SS Retail Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹403 - ₹424
- Lot size
- 35 shares
- Issue amount
- ₹500 cr
- Total subscription
- 108.69×
- Opens
- 16 Sept 2026
- Closes
- 18 Sept 2026
- Allotment
- 21 Sept 2026
- Listing
- 23 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 1,18,10,183 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,105
- Fresh issue
- ₹360 cr
- Offer for sale
- ₹140 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,840
- Issue type
- Bookbuilding IPO
- Shares before issue
- 6,58,63,500
- Shares after issue
- 7,43,71,798
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 35 | ₹14,840 |
| sHNI | 14 | 490 | ₹2,07,760 |
| bHNI | 68 | 2,380 | ₹10,09,120 |
Share reservation
Subscription & GMP
Subscription by category
Reported 18 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,15,094 | 57,75,110 |
| EMPLOYEES | 0 | 15,141 |
| HNIs(10L +) | 2,349 | 1,15,409 |
| HNIs (2-10L) | 1,174 | 2,02,209 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 97.6 | 20,907.43 |
| FIIs | 0 | 5,231.05 |
| FIs | 0 | 9,121.13 |
| Mutual Funds | 0 | 1,574.39 |
| Others | 0 | 4,980.85 |
| RETAIL | 170.8 | 6,534.62 |
| HNIs 2+ | 24.4 | 2,982.76 |
| HNIs 10+ | 48.8 | 8,055.13 |
| EMPLOYEES | 12.75 | 36.18 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 9.11 | 6.13 | 4.1 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 32.6 | 32.82 | 30.21 |
| PRE IPO(PE) | 47.11 | 0 | 0 |
| POST IPO(PE) | 53.2 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| SS Retail Limited | 46.54 | 424.00 | 10 | 34.33 | 32.60 | 9.11 |
| Aditya Vision Limited | 66.29 | 599.95 | 10 | 53.26 | 18.38 | 9.07 |
| Electronics Mart India Limite | 62.66 | 174.2 | 10 | 0 | 6.81 | 2.78 |
| Jay Jalaram Technologies Limited | 14.41 | 123.8 | 10 | 0 | 13.74 | 8.59 |
| Bhatia Communications & Retail (India) Limited | 24.44 | 32.02 | 1 | 10.33 | 15.16 | 1.31 |
| Umiya Mobile Limited | 8.46 | 60 | 10 | 46.31 | 29.32 | 7.09 |
| Fonebox Retail Limited | 15.08 | 100 | 100 | 40.25 | 17.94 | 6.63 |
Company information
Company profile
SS Retail Ltd is a multi-brand retail company engaged in selling mobile phones, accessories, and electronic products through an extensive offline store network across Maharashtra, Karnataka, Madhya Pradesh, and Goa, with a strong presence in Tier II and Tier III markets. The company operates under a mix of COCO, COFO, and FOFO models and manages a rapidly expanding retail footprint, growing from 181 stores in 2023 to 347 stores in FY2025 and further to 451 stores by November 2025. It runs multiple retail formats under brands like SS Mobile, xchange Wala (focused on refurbished phones), and The Mobile Space to expand reach and customer engagement. With strong store efficiency and high sales per square foot, SS Retail has established itself as one of the largest mobile retail chains in West India, supported by its wide geographic presence, diversified formats, and fast-paced expansion strategy.
Strengths
- Large & Expanding Store Network: SS Retail has a growing retail presence across multiple states and cities, with 536 stores as of July 31, 2026. This wide network helps the company reach customers across different regional markets.
- Scalable Retail Model: The company operates through COCO, COFO and FOFO formats, combining company-owned and franchisee-led stores. This flexible model supports faster expansion and access to new markets.
- Strong Tier II & Tier III Presence: The company has a strong presence in Tier II, Tier III and smaller cities, allowing it to reach customers beyond major metropolitan areas and benefit from growing demand in regional markets.
Risk factors
- Dependence on Mobile Phone Sales: Mobile phone sales contributed 86.18%, 87.58% and 88.31% of revenue in FY2026, FY2025 and FY2024, respectively. Any slowdown in the mobile phone market or lower consumer spending could negatively affect the company’s revenue and financial performance.
- Working Capital Intensive Business: The company requires significant working capital, mainly to maintain inventory across its stores and warehouses. It plans to use ₹2,413.47 million from the Net Proceeds for working capital needs in FY2027 and FY2028. Poor management or lack of sufficient funds could affect business operations and financial condition.
- Independent Director – Securities Law Exposure: Independent Director Asit Chimanlal Mehta is associated with entities linked to the securities market and may face strict regulatory requirements. Any non-compliance could lead to legal proceedings or adverse orders, which may indirectly affect the company’s reputation and business prospects.
Promoters
Siddharth Gunvant Shah
Deepa Siddharth Shah
Harshal Kishor Parekh
Bhavini Harshal Parekh
Registrar & documents
Lead manager
Anand Rathi Securities Limited, Emkay Global Financial Services Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur, Mumbai, Maharashtra, 416003
+91 90961 91222
[email protected]Company website ↗Understanding SSRETAIL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.