Mopshop Distribution Ltd. IPO

Mopshop Distribution Limited is engaged in the business of providing Facility Management Supplies (FMS) through a business-to-business (B2B) distribution model. The company supplies cleaning tools and hygiene consumables to customers across industries including banking, financial services and insurance, construction and real estate, healthcare and facility management companies.

The company was incorporated in 2018 as Mopshop Distribution Private Limited. It subsequently converted into a public limited company, with the present name Mopshop Distribution Limited adopted through a certificate of incorporation dated 15 July 2025.

Mopshop operates in the facility-management supplies segment, where businesses require recurring supplies for cleaning, hygiene and maintenance activities. Its product portfolio includes microfiber cloths, surface disinfectants, sensor-based dispensers, biodegradable garbage bags, tissue papers, pedal bins, wringer buckets, vacuum cleaners, air fresheners, tool kits and related accessories.

The company's official website lists product categories covering air fresheners, hand-wash and paper dispensers, brooms and brushes, cloth and dusters, dry mop systems, dust bins, garbage bags, kitchen care, room care, tissue papers, washroom care, wet mop systems and various cleaning accessories.

Mopshop follows a B2B distribution model rather than primarily selling directly to individual consumers. Its customers include businesses and organisations that require facility-management products across multiple locations.

The company is headquartered in Vasai, Maharashtra. It has expanded its distribution and warehousing operations across multiple Indian cities, including Ahmedabad, Hyderabad, Bengaluru, Gurugram, Chennai, Pune and Indore.

The company's operating model combines warehousing, distribution and technology-enabled order management. Its operations are designed to support recurring requirements from customers operating across multiple sites.

Mopshop has developed a customer base of more than 300 clients and serves thousands of sites across India. Its customer base spans corporate offices, industrial facilities, hospitals, educational institutions, retail chains, government establishments and facility-management companies.

The company also uses a customised online order-management platform to support its distribution operations. This technology-enabled approach is intended to improve ordering and supply coordination across its customer network.

As of 28 February 2026, the company employed 89 people and operated warehouses across seven cities with combined warehousing capacity of approximately 20,000 square feet.

Mopshop has also expanded its physical distribution network over time. The company opened warehouses in Vasai and Mumbai in 2018, Bengaluru in 2020, Indore and Ahmedabad in 2021, Hyderabad and Gurugram in 2022, Chennai in 2023 and Pune in 2025.

The company received recognition from CBRE in 2024 for its service delivery, support and partnership, according to the company's disclosed milestones.

The company operates in a segment where customers require regular procurement of cleaning and hygiene supplies. This creates opportunities for recurring orders, although the business remains dependent on customer retention, procurement costs, distribution efficiency and competitive pricing.

Mopshop's business is also dependent on its warehousing and logistics network. Efficient inventory management and timely delivery are important because its customers may operate across several locations and require regular replenishment.

The company has reported strong growth in revenue and profitability. Revenue increased from ₹30.02 crore in FY2023 to ₹37.86 crore in FY2024 and ₹42.00 crore in FY2025. PAT increased from ₹0.81 crore in FY2023 to ₹1.42 crore in FY2024 and ₹3.48 crore in FY2025.

For the eleven-month period ended 28 February 2026, the company reported revenue of approximately ₹44.60–₹44.66 crore and PAT of ₹5.18 crore. This interim period is not directly comparable with the full financial years.

The IPO was structured as a combination of fresh capital and an Offer for Sale. The company proposed to use the fresh issue proceeds for repayment or prepayment of borrowings, purchase of commercial vehicles, installation of a rooftop grid solar power plant and general corporate purposes.

Mopshop Distribution operates a B2B distribution business focused on facility-management supplies. Its product portfolio covers cleaning tools, hygiene consumables and related products required by businesses and institutions.

The company has expanded from a regional operation into a broader distribution network, with warehouses across Ahmedabad, Hyderabad, Bengaluru, Gurugram, Chennai, Pune and Indore. This geographical presence allows the company to serve customers across multiple locations.

Financial performance has improved over the reported periods. Revenue increased from ₹30.02 crore in FY2023 to ₹37.86 crore in FY2024 and ₹42.00 crore in FY2025. PAT increased from ₹0.81 crore to ₹1.42 crore and ₹3.48 crore over the same period.

For the eleven-month period ended 28 February 2026, revenue was approximately ₹44.60 crore and PAT was ₹5.18 crore. Since this is an eleven-month interim period, it should not be treated as a direct full-year comparison with the March year-end figures.

Net worth increased from ₹1.25 crore in FY2023 to ₹2.92 crore in FY2024 and ₹6.74 crore in FY2025. As of 28 February 2026, net worth stood at approximately ₹11.92 crore.

Borrowings stood at ₹3.92 crore in FY2023, ₹6.59 crore in FY2024 and ₹5.14 crore in FY2025. Borrowings increased to approximately ₹12.21 crore as of 28 February 2026. The IPO therefore includes a substantial allocation towards repayment or prepayment of borrowings.

The company proposed to use ₹11.50 crore of the IPO proceeds for repayment or prepayment of borrowings. This can help reduce the company's debt burden and associated finance costs, subject to the company's future borrowing requirements.

Another proposed use of funds is the purchase of commercial vehicles for transportation and logistics. This is directly connected with the company's distribution model and could support delivery capabilities as its operations expand.

The proposed ₹1.05 crore investment in a rooftop grid solar power plant at the Vasai warehousing facility is another use of the fresh issue proceeds. Such an investment is intended to support the company's warehousing infrastructure and energy requirements.

The company's business has a recurring-use product profile because cleaning and hygiene products need regular replenishment. However, recurring demand does not eliminate the risks associated with competition, customer concentration, pricing and procurement costs.

Mopshop also operates in a segment with relatively low barriers to distribution. Competitors can potentially offer similar cleaning and hygiene products, making service quality, pricing, availability, delivery capability and customer relationships important competitive factors.

The company's warehousing network is an important operational asset. Maintaining inventory across several locations can improve delivery times, but it can also increase inventory-management and working-capital requirements.

The company's reported KPI figures for the period ended 28 February 2026 included ROE of 43.43%, ROCE of 32.35%, debt-to-equity of 1.02, PAT margin of 11.61% and EBITDA margin of 17.84%. These figures relate to the interim period and should be interpreted accordingly.

At the IPO price of ₹138, the reported pre-IPO EPS was ₹6.21 and post-IPO EPS was ₹4.83. The corresponding P/E ratios were 22.22x and 28.57x.

The IPO received final overall subscription of 1.59 times. Retail investors subscribed 2.91 times, while the NII category was subscribed 0.27 times.

Mopshop Distribution shares were listed on BSE SME on 26 August 2026 at ₹137 against the issue price of ₹138, resulting in a listing loss of ₹1 per share, or approximately 0.72%.

Overall, Mopshop Distribution has demonstrated growth in revenue and profitability and has developed a multi-city distribution network in the facility-management supplies segment. The planned use of IPO proceeds towards debt repayment, logistics vehicles and solar infrastructure may strengthen the company's operations. At the same time, investors should consider its debt levels, competitive environment, working-capital requirements, distribution risks and the sustainability of recent growth before making any investment decision.

Listing Performance

Mopshop Distribution shares were listed on BSE SME on 26 August 2026 at ₹137 against the IPO issue price of ₹138. The shares therefore debuted at a discount of ₹1 per share, representing a listing loss of approximately 0.72%.

Mopshop Distribution IPO applications were made through the ASBA process and UPI-supported IPO applications. The lot size was 1,000 shares, while the minimum individual application was 2 lots, or 2,000 shares, requiring ₹2,76,000 at ₹138 per share.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Mopshop Distribution IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. The applicable amount is debited after allotment, while the remaining blocked amount is released according to the IPO process.