SS Retail IPO
SS Retail IPO is a Mainboard book-built issue of ₹500 crore, comprising a Fresh Issue of up to ₹360 crore and an Offer for Sale of up to ₹140 crore. The price band is ₹403 to ₹424 per share, with a lot size of 35 shares. The IPO is scheduled to open on Se
SS Retail IPO Details
SS Retail IPO is scheduled to open for subscription on September 16, 2026 and close on September 18, 2026. The basis of allotment is expected to be finalized on September 21, refunds are scheduled for September 22, and shares are expected to be credited to successful applicants' Demat accounts on September 22. The shares are scheduled to list on BSE and NSE on September 23, 2026.
SS Retail IPO GMP
SS Retail IPO GMP is currently reported at ₹16, indicating an unofficial premium of approximately 3.77% over the upper IPO price of ₹424 and an indicative GMP-based listing price of ₹440. GMP is based on informal grey-market activity and is not an official or guaranteed indicator of the actual listing price.
SS Retail IPO Timeline (Tentative)
SS Retail IPO is scheduled to open for subscription on September 16, 2026 and close on September 18, 2026. The basis of allotment is expected on September 21, refunds are scheduled to begin on September 22, and shares are expected to be credited to successful applicants' Demat accounts on September 22. The shares are scheduled to list on BSE and NSE on September 23, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 16, 2026 |
| IPO Close Date | Fri, Sep 18, 2026 |
| Basis of Allotment | Mon, Sep 21, 2026 |
| Initiation of Refunds | Tue, Sep 22, 2026 |
| Credit of Shares to Demat | Tue, Sep 22, 2026 |
| Listing Date | Wed, Sep 23, 2026 |
| IPO Opens | September 16, 2026 |
| IPO Closes | September 18, 2026 |
| Basis of Allotment | September 21, 2026 |
| Refund Initiation | September 22, 2026 |
| Credit of Shares to Demat | September 22, 2026 |
| Listing Date | September 23, 2026 |
SS Retail IPO Lot Size
The SS Retail IPO lot size is 35 shares. At the upper price band of ₹424 per share, one lot requires a minimum investment of ₹14,840. Retail investors can apply for up to 13 lots, amounting to ₹1,92,920 at the upper price band.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 35 | 14,840 |
| Retail (Max) | 13 | 455 | 1,92,920 |
| S-HNI (Min) | 14 | 490 | 2,07,760 |
| S-HNI (Max) | 66 | 2,310 | 9,79,440 |
| B-HNI (Min) | 67 | 2,345 | 9,94,280 |
SS Retail IPO Reservation
SS Retail IPO has reserved not more than 50% of the net issue for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and 35% for Retail Individual Investors. FY2026 EPS is reported at ₹9.11. At the ₹403–₹424 price band, the implied pre-IPO P/E is approximately 44.24x–46.54x. Post-IPO EPS and P/E are not separately available in the current offer-document data.
SS Retail IPO Subscription
SS Retail IPO has not yet opened for public subscription. Therefore, category-wise subscription figures are currently not available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About SS Retail
SS Retail Limited is a multi-brand retail chain focused on mobile phones, accessories and other electronic products. The company operates primarily through brands including SS Mobile, Mobile Exchange Wala and The Mobile Space, offering new and pre-owned smartphones, accessories, televisions, laptops, tablets and related services.
The company focuses on Tier II, Tier III and beyond cities and operates across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. As of March 31, 2026, SS Retail operated 503 stores across 215 cities, including 458 stores in Maharashtra. Its store network expanded from 236 stores in FY2024 to 503 stores in FY2026.
SS Retail uses COCO, COFO and FOFO store models and relies on direct procurement relationships, distributors and franchise partnerships. As of July 31, 2026, its store network had expanded to 536 stores covering approximately 2,60,597 sq. ft. of retail space. The company also acquired a 51.04% stake in Olineo Nexus India Private Limited during FY2026, adding 34 stores to its network.
Strengths
- Rapid expansion of the store network across Tier II, Tier III and beyond cities.
- Strong presence in Maharashtra and wider West India.
- Diversified product offering covering smartphones, accessories, televisions, laptops, tablets and pre-owned devices.
- Multiple store formats including COCO, COFO and FOFO.
- Growing revenue and profitability with FY2026 revenue of ₹2,352.85 crore and PAT of ₹59.28 crore.
- Exposure to the expanding organised mobile-phone and electronics retail market.
Risks to Consider
- The retail business operates on relatively thin profit margins.
- Working-capital requirements are significant because of inventory-intensive operations.
- The company faces strong competition from organised retailers, online platforms and local retailers.
- Consumer electronics demand can be affected by changing consumer preferences and product cycles.
- Expansion through new stores and acquisitions involves execution and integration risks.
- Dependence on inventory availability and supplier relationships can affect sales and margins.
SS Retail Financials (₹ Cr)
SS Retail reported revenue of ₹1,208.04 crore in FY2024, ₹1,599.96 crore in FY2025 and ₹2,352.85 crore in FY2026. Profit after tax increased from ₹26.65 crore in FY2024 to ₹39.86 crore in FY2025 and ₹59.28 crore in FY2026. Total assets increased from ₹278.25 crore to ₹389.44 crore and ₹575.42 crore during the same period, while net worth increased from ₹101.51 crore to ₹141.37 crore and ₹225.71 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹1,208.04 Cr | ₹26.65 Cr | ₹278.25 Cr | ₹101.51 Cr |
| FY2025 | ₹1,599.96 Cr | ₹39.86 Cr | ₹389.44 Cr | ₹141.37 Cr |
| FY2026 | ₹2,352.85 Cr | ₹59.28 Cr | ₹575.42 Cr | ₹225.71 Cr |
KPIs & Valuation
At the IPO price band of ₹403–₹424, SS Retail's FY2026 EPS of ₹9.11 implies a pre-IPO P/E range of approximately 44.24x–46.54x. The company reported a 32.60% RoNW, 29.30% ROCE, 30.60% ROE, 5.32% EBITDA margin, 2.52% PAT margin and 0.58x debt-to-equity ratio for FY2026. Its FY2026 NAV was ₹34.33 per share.
Objects of the Issue
The ₹500 crore SS Retail IPO comprises a Fresh Issue of up to ₹360 crore and an Offer for Sale of up to ₹140 crore. The company proposes to use the net Fresh Issue proceeds primarily for funding incremental working-capital requirements and capital expenditure for fit-outs of new stores, with the remaining amount allocated toward general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding capital expenditure for fit-outs towards setting up new stores in Fiscal 2027 and Fiscal 2028, estimated at approximately ₹12.45 crore.
- Part funding of the incremental working-capital requirements of the company, estimated at approximately ₹416.53 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
SS Retail Limited is promoted by Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh. Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the Book Running Lead Managers, while Kfin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Kfin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| ssretail.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
SS Retail IPO Review
SS Retail has built a substantial organised retail network in the mobile-phone and electronics segment, with 503 stores across 215 cities as of March 2026. The company's focus on Tier II and Tier III markets, combined with multiple store formats and a growing presence beyond Maharashtra, provides a platform for continued store expansion.
The financial performance has also shown strong growth. Revenue increased from ₹1,208.04 crore in FY2024 to ₹1,599.96 crore in FY2025 and ₹2,352.85 crore in FY2026, while PAT increased from ₹26.65 crore to ₹39.86 crore and ₹59.28 crore over the same period.
However, the business remains working-capital intensive, and the proposed use of a substantial portion of the Fresh Issue toward working capital is an important factor to monitor. The FY2026 PAT margin was 2.52%, leaving limited room for margin pressure. At the upper price band of ₹424, the stock implies a pre-IPO P/E of approximately 46.54x based on FY2026 EPS of ₹9.11. Investors should therefore assess valuation, store productivity, working-capital efficiency and the sustainability of earnings growth.
How to Apply
SS Retail IPO applications can be made through ASBA or UPI using a registered stockbroker or bank. The IPO opens on September 16, 2026 and closes on September 18, 2026. The minimum retail application is 1 lot of 35 shares, requiring ₹14,840 at the upper price band of ₹424.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select SS Retail IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to SS Retail Limited's DRHP, RHP and other IPO documents for detailed information about the company's business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The company filed its Draft Red Herring Prospectus with the relevant authorities, followed by the RHP for the public issue.
Last updated Sep 10, 2026.