In 1983, Pelikan introduced M481, an economy model of M400. The model was discontinued in 1985, and replaced by M200. M200 was the successor of M481. In the same year, M150 was introduced. Like M481, M150 had a single cap ring: it was a fountain pen one size smaller than M481, rather than a smaller version of M200. Interestingly, M150 was first called M150/481 (Pelikan Traditionelle Schreibgeräte (1986)). This may have been intended to be a fountain pen one step below M200, but inheriting the design of M481. However, this name led to confusion with the original M481. Pelikan then changed the name to M150 for clarity (Pelikan Hochwertige Schreibgeräte (1987)). Although smaller than M200, M150 had a piston filler mechanism. The trims were gold plated. Different from M481, the cap ring of M150 was beveled.

In 1997, the specifications were changed. The cap ring became straight, not beveled, and a ring was added to to the turning knob. The Pelikan logo before 1997 had two chicks and was engraved, after 1997 the logo was embedded (not printed). Another specification change was made in 2003: there is only one chick left in the nest and nib (Pelikan-collectibles.com). 

M150 was probably discontinued in the late 2010s (the last catalog reference seems to be the Pelikan catalog (2018)).