SS Retail IPO: Price Band, Lot Size, Financials & Review
SS Retail IPO listed on BSE & NSE on Wed, 23 Sep 2026. The issue was subscribed 108.69x overall.
- Open Date
- 16 Sep 2026
- Close Date
- 18 Sep 2026
Last updated
- Price band
- ₹403 – ₹424
- Lot size
- 35 shares
- Min. investment
- ₹14,840
- Issue size
- ₹500 Cr
- Last GMP
- +₹160
- Subscribed
- 🔥 108.69x
SS Retail IPO details
SS Retail IPO is a ₹500 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹360 Cr (72.00%) with an offer for sale of ₹140 Cr (28.00%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 16 Sep 2026 to Fri, 18 Sep 2026. Allotment was finalised on Mon, 21 Sep 2026, and the shares listed on BSE & NSE on Wed, 23 Sep 2026.
The price band is ₹403 to ₹424 per share and the lot size is 35 shares, so the minimum retail application is ₹14,840. Retail investors can apply for up to 13 lots (455 shares, ₹1,92,920).
KFin Technologies Limited is the registrar, and Emkay Global Financial Services Ltd and Anand Rathi Advisors Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last SS Retail IPO GMP before listing was +₹160 (+37.74% against the upper price band of ₹424), implying an estimated listing price of ₹584. Across 10 days of tracking, GMP ranged from +₹90 (16 Sep) to +₹160 (22 Sep).
| Last GMP | +₹160 |
|---|---|
| GMP vs upper band | +37.74% |
| Estimated listing price | ₹584 |
| Highest (22 Sep) | +₹160 |
| Lowest (16 Sep) | +₹90 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the SS Retail IPO day-wise GMP.
Subscription
Day-wise subscription →SS Retail IPO was subscribed 108.69x overall: QIB 214.22x, NII 150.79x and retail 38.26x.
| Category | Subscribed |
|---|---|
| QIB | 214.22x |
| NII | 150.79x |
| └ bNII (above ₹10 lakh) | 165.06x |
| └ sNII (₹2–10 lakh) | 122.24x |
| Retail | 38.26x |
| Employees | 2.84x |
| Total | 108.69x |
Final figures at the close of bidding on 18 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the SS Retail IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 34,52,829 | 29.24% |
| Qualified Institutions | 23,01,886 | 19.49% |
| Non-Institutional | 17,26,415 | 14.62% |
| └ BNII | 11,50,943 | 9.75% |
| └ SNII | 5,75,472 | 4.87% |
| Retail Investors | 40,28,301 | 34.11% |
| Employees | 3,00,752 | 2.55% |
| Total | 1,18,10,183 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
SS Retail IPO lot size
| 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) | 67 | 2,345 | ₹9,94,280 |
| B-HNI (Min) | 68 | 2,380 | ₹10,09,120 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹360 Cr (72.00%) with an offer for sale of ₹140 Cr (28.00%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹424, the issue is priced at 47.11x pre-issue earnings and 53.20x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 19.76x (6 companies).
Promoter holding falls from 75.74% before the issue to 64.86% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹9 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 47.11x |
| EPS (post-issue) EPS on the enlarged share capital | ₹7.97 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 53.20x |
| Promoter holding (pre-issue) | 75.74% |
| Promoter holding (post-issue) | 64.86% |
SS Retail Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,599.96 Cr to ₹2,352.85 Cr, and profit after tax rose from ₹39.86 Cr to ₹59.28 Cr. The PAT margin for 31 Mar 2026 was 2.52%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 575.42 | 389.44 | 278.25 |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 |
| Profit After Tax | 59.28 | 39.86 | 26.65 |
| EBITDA | 125.15 | 80.44 | 56.50 |
| Net Worth | 225.71 | 141.37 | 101.51 |
| Reserve & Surplus | 159.59 | 128.18 | 88.52 |
| Total Borrowings | 162.59 | 125.36 | 110.43 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 30.60 | 30.94 | 30.20 |
| ROCE % | 29.30 | 25.78 | 25.91 |
| Debt / Equity | 0.70 | 0.60 | 0.77 |
| RoNW % | 32.60 | 32.82 | 30.21 |
| Pat Margin % | 2.52 | 2.49 | 2.21 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| SS Retail Limited | 10 | — | 9.11 | 9.11 | 32.60% | 34.33 |
| Aditya Vision Limited | 10 | 66.29 | 9.07 | 9.05 | 18.38% | 53.26 |
| Electronics Mart India Ltd | 10 | 62.66 | 2.78 | 2.78 | 6.81% | 0.00 |
| Jay Jalaram Technologies Ltd | 10 | 14.41 | 8.59 | 8.59 | 13.74% | 0.00 |
| Fonebox Retail Limited | 10 | 15.08 | 6.63 | 6.63 | 17.94% | 40.25 |
| Bhatia Communicatio ns & Retail (India) Ltd | 1 | 24.44 | 1.31 | 1.31 | 15.16% | 10.33 |
| Umiya Mobile Limited | 10 | 8.46 | 7.09 | 7.09 | 29.32% | 46.31 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 |
| 2 | Part funding of the incremental working capital requirements of our Company |
| 3 | General corporate purposes |
About SS Retail Limited
Incorporated in June 2016, SS Retail Ltd. is a multi-brand retail chain focused on mobile phones, accessories and consumer electronics, with a strong presence across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. The Company primarily serves customers in Tier II, Tier III and beyond cities, catering to regional markets through a combination of company-operated and franchisee-operated stores.
The Company operates through its proprietary brands SS Mobile, Mobile Exchange Wala and The Mobile Space, offering a wide range of products including new and pre-owned smartphones, mobile accessories, televisions, laptops and tablets. Its retail offering is complemented by services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services.
As of March 31, 2026, SS Retail operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft. of retail space. Its network expanded to 536 stores covering approximately 2,60,597 sq. ft. as of July 31, 2026. The store network increased from 236 stores in FY2024 to 503 stores in FY2026, representing a 45.99% CAGR.
The Company follows a scalable COCO (Company-Owned, Company-Operated), COFO (Company-Owned, Franchisee-Operated) and FOFO (Franchisee-Owned, Franchisee-Operated) retail model. Franchisee partnerships form a significant part of its expansion strategy, enabling the Company to extend its reach across regional markets. During Fiscal 2026, SS Retail acquired 51.04% of Olineo Nexus India Private Limited, adding 34 stores to its retail network.
Mobile phones remain the Company's core product category, contributing 86.18% of revenue in FY2026, while pre-owned smartphones contributed 7.20%. The Company also maintains direct procurement relationships with brands and distributors and uses technology-driven inventory management to support product availability, supply-chain efficiency and store productivity.
According to the cited industry report, as of March 31, 2026, SS Retail was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, based on the report's defined market parameters.
As of March 31, 2026, the Company had 689 permanent employees across management, accounts and audit, operations, sales, sales support, supply chain, human resources and administration.
Competitive Strengths
Large and rapidly expanding retail store network.
Scalable COCO, COFO and FOFO store formats.
Strong presence across Tier II, Tier III and beyond cities.
Extensive customer reach through local franchisee partnerships.
Established presence across West India and Maharashtra.
Wide product portfolio spanning smartphones, pre-owned phones and consumer electronics.
Multiple proprietary brands, including SS Mobile, Mobile Exchange Wala and The Mobile Space.
Experienced promoter and management team with industry expertise.
Direct procurement relationships with brands and distributors.
Technology-enabled inventory and supply-chain m
Promoters
- Siddharth Gunvant Shah
- Deepa Siddharth Shah
- Harshal Kishor Parekh
- Bhavini Harshal Parekh
Contact details
SS Retail Ltd.
399, E, Basant Bahar Road,
Ratikmal Complex, Shop 6-7, Kolhapur
Mumbai, Maharashtra, 416003
Phone: +91 90961 91222
Email: compliance@ssmobile.com
Website: https://ssmobile.com/in/
SS Retail IPO FAQs
- What is the SS Retail IPO price band?
- The SS Retail IPO price band is ₹403 to ₹424 per share.
- What is the SS Retail IPO lot size and minimum investment?
- The SS Retail IPO lot size is 35 shares. The minimum retail investment is ₹14,840 for one lot at the upper price band. Retail investors can apply for up to 13 lots (455 shares), costing ₹1,92,920.
- When was SS Retail IPO open for subscription?
- SS Retail IPO was open for subscription from Wed, 16 Sep 2026 to Fri, 18 Sep 2026.
- What is the SS Retail IPO subscription status?
- SS Retail IPO was subscribed 108.69x overall: QIB 214.22x, NII 150.79x and retail 38.26x. Day-wise and category-wise figures are on the subscription page.
- What was the SS Retail IPO GMP before listing?
- The last SS Retail IPO GMP before listing was +₹160 (+37.74% against the upper price band of ₹424), implying an estimated listing price of ₹584. Across 10 days of tracking, GMP ranged from +₹90 (16 Sep) to +₹160 (22 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the SS Retail IPO allotment date?
- The SS Retail IPO basis of allotment was finalised on Mon, 21 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the SS Retail IPO listing date?
- SS Retail IPO listed on BSE & NSE on Wed, 23 Sep 2026.
- Is the SS Retail IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹360 Cr (72.00%) with an offer for sale of ₹140 Cr (28.00%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the SS Retail IPO?
- The registrar for the SS Retail IPO is KFin Technologies Limited, and the book running lead managers are Emkay Global Financial Services Ltd and Anand Rathi Advisors Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.