SS Retail IPO
IPO Listing Details
- Listing Date
23 Sep 2026
- Listing Price
₹639.10
- Listing Change
50.73%
- Last Traded Price
₹714.35
SS Retail IPO Details
-
Open Date
16 Sep 2026
-
Close Date
18 Sep 2026
- IPO Price Range
₹ 403 to ₹424
- IPO Size
₹ 500 Cr
SS Retail IPO Timeline
SS Retail IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 16-Sep-2026 | 0.21 | 1.61 | 2.33 | 1.52 |
| 17-Sep-2026 | 0.24 | 10.43 | 7.97 | 6.10 |
| 18-Sep-2026 | 214.22 | 150.33 | 35.81 | 107.41 |
Last Updated: 18 September 2026 7:07 PM by 5paisa
SS Retail Limited is a multi-brand retail chain for mobile phones, accessories and other electronic items. Its operations span Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with a strong focus on tier II, tier III and smaller cities. As of March 31, 2026, the Company operated 503 stores across 215 cities, covering a total retail area of approximately 2.41 lakh sq. ft. Its network had expanded further to 536 stores by July 31, 2026.
The Company's retail portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets. It also offers ancillary services such as mobile protection plans, anti-theft software, EMI facilities and mobile recharge services. Its key retail brands include SS Mobile, Mobile Exchange Wala and The Mobile Space.
SS Retail operates through three store models: Company Owned and Company Operated (COCO), Company Owned and Franchisee Operated (COFO), and Franchisee Owned and Franchisee Operated (FOFO). The COFO and FOFO formats form a major part of its network and have supported the Company's store expansion across regional markets.
Established in: 2016
Chairman and Managing Director: Siddharth Gunvant Shah
Peers:
| Metric | SS Retail Limited | Aditya Vision Limited | Electronics Mart India Limited | Jay Jalaram Technologies Limited | Fonebox Retail Limited | Bhatia Communications & Retail (India) Limited | Umiya Mobile Limited |
|---|---|---|---|---|---|---|---|
| Face Value (₹) | 10 | 10 | 10 | 10 | 10 | 1 | 10 |
| Revenue (₹ Cr) | 2,351.03 | 2,671.62 | 7,183.26 | 851.82 | 535.08 | 591.43 | 836.10 |
| EPS (₹) | 9.11 | 9.05 | 2.78 | 8.59 | 6.63 | 1.31 | 7.09 |
| P/E | - | 66.29 | 62.66 | 14.41 | 15.08 | 24.44 | 8.46 |
| RoNW (%) | 32.60 | 18.38 | 6.81 | 13.74 | 17.94 | 15.16 | 29.32 |
| NAV Per Share (₹) | 34.33 | 53.26 | NA | NA | 40.25 | 10.33 | 46.31 |
SS Retail Objectives
1. Funding capital expenditure for fit-outs towards setting up new stores in FY27 and FY28
2. Part funding of the incremental working capital requirements of the Company
3. General corporate purposes
4. The Company proposes to use approximately ₹12.45 crore from the Net Proceeds towards fit-outs for new stores and ₹241.35 crore towards incremental working capital requirements. SS Retail will not receive any proceeds from the Offer for Sale
SS Retail IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹500 Cr |
| Offer For Sale | ₹140 Cr |
| Fresh Issue | ₹360 Cr |
SS Retail IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 35 | 14,105 |
| Retail (Max) | 13 | 455 | 1,92,920 |
| S-HNI (Min) | 14 | 490 | 1,97,470 |
| S-HNI (Max) | 67 | 2,345 | 9,94,280 |
| B-HNI (Min) | 68 | 2,380 | 9,59,140 |
SS Retail IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 214.22 | 23,01,886 | 49,30,99,775 | 20,907.43 |
| Non-Institutional Buyers | 150.33 | 17,26,415 | 25,95,27,660 | 11,003.97 |
| bNII | 165.06 | 11,50,943 | 18,99,79,440 | 8,055.13 |
| sNII | 120.85 | 5,75,472 | 6,95,48,220 | 2,948.84 |
| Retail | 35.81 | 40,28,301 | 14,42,56,525 | 6,116.48 |
| Total** | 107.41 | 83,57,354 | 89,77,01,245 | 38,062.53 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 1,206.74 | 1,597.93 | 2,351.03 |
| EBITDA | 56.50 | 80.44 | 125.15 |
| PAT | 26.65 | 39.86 | 59.28 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 278.25 | 389.44 | 575.42 |
| Share Capital | 13.00 | 13.00 | 65.86 |
| Total Liabilities | 176.73 | 233.25 | 344.08 |
| Particulars (In ₹Crores.) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | -4.93 | 1.42 | 32.52 |
| Net Cash Generated From / (used in) Investing Activities | -13.56 | -11.06 | -30.71 |
| Net Cash Generated From / (used in) Financing Activities | 40.05 | 7.17 | 1.81 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 21.57 | -2.47 | 3.62 |
Strengths
1. SS Retail was the largest mobile phone retail chain in West India and Maharashtra, and the third-largest in India among the peers considered in the industry report, based on FY26 store count.
2. The store network expanded from 236 stores in FY24 to 503 stores in FY26, representing a CAGR of 45.99%.
3. Its COFO and FOFO franchise-led formats allow the Company to expand while sharing part of the store set-up expenditure with franchise partners.
4. SS Retail recorded sales per sq. ft. of ₹1,46,347 in FY26, which was the highest among the peers considered in the industry report.
5. Its product mix extends beyond new mobile phones into pre-owned smartphones, accessories, other electronic products and ancillary services.
Weaknesses
1. SS Retail remains geographically concentrated in Maharashtra, which contributed 89.09% of revenue from operations in FY26.
2. Mobile phones accounted for 86.18% of FY26 revenue from operations, resulting in significant dependence on a single product category.
3. The top 10 suppliers accounted for 79.09% of purchases of traded goods in FY26, creating supplier concentration risk.
4. The business is working-capital intensive due to the need to maintain inventory across a rapidly expanding store network.
5. Consumer electronics retail is a high-volume, relatively low-margin business, making profitability dependent on inventory management, store productivity and operating efficiency.
Opportunities
1. India's organised retail market is expected to expand as consumers increasingly shift towards branded retail chains offering transparent pricing, product choice, financing and after-sales support.
2. The Indian Consumer Durables and Information Technology market is projected to grow from ₹9,077 billion in FY26 to ₹13,636 billion by FY30.
3. Tier II, tier III and smaller cities offer further room for expansion as smartphone penetration, financing access and consumer aspirations rise.
4. The pre-owned smartphone market provides another growth opportunity, supported by increasing device upgrades and demand for more affordable premium smartphones.
5. The Company's proposed store expansion in existing and adjacent markets could further broaden its retail footprint.
Threats
1. SS Retail faces competition from national retail chains, regional retailers, exclusive brand outlets and e-commerce platforms.
2. Aggressive online pricing and large seasonal sales by e-commerce players may put pressure on retail prices and margins.
3. Rapid changes in consumer electronics and smartphone technology can increase inventory obsolescence and markdown risks.
4. Any disruption in supply from major brands, distributors or authorised dealers could affect product availability across stores.
5. Delays in identifying suitable store locations or franchise partners could affect the Company's proposed expansion plans.
1. SS Retail has built a sizeable regional retail network, with 503 stores across 215 cities as of March 31, 2026.
2. Revenue from operations increased from ₹1,206.74 crore in FY24 to ₹2,351.03 crore in FY26, while operating EBITDA and PAT also recorded growth.
3. Its franchise-led COFO and FOFO models support store expansion while reducing the Company's direct capital expenditure requirements for certain stores.
4. The Company's focus on tier II, tier III and smaller cities provides exposure to markets where smartphone penetration and organised retail adoption continue to expand.
5. Its growing pre-owned smartphone and accessories businesses provide additional revenue streams beyond the sale of new mobile phones.
India's Consumer Durables and Information Technology market was valued at approximately ₹9,077 billion in FY26 and is projected to reach ₹13,636 billion by FY30, representing a CAGR of around 10.7%. Growth is supported by increasing disposable incomes, wider digital adoption, rising smartphone penetration and stronger demand from tier II, tier III and smaller cities.
Organised retail also has significant headroom for expansion. It accounted for around 24% of India's total retail market in FY26 and is projected to reach approximately 31% by FY30. The organised retail market itself is expected to increase from ₹22,502 billion in FY26 to ₹42,254 billion in FY30.
Mobile phones and accessories remain a major part of the consumer electronics market, while categories such as pre-owned smartphones are developing as affordability and shorter device replacement cycles create new demand. The pre-owned smartphone market is projected to grow from around ₹880 billion in FY26 to ₹1,419 billion by FY30.
SS Retail's presence across regional markets, focus on tier II and tier III cities and franchise-led expansion model give it exposure to these broader industry trends. However, competition from national chains and online marketplaces remains significant.
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FAQs
SS Retail IPO opens on September 16, 2026 and closes on September 18, 2026.
The size of the SS Retail IPO is approximately ₹500 crore. It comprises a fresh issue of up to ₹360 crore and an Offer for Sale of up to ₹140 crore.
The price band of the SS Retail IPO is fixed at ₹403 to ₹424 per equity share.
To apply for SS Retail IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the SS Retail IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size is 35 shares, requiring an investment of approximately ₹14,105 at the floor price of ₹403 per share. At the upper end of the price band of ₹424, one lot amounts to ₹14,840.
The basis of allotment for the SS Retail IPO is expected to be finalised on September 21, 2026.
The SS Retail IPO is tentatively scheduled to list on the BSE and NSE on September 23, 2026.
Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the Book Running Lead Managers to the SS Retail IPO. KFin Technologies Limited is the registrar to the offer.
The Company proposes to use the Net Proceeds from the fresh issue for:
1. Capital expenditure for fit-outs towards setting up new stores in FY27 and FY28
2. Part funding of incremental working capital requirements
3. General corporate purposes