Whalesbook
IPO ka Bomb Blast!
Yaar, Mehul Telecom ke IPO mein toh investors ne kamaal kar diya! Total 41.81x subscribe hua, matlab jitne shares available the usse lagbhag 42 guna zyada apply kiya gaya. Isme Non-Institutional Investors ne sabse zyada tezi dikhai, 58.75x apply kiya. Retail investors ne bhi peeche nahi hate, 37.41x subscribe kiya aur QIBs ne 32.5x.
Company ne ₹96 to ₹98 ke price band mein ₹27.73 crore raise karne ka plan kiya tha aur 20.4 lakh shares offer kiye the. Lekin, ek interesting baat yeh hai ki Grey Market Premium (GMP) sirf ₹4.5-5.0 chal raha hai. Iska matlab hai ki listing day par shayad sirf 3-5% ka hi jump (₹102.5-103 ke aas paas)** dikhe.
Paisa Kahan Jaayega?
Company apna paisa ( ₹22.95 crore, jo ki total proceeds ka 82.75% hai) primarily working capital ko boost karne mein lagayegi, taaki rozmarra ke operations smooth chal sakein. Baaki ka paisa general corporate purposes ke liye hai.
Risk Factor Bhi Hai Bhari!
Sab kuch accha nahi hai, dhyan dena zaroori hai. Pehla risk toh yeh hai ki company ka 98-99% business sirf Gujarat se aata hai, aur usme bhi Rajkot se 65% revenue generate hota hai. Matlab, ek hi jagah pe bahut zyada dependance hai.
Financials dekhein toh negative operating cash flow ek badi chinta hai. Trade receivables mein bhi 170% ka jump dikha hai nine months ending December 2025 tak, jo ki revenue growth se kaafi zyada hai. Iska matlab hai ki paisa collect karne mein issues ho sakte hain.
Mobile retail market bhi kaafi competitive hai, jisme Samsung aur Xiaomi jaise bade brands aur Amazon, Flipkart jaise online giants se pressure rehta hai. Smartphone market mein bhi prices badhne se demand kam ho rahi hai, 9% ki decline dekhi gayi hai early 2026 mein.
Aur ek baat, promoters ne shares ₹0.16 mein liye the, aur ab IPO price ₹98 hai. Ye valuation jump kaafi bada hai.
Kya Kehte Hain Experts?
Analysts kah rahe hain ki IPO mein demand to acchi hai, par risks ko nazarandaaz nahi kar sakte. Company ne FY25 mein ₹7.07 crore ka profit dikhaya hai, par cash flow aur receivables wale issues serious hain. Yeh IPO high-risk wala hai, sirf unhi investors ko dekhna chahiye jo risk le sakte hain aur long-term ka soch rahe hain, woh bhi carefully.
Stock ka outlook:
BSE SME IPO index ne historical returns accha diya hai, par SME platform par liquidity aur volatility ke risks hamesha rehte hain. Company ka market cap IPO ke baad ₹102.43 crore hone ka andaza hai. P/E ratio 10.86x hai, jo peers like Fonebox Retail (13.0), Jay Jalaram Technologies (15.8) se kam hai, par Bhatia Communications (20.6) se bhi kam hai.