Mopshop Distribution
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.18×
- Retail individualRII · up to ₹2 lakh
- 2.82×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 26 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 25 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 24 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 23 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 22 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 21 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 20 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 19 Aug 2026 | ₹5 | +3.62% | ₹3,800 | ₹143 | ₹5,000 |
| 18 Aug 2026 | ₹22 | +15.94% | ₹16,700 | ₹160 | ₹22,000 |
| 17 Aug 2026 | ₹18 | +13.04% | ₹13,700 | ₹156 | ₹18,000 |
| 16 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
| 15 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
| 14 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 19 Aug 2026 – 21 Aug 2026
- Listing date
- 26 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹138
- Lot size
- 1,000 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹27.26 Cr
- Fresh issue
- ₹20.71 Cr 15,01,000 shares
- Offer for sale
- ₹5.18 Cr 3,75,000 shares
- Market cap at offer price
- ₹99.36 Cr
- Promoter holding
- 99.99% → 72.57% pre-issue → post-issue
- ISIN
- INE2F5H01015
- CIN
- U51909MH2018PLC310403
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- Gala No. C/7, Sagar Industrial Estate 1, Near Parabwa Chinchoti, Kol., Vasai Palghar, Thane- 401208, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 9,38,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 9,38,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 9,38,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 99,000 | — | 5.01% |
| Total issue | 19,75,000 | — | 100.00% |
Net offer to the public of 18,76,000 shares, out of a total issue of 19,75,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹138
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹138 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.21 | 7.84 |
| P/E (×) | 22.22 | 17.60 |
| Price to book (×) | 7.87 | — |
| Market cap | — | ₹99.36 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 51.56%
- ROCE
- 46.00%
- Debt / equity
- 0.76
- PAT margin
- 8.28%
- EBITDA margin
- 14.64%
- NAV per share
- ₹12.11
- Price to book
- 7.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 42 | 37.86 | 30.02 |
| Revenue from operations | 41.99 | 37.85 | 30.02 |
| Other income | 0.01 | 0.01 | 0 |
| Total expenses | 37.32 | 35.97 | 28.93 |
| Operating profit | 4.68 | 1.89 | 1.09 |
| Operating margin | 11.14% | 4.99% | 3.63% |
| Profit before tax | 4.68 | 1.89 | 1.09 |
| Profit after tax | 3.48 | 1.42 | 0.81 |
| PAT margin | 8.29% | 3.75% | 2.70% |
| Balance sheet | |||
| Total assets | 23.81 | 18.12 | 13.51 |
| Current assets | 22.99 | 17.59 | 13.35 |
| Current liabilities | 16.75 | 14.87 | 12.15 |
| Total liabilities | 17.07 | 15.2 | 12.26 |
| Net worth | 6.74 | 2.92 | 1.25 |
| Current ratio | 1.37× | 1.18× | 1.10× |
| Return on equity | 51.63% | 48.63% | 64.80% |
| Cash flow | |||
| Operating cash flow | 3.95 | -0.5 | -3.28 |
| Investing cash flow | -0.09 | -0.22 | -0.15 |
| Financing cash flow | -2.64 | 1.81 | 3.5 |
| Net cash flow | 1.21 | 1.08 | 0.07 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment of all or a portion of certain outstanding borrowings availed by the Company ₹11.5 Cr
The company proposes to utilize the net proceeds towards repayment of outstanding borrowings from Bank of India to reduce existing borrowings, reduce finance cost, assist in maintaining a favorable debt-equity ratio and enable utilization of internal accruals for further investment in business growth.
2 Purchase of Commercial Vehicles for transportation and logistical purposes ₹2.21 Cr
The company intends to purchase commercial vehicles including carrier trucks and Electric Vehicle tempos to strengthen transportation and logistics capabilities, ensure reliable last-mile connectivity and reduce dependency on third-party transporters across its warehouses.
3 Funding of capital expenditure requirement towards setting up of Rooftop Grid Solar Power Plant ₹1.05 Cr
The company proposes to utilize the proceeds for setting up rooftop grid solar power plant at its warehousing facility located at Vasai, Palghar, Thane to ensure adequate and cost-effective supply of electrical power and reduce electricity costs.
4 General Corporate Purpose —
The company intends to deploy the balance net proceeds for general corporate purposes including strategic initiatives, partnerships, brand building, marketing activities, meeting operating expenses, working capital requirements and other purposes as approved by the Board.
5 Offer related expenses —
The company proposes to utilize a portion of the net proceeds towards meeting various offer related expenses including fees payable to intermediaries, regulatory expenses, listing fees, printing and distribution costs, and other miscellaneous expenses.
2 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Mopshop Distribution
Mopshop Distribution Limited is a facility management supplies company incorporated in 2018 and headquartered in Vasai, Maharashtra. The company operates through a B2B model, providing cleaning tools and hygiene consumables to over 300 clients across various industries including BFSI, construction, healthcare, and facility management companies. The company distributes its products through a customized digital infrastructure and online order management platform, operating warehouses in 7 cities with a total capacity of around 20,000 sq. ft. and employing 115 people as of September 2025.
Management
Prakash Hakim Singh
MD
Bunty Hakim Singh Gaur
CEO
Anju Prakash Singh
Director
Nilesh Mishra
Director
Vikas Paliwal
Director
Rahul Jain
CEO
Sachin Tripathi
CFO
Mukesh Kumar
COO
Tanaji Mane
Director of Operations
Nitin Tripathi
Director
Strengths
As stated in the offer document
Presence at Multiple Geographical Locations
The company operates warehouses in 7 cities (Ahmedabad, Hyderabad, Bangalore, Gurugram, Chennai, Pune and Indore) with 20,000 sq. ft. warehousing capacity, enabling proximity to clients, scalability of services, standardization and quality control, cost efficiency, and stronger client retention.
Online Order Management Platform
The company has developed a robust digital platform providing end-to-end solutions for order placement, tracking, inventory monitoring, and delivery scheduling, offering clients real-time order status, data-driven insights, and enhanced operational efficiency through automation.
Experienced Promoters
The company's promoters Prakash Hakim Singh and Bunty Hakim Singh Gaur have vast knowledge and experience in supplying facility management supplies, with their understanding of industry requirements and entrepreneurship helping accelerate profitable growth.
Logistics Support
The company provides comprehensive logistics management covering warehousing, inventory handling, last-mile delivery, and distribution support through strategically located facilities across key consumption centers, enabling faster turnaround times and reduced transportation costs.
Risk factors
As stated in the offer document
Customer Dependency and Revenue Concentration Risk
The company operates a B2B platform serving over 300 clients but faces significant customer concentration, with the top 5 clients contributing 27.65% of revenue and top 10 clients representing 40.18% of total revenue for FY25. Loss of major facility management customers or reduction in order frequency could materially impact revenue and profitability.
Single Product Category Dependency Risk
The company generates majority of its revenue from cleaning tools and hygiene consumables across 11 product verticals. Any underperformance, reduced demand, or increased competition in this single category could disproportionately impact overall financial results and business performance.
Geographic Revenue Concentration Risk
The company demonstrates significant geographic concentration with Maharashtra contributing ₹2,803.55 lakhs (66.77%) of total revenue of ₹4,198.82 lakhs in FY25, followed by Haryana at ₹498.26 lakhs (11.87%). Economic downturns or disruptions in key regions could significantly impact revenue generation.
Working Capital Intensive Operations and Cash Flow Risk
The company faces negative cash flow risks due to substantial working capital requirements for inventory investment and credit terms extended to customers. The company reported negative operating cash flows of ₹328.23 lakhs in FY23 and ₹49.80 lakhs in FY24, with current credit facility of ₹1,200.00 lakhs with Bank of India.
Intense Competition and Pricing Pressure Risk
The company operates in highly fragmented markets with intense pricing pressure from unorganized local distributors offering lower prices and organized B2B platforms with greater resources. The low switching costs for customers and relatively standardized products create ongoing margin pressures and market share risks.
Key Management and Founder Dependency Risk
The company's success depends heavily on promoters and key management personnel who possess industry relationships, strategic vision, and operational expertise. Their departure could result in loss of institutional knowledge, supplier relationships, and potential customer attrition in this relationship-driven industry.
Foreign Exchange and Import Cost Risk
The company's direct import operations expose it to foreign exchange risks as products are procured in foreign currencies while selling in Indian Rupees. Rupee depreciation could increase import costs and impact margins, particularly given competitive market constraints on immediate price adjustments.
Technology Platform Dependency Risk
The company's business model is centered on its online order management platform, making operations dependent on technology systems and digital functionality. System failures, cyber security incidents, or platform disruptions could affect order processing, inventory management, and customer relationships.
Supplier Relationship and Supply Chain Risk
The company depends significantly on relationships with OEM partners and suppliers for quality branded products. Disruption in supplier relationships, changes in allocation policies, or supplier capacity constraints could affect product availability, pricing, and competitive positioning.
Market Price Volatility and Trading Risk
The equity shares have never been publicly traded and may experience significant price and volume fluctuations after listing. The offer price determined through book-building may not reflect post-listing market value, and an active trading market may not develop or be sustained.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Mopshop Distribution Ltd. THIS ISSUE | 6.24 | 12.11 | 17.60, computed at the offer price | 7.87, computed at the offer price | 51.56% |
Niparo Trading private limited | 10.66 | 335.36 | — | — | 3.17% |
Miraclean Tools private limited | 92.86 | 2063.25 | — | — | 4.50% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.