SS Retail IPO is a ₹500 crore book-built public issue, comprising a fresh issue of 85.08 lakh shares worth ₹360 crore and an offer for sale of 33.02 lakh shares amounting to ₹140 crore.
The IPO subscription window is open from September 16, 2026 to September 18, 2026. The basis of allotment is expected on September 21, 2026, while the shares are scheduled to list on NSE and BSE on September 23, 2026, subject to the tentative timeline.
The price band has been fixed at ₹403–₹424 per share, with a lot size of 35 shares. At the upper price band, a retail investor needs ₹14,840 to apply for one lot.
Anand Rathi Advisors Ltd. is acting as the Book Running Lead Manager, while KFin Technologies Ltd. is the Registrar to the Issue.
SS Retail IPO Details
| IPO Open Date | 16-09-2026 |
| IPO Close Date | 18-09-2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹403 to ₹424 Per Share |
| Issue Size | Approx ₹500.75 cr. |
| Fresh Issue | Approx ₹360.75 cr. |
| Offer For Sale | Approx ₹140 cr. |
| Issue Type | Book Build Issue |
| IPO Listing | NSE,BSE |
Issue Reservation
| Investor Category | Shares Offered % |
|---|---|
| Retail Shares Offered | 35% |
| NII Shares Offered | 15% |
| QIB Shares Offered | 50% |
SS Retail IPO Market Lot
The SS Retail IPO minimum market lot is 35 shares with ₹14,840 application amount. The retail investors can apply up-to 13 lots with 455 shares of ₹1,92,920 amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 35 | ₹14,840 |
| Retail Maximum | 13 | 455 | ₹1,92,920 |
| S-HNI Minimum | 14 | 490 | ₹2,07,760 |
| S-HNI Maximum | 67 | 2345 | ₹9,94,280 |
| B-HNI Minimum | 68 | 2380 | ₹10,09,120 |
SS Retail IPO Anchor Investors
| Anchor Bidding Date | 15-09-2026 |
| Shares Offered | [.] Shares |
| Lock-in period end date 50% shares(30 Days) | 21-10-2026 |
| Lock-in period end date 50% shares (90 Days) | 20-10-2026 |
SS Retail IPO Dates
The SS Retail IPO Open date is September 16 and the close date is September 18. The SS Retail IPO allotment will be finalized on September 21 and the IPO listing on September 23.
| IPO Open Date: | 16-09-2026 |
| IPO Close Date: | 18-09-2026 |
| Basis of allotment: | 21-09-2026 |
| Refunds: | 22-09-2026 |
| Credit to Demat Account: | 22-09-2026 |
| IPO Listing Date: | 23-09-2026 |
Key Strengths and Hidden Risks
Hidden Benefits
✅ Strong Store Network — 503 stores across 215 cities as of March 2026, with ~52% of stores located in Tier III and beyond cities.
✅ Rapid Expansion — The company expanded its store network significantly, reaching 536 stores by July 31, 2026.
✅ Efficient Store Productivity — FY2026 sales per sq. ft. stood at ₹1,46,347.03, with an average same-store sales growth of 11.17%.
✅ Growing Pre-Owned Business — Mobile Exchange Wala provides an additional business segment through its shop-in-shop pre-owned smartphone format.
Hidden Risks
⚠️ High Dependence on Mobile Phones — Mobile phone retailing contributed around 86% of FY2026 revenue, making the business highly dependent on this category.
⚠️ Strong Online Competition — Flipkart and Amazon compete through pricing and convenience, while increasing online sales could reduce customer footfall at physical stores.
⚠️ Intense Retail Competition — The company competes with national chains, regional retailers and e-commerce platforms that may have greater financial, marketing and distribution resources.
⚠️ Brand & Product Risk — The company depends on the reputation of third-party brands it sells; product defects, recalls or negative publicity could affect sales.
Pre and Post-IPO Shareholding Pattern
| 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.
Use of Funds
| Purpose | Crores |
|---|---|
| Setting up New Stores Capital expenditure for store fit-outs related to the opening of new stores planned for FY2027 and FY2028. | ₹12.45 |
| Working Capital Requirements A portion of the funds will be utilised to meet the company’s additional working capital needs. | ₹416.53 |
| General Corporate Purposes No amount from the issue is proposed to be allocated towards general corporate purposes. | ₹- |
About
SS Retail Limited is a multi-brand retail company engaged primarily in the retailing of mobile phones, accessories and other electronic products. The company has built a strong presence across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with Gujarat operations commencing in FY2027. Its retail network caters to customers across metro, mini-metro, Tier I, Tier II, Tier III and beyond cities, with a particular focus on mobile phones and accessories in Tier II and Tier III+ markets.
The company operates through multiple brands, with SS Mobile being its flagship retail brand. Its stores are available in large, medium and small formats, allowing the company to serve different market sizes. It also operates Mobile Exchange Wala, a shop-in-shop format focused on pre-owned smartphones, along with The Mobile Space. Its product portfolio includes mobile phones, accessories, televisions, laptops, tablets, audio products and wearables.
SS Retail has expanded its store network rapidly. The number of stores increased from 236 stores across 109 cities in March 2024 to 503 stores across 215 cities in March 2026, representing a CAGR of 45.99%. As of July 31, 2026, the company had 536 stores with a total retail area of approximately 2.61 lakh sq. ft.
The company reported consolidated operating revenue of ₹2,351.03 crore in FY2026, compared with ₹1,206.74 crore in FY2024, representing a revenue CAGR of 39.58%. In FY2026, mobile phone retailing contributed approximately 86.18% of total revenue. The company is also increasing its focus on accessories, pre-owned smartphones and other electronic categories.
With a growing retail footprint, strong presence in smaller cities and a mobile-focused retail model, SS Retail Limited aims to strengthen its position in India’s organised mobile and electronics retail market.
SS Retail IPO Company Financial Report
| Period Ended | Revenue | Expense | Pat | Assets |
|---|---|---|---|---|
| 2024 | ₹1,208.04 | ₹1,172.83 | ₹26.65 | ₹278.25 |
| 2025 | ₹1,599.96 | ₹1,547.07 | ₹39.86 | ₹389.44 |
| 2026 | ₹2,352.85 | ₹2,271.40 | ₹59.28 | ₹575.42 |
SS Retail IPO Valuation – FY2026
Check SS Retail IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| EBITDA Margin | 5.32% |
| PAT Margin | 2.52% |
| Debt to equity ration | 0.58 |
| Earning Per Share(EPS) | ₹9.11 |
| P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 32.60% |
| Net Asset Value(NAV) | ₹34.33 |
10 Key Findings from the RHP
- Who are the biggest customers?
The RHP does not identify any single largest retail customer; the business is primarily based on sales through its retail store network. Corporate Sales contributed 4.67% of FY2026 revenue. - What is the biggest risk?
Strong competition and online shift — Amazon, Flipkart and other retailers can affect store footfall, pricing, margins and market share. - What is the company’s biggest expense?
Purchase of traded goods is the largest expense, at ₹2,174.11 crore in FY2026. - Where does the revenue come from?
FY2026 revenue was mainly generated by SS Mobile (87.89%), followed by The Mobile Space (7.33%), Corporate Sales (4.67%) and Olineo (0.27%). - Where will the IPO money go?
The Fresh Issue is intended for new-store fit-outs/capital expenditure and additional working capital requirements. - How much is OFS?
The Offer for Sale is ₹140 crore, representing 28% of the total ₹500 crore offer. - How much are the promoters selling?
Promoter selling shareholders together account for ₹70 crore of the OFS: ₹45 crore by Siddharth Gunvant Shah, ₹14 crore by Deepa Siddharth Shah, ₹8 crore by Harshal Kishor Parekh and ₹3 crore by Bhavini Harshal Parekh. - Is there any pending litigation?
Yes. The RHP discloses pending legal/regulatory matters, including a Supreme Court proceeding involving an Independent Director, along with other disclosed legal matters and pending ROC applications. - Is there any regulatory dependency?
Yes. Store expansion depends partly on regulatory approvals, and the RHP also highlights the impact that regulatory or legislative changes could have on the business. - What should investors specifically watch?
The RHP highlights store expansion, customer demand, inventory management, competition, changing technology and product preferences as key areas that can affect future performance.
Peer Group Comparison
| Company | Income cr. | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Jay Jalaram Technologies Ltd | 851.82 | 8.59 | 14.41 | 13.74% | NA |
| Aditya Vision Ltd | 2671.62 | 9.07 | 66.29 | 18.38% | 53.26 |
| Electronics Mart India Ltd | 7183.26 | 2.78 | 62.66 | 6.81% | NA |
| Bhatia Communications & Retail (India) Ltd | 591.43 | 1.31 | 24.44 | 15.16% | 10.33 |
| Fonebox Retail Ltd | 535.08 | 6.63 | 15.08 | 17.94% | 40.25 |
| Umiya Mobile Ltd | 836.10 | 7.09 | 8.46 | 29.32% | 46.31 |
SS Retail IPO Lead Managers aka Merchant Bankers
- Anand Rathi Advisors Ltd.
- Emkay Global Financial Services Ltd.
SS Retail Company Address
SS Retail Ltd.
399, E, Basant Bahar Road
Ratikmal Complex
Shop 6-7
Kolhapur, Maharashtra, 416003
Phone: +91 90961 91222
Email: compliance@ssmobile.com
Website: https://www.ssmobile.com/
SS Retail IPO Registrar
Kfin Technologies Ltd.
Phone: 040-79615565
Email: ssretail.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Disclaimer
I am not a SEBI-registered Research Analyst, Investment Adviser, or any other SEBI-regulated financial professional. The information provided on this website regarding IPOs, GMP, stock markets, and other financial topics is for educational and informational purposes only.
The content published on this website should not be considered financial advice, investment advice, or a recommendation to buy, sell, or hold any security. Investors should conduct their own research and consult a SEBI-registered financial advisor before making any investment decisions.