IPO Details

Bidding Dates

24 Jan '24 - 29 Jan '24

Minimum Investment

To be announced

Price Range

₹66 to ₹70 Per Share

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

29,10,000 Equity Shares

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Anchor Date

Jan 23, 2024

Opening Date

Jan 24, 2024

Closing Date

Jan 29, 2024

Basis of Allotment

Jan 30, 2024

Initiation of Refunds

Jan 31, 2024

Credit of Shares to Demat

Jan 31, 2024

Listing Date

Feb 1, 2024

Cut-off time for UPI mandate confirmation

Jan 29, 2024

About Fonebox Retail Limited

Fonebox Retail Limited, incorporated on February 5, 2021, specialises in multi-brand retail sales of smartphones and associated accessories. The company offers products from renowned manufacturers such as Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG, and Micromax.

In addition to smartphones, Fonebox Retail Limited is actively involved in the multi-brand retail sale of consumer-durable electronic goods, including laptops, washing machines, smart TVs, air conditioners, fridges, and more. The company collaborates with well-known brands such as TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, and OnePlus.

Operating with a diverse portfolio of retail stores, Fonebox Retail Limited began its business journey with the brand "Fonebox" for both company-owned and franchise stores. Subsequently, the company expanded its reach by acquiring popular mobile phone retail store brands like "Fonebook" and "My Mobile" through Business Purchase agreements in 2021. The company has further grown its operations by acquiring businesses of other shops operating under various registered or unregistered brands during the financial year 2022.

As of January 5, 2024, Fonebox Retail Limited operates a total of 143 stores throughout the state of Gujarat. Among these, 39 stores follow the Company Owned and Company Operated retail outlets (COCO Model) approach, while the remaining 104 stores operate under the Franchise Owned and Company Operated retail model (FOCO Model). These stores are strategically distributed across more than 20 cities in Gujarat, showcasing the company's widespread presence in the region.

Industry Outlook

  1. The Indian smartphone market is anticipated to experience a growth of 7.25% between 2024 and 2028, leading to a projected market volume of US$ 59.1 billion by 2028.
  2. Notably, the market rebounded impressively by 20% in the fourth quarter of 2023.
  3. Throughout 2023, the smartphone market in India demonstrated resilience, registering a total of 148.6 million shipments. Despite a slight dip of 2%, the market maintained overall stability during this period.

Fonebox Retail Limited IPO Details

Fonebox Retail Limited IPO Date

The IPO of Fonebox Retail Limited is open for subscription from January 24, 2024 to January 29, 2024.

Fonebox Retail Limited IPO's Price Band

Fonebox Retail Limited’s IPO is a fresh issue IPO of up to ₹20.37 crore. It is a book-building issue. The price range is set to ₹66 to ₹70 per share.

Fonebox Retail Limited IPO's Lot Size

The lot size for Fonebox Retail Limited’s IPO is 2000 shares with a minimum investment of ₹1,40,000.

Fonebox Retail Limited IPO's Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. To meet working capital requirements
  2. General corporate purposes
  3. To meet public issue expenses

How To Check the Allotment Status of Fonebox Retail Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app.
  • Go to the IPO Section and then to IPO Orders.
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Fonebox Retail Limited

Registered office: 702/703, 7th Floor, Satyam 64, Opp. Gujarat High Court, S G Road, Ahmedabad- 380061, Gujarat, India

Contact Person: Mrs. Charmi Vansh Shah

Phone: +91 7946025304

E-mail: cs@fonebox.in

IPO Financials

Particulars Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income 19,626.09 9,092.33 9.92
Sales Growth (%) 115.41% 91525.93% NA
EBITDA Margin (%) 1.77% 0.92% (23.04)%
Profit After Tax (PAT) 159.86 12.79 (2.36)
PAT Margin (%) 0.82% 0.14% (23.84)%
Total Borrowings 1,058.22 584.26 -
Cash & Cash Equivalents 91.86 44.53 41.51
Debt to Equity Ratio(x) 5.03 9.70 0.00
Return on Equity (%) 118.20% 35.24% (38.21)%
Return on Capital Employed (RoCE) (%) 34.55% 17.02% (36.99)%
Earning Per Share (EPS) in absolute ₹ 2.35 0.19 (0.04)

Know before investing


  1. Fonebox Retail Limited operates 143 stores across Gujarat, including 39 company-owned outlets and 104 under the franchise-owned and company-operated model, ensuring a wide geographical presence in over 20 cities.

  2. The company specialises in multi-brand retail, offering smartphones and accessories from top manufacturers like Vivo, Apple, Samsung, and others. Additionally, it sells a variety of consumer-durable electronics, including laptops, washing machines, smart TVs, air conditioners, and more, from well-known brands.

  3. Fonebox's retail stores, strategically located in high-traffic areas, offer customers hands-on product experiences. This positioning enhances accessibility and draws customers throughout the day, contributing to the company's strength.


  1. The company's operations face potential disruptions due to past lease agreements for office spaces not being renewed or inadequately executed. With 143 retail outlets as of January 5, 2024, specialising in electric gadgets, this poses a risk to ongoing operations.

  2. Pending approvals for 18 shops under shops and establishment registrations could impact business operations, as timely acquisition and renewal of necessary registrations are essential. Some approvals also need to be transferred to 'Fonebox Retail Limited.'

  3. The company's reliance on Franchisee Agreements is a potential risk, with some agreements not being renewed or inadequately executed. As of January 5, 2024, there are 104 franchise agreements that require regular renewal.

  4. Personal and corporate guarantees provided by Promoters, Directors, and the Group Company for financing facilities could lead to repayment obligations if the company fails to meet financing agreement terms. This may impact their ability to fulfil obligations, affecting business and operations.

  5. Sustained negative cash flow from operating activities in recent fiscal periods poses a risk to the company's financial condition and results of operations, potentially impacting Fonebox Retail Limited.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Fonebox Retail Ltd IPO FAQs

What is Fonebox Retail Limited's IPO?

Fonebox Retail Limited IPO is a fresh issue of up to ₹20.37 Crore. It is a book-building issue. 

When will Fonebox Retail Limited's IPO be allotted?

The Fonebox Retail Limited’s shares will be allotted on January 31, 2024.

When will Fonebox Retail Limited's IPO open for subscription?

The IPO subscription window for Fonebox Retail Limited will open on January 24, 2024.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for at least one lot, which is a size of 2,000 shares, with a sum of ₹1,40,000.

When will Fonebox Retail Limited list on exchanges?

Fonebox Retail Limited will be listed on NSE Emerge. The stock will be listed on February 1, 2024.

How do I check the allotment status of Fonebox Retail Limited?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on Fonebox Retail Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for Fonebox Retail Limited, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Fonebox Retail Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Fonebox Retail Limited using one PAN?

You can submit only one application using your PAN card.