grey market premium currently stands at 4%, indicating a potential listing price of around ₹102. The IPO aims to raise approximately ₹28 crore through a fresh issue of 28.29 lakh shares, which will be available for subscription until April 21. The allotment is expected to be finalized on April 22, with the listing on the BSE SME platform scheduled for April 24. Retail investors must apply for a minimum of 2,400 shares, requiring an investment of about ₹2.35 lakh at the upper price band. The allocation strategy includes nearly 50% for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. Mehul Telecom operates primarily in Gujarat, focusing on smartphones and accessories, and has reported steady growth with revenues of ₹152 crore and a profit after tax of ₹7.07 crore for the nine months ending December 2025. Proceeds from the IPO will primarily support working capital and general corporate purposes, aiding the company's expansion plans.