SS Retail IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,840
1 lot · 35 shares at the upper price band
Price band
₹403–424
Latest GMP
₹33
+7.8% of the ₹424 upper band
Est. listing price
₹454
Issue size
₹500 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 11 Sept 2026, 5:03 pm | ₹33 | ₹454 |
| 11 Sept 2026, 5:01 pm | ₹30 | ₹454 |
| 11 Sept 2026, 12:50 pm | ₹33 | ₹454 |
| 11 Sept 2026, 12:49 pm | ₹30 | ₹454 |
| 11 Sept 2026, 8:05 am | ₹30 | ₹454 |
| 11 Sept 2026, 8:03 am | ₹30 | ₹454 |
| 11 Sept 2026, 7:00 am | ₹30 | ₹454 |
| 11 Sept 2026, 6:55 am | ₹30 | ₹454 |
| 11 Sept 2026, 6:50 am | ₹30 | ₹454 |
| 11 Sept 2026, 6:28 am | ₹30 | ₹454 |
| 10 Sept 2026, 6:17 pm | ₹15 | ₹0 |
| 10 Sept 2026, 5:37 pm | ₹0 | ₹0 |
| 10 Sept 2026, 5:30 pm | ₹0 | ₹0 |
| 10 Sept 2026, 5:00 pm | ₹15 | ₹0 |
| 10 Sept 2026, 4:59 pm | ₹0 | ₹0 |
| 10 Sept 2026, 12:56 pm | ₹0 | ₹0 |
| 10 Sept 2026, 12:55 pm | ₹0 | ₹0 |
| 10 Sept 2026, 11:20 am | ₹0 | ₹0 |
| 10 Sept 2026, 8:08 am | ₹0 | ₹0 |
| 10 Sept 2026, 6:13 am | ₹0 | ₹0 |
| 10 Sept 2026, 6:10 am | ₹0 | ₹0 |
| 10 Sept 2026, 6:09 am | ₹0 | ₹0 |
| 9 Sept 2026, 5:09 pm | ₹0 | ₹0 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹403–424
- Issue size
- ₹500 Cr
- Lot size
- 35
- Opens
- 16 Sept 2026
- Closes
- 18 Sept 2026
- Allotment
- 21 Sept 2026
- Listing
- 23 Sept 2026
- Est. listing price
- ₹454
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,840 (1 lot · 35 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹360 Cr
- Offer for sale
- ₹140 Cr
- Listing at
- BSE, NSE
- Refunds
- 22 Sept 2026
- Shares credited
- 22 Sept 2026
- Promoter holding
- 75.74% before · — after
- Lead managers
- Anand Rathi Advisors Ltd., Emkay Global Financial Services Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 11 Sept 2026, 5:10 pm. Verify against the RHP before applying.
IPO Details
| IPO Date | 16 to 18 Sep, 2026 |
|---|---|
| Listing Date | Wed, Sep 23, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹403 to ₹424 |
| Lot Size | 35 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹ 25.00 |
| Total Issue Size | 1,18,10,182 shares (agg. up to ₹ 500 Cr) |
|---|---|
| Fresh Issue | 85,08,298 shares (agg. up to ₹ 360 Cr) |
| Offer for Sale | 33,01,884 shares of ₹ 10 (agg. up to ₹ 140 Cr) |
| Share Holding Pre Issue | 6,58,63,500 shares |
| Share Holding Post Issue | 7,43,71,798 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 16, 2026
- IPO Close
- Fri, Sep 18, 2026
- Allotment
- Mon, Sep 21, 2026
- Refund
- Tue, Sep 22, 2026
- Credit of Shares
- Tue, Sep 22, 2026
- Listing
- Wed, Sep 23, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Offer |
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 | 2345 | ₹9,94,280 |
| B-HNI (Min) | 68 | 2380 | ₹10,09,120 |
Investors can bid for a minimum of 35 shares and in multiples thereof.
IPO Subscription Details
Investor Category Reservations
| Category | Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII/NII limits | Yes (EMP/RII) |
About SS Retail Ltd.
Incorporated June 2016, SS Retail Ltd. is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It primarily focuses on Tier II and Tier III and beyond cities and, as of March 31, 2026, operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.
The Company operates under its proprietary brands 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' through a combination of company-owned and franchisee-operated store formats. Its product portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services. As of July 31, 2026, its retail network had expanded to 536 stores covering approximately 2,60,597 sq. ft.
The Company follows a scalable retail model comprising COCO, COFO and FOFO formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, according to the cited industry report.
As of March 31, 2026, the Company had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.
Competitive Strengths
Large and rapidly expanding retail store network.
Scalable COCO, COFO and FOFO business models.
Strong presence in Tier II and Tier III and beyond cities.
Strong customer reach through local franchisee partnerships.
Largest mobile phone retail chain in West India and Maharashtra.
Experienced Promoter and management team with strong domain expertise.
Wide product portfolio with focus on mobile phones, accessories and electronic items.
Established brand presence through SS Mobile, Mobile Exchange Wala and The Mobile Space.
Company Financials (Restated Standalone)
| 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 |
| Reserves and Surplus | 159.59 | 128.18 | 88.52 |
| Total Borrowing | 162.59 | 125.36 | 110.43 |
| Amount in ₹ Crore |
SS Retail Ltd.'s revenue increased by 47% and profit after tax (PAT) rose by 49% between the financial year ending with March 31, 2026 and March 31, 2025.
Note:-
The financial statements for 2026 are Consolidated.
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 | 12.45 |
| 2 | Part funding of the incremental working capital requirements of Company | 416.53 |
| 3 | General Corporate Purposes | — |
| Total | 428.99 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| Debt/Equity | 0.70 |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| NAV | 34.33 |
| Price to Book Value | 12.35 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.00 | 7.97 |
| P/E (x) | 47.11 | 53.2 |
| Market Cap at Offer Price | ₹2,792.61 Cr. | ₹3,153.36 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 75.74% | — |
| Public | 24.26% | — |
| Total | 100% | — |
Company Promoters: Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.
Offer For Sale - Selling Shareholders
| Name | Category | Estimated Amount (₹ cr.) |
|---|---|---|
| Siddharth Gunvant Shah | Promoter | 45.00 |
| Deepa Siddharth Shah | Promoter | 14.00 |
| Harshal Kishor Parekh | Promoter | 8.00 |
| Bhavini Harshal Parekh | Promoter | 3.00 |
| Rakhi Narendra Firodia | Other | 70.00 |
| Total | — | 140.00 |
*Estimated Amount (₹ cr.) shown until the actual number of shares offered in OFS is entered.
SS Retail IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Kfin Technologies Ltd.
040-79615565
ssretail.ipo@kfintech.com
IPO Lead Manager(s)
Anand Rathi Advisors Ltd.
Emkay Global Financial Services Ltd.
Contact Details
SS Retail Ltd. Address
399, E, Basant Bahar Road
Ratikmal Complex
Shop 6-7
Kolhapur, Maharashtra , 416003
+91 90961 91222
compliance@ssmobile.com
SS Retail IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
SS Retail IPO: QIBs to get up to 50% of net offer, retail investors at least 35%
Business Upturn · 11 Sept 2026
SS Retail IPO Date, Price, Review, Details
HDFC Sky · 11 Sept 2026
SS Retail IPO Listing Date, Retail Lot Size Revealed
Analytics Insight · 10 Sept 2026
SS Retail eyes public markets with ₹5,000-million IPO
Business Upturn · 10 Sept 2026
SS Retail fixes IPO price band at Rs 403-424, eyes Rs 3,153 crore valuation
Motilal Oswal · 10 Sept 2026
Mobile chain SS Retail to raise ₹500 crore via IPO
BusinessLine · 10 Sept 2026
Rs5 Bn SS Retail IPO Opens On Sept16
fintechbiznews.com · 10 Sept 2026
SS Retail IPO: Mobile-retailer to launch IPO on Sept 16; check all key details here
Business Today · 10 Sept 2026