SS Retail IPO

The SS Retail mainboard IPO opens for subscription on 16 Sept 2026 and closes on 18 Sept 2026, offered at a price band of ₹403–424 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹500 crore. Retail investors bid in lots of 35 shares, a minimum application of ₹14,840.

Issue structure

The offer combines a fresh issue of ₹360.16 crore with an offer for sale (OFS) of ₹139.84 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward part funding of the incremental working capital requirements of company (₹241.35 crore), alongside general corporate purposes (₹79.75 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, SS Retail reported revenue of ₹2,352.85 crore and a net profit of ₹59.28 crore. Revenue grew from ₹1,208.04 crore in FY2024 to ₹2,352.85 crore in FY2026 (+95.0%). Net worth stood at ₹225.71 crore at the end of FY2026. At the upper band, that puts the issue at roughly 47.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 53.2× post-issue earnings and 12.35× book value, against a return on net worth of 32.6% and a debt-to-equity ratio of 0.7. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Aditya Vision Limited and Bhatia Communications & Retail (India) Limited, with a median peer P/E of about 19.8×. The issue's own post-issue P/E works out to 53.2×.

Promoters

The promoters of the company are <p>Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh</p>. Promoter holding stands at 75.74% before the issue and comes down to 64.86% after listing.

Grey market premium (GMP)

In the unofficial grey market, SS Retail shares are quoted at a premium of ₹160 implying an expected listing around ₹584, about +37.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The SS Retail IPO was subscribed 107.41 times overall. The strongest demand came from qualified institutional buyers (QIB) at 214.22 times, with non-institutional investors (NII) at 150.33× and retail investors at 35.81×.

Listing performance

SS Retail listed on 23 Sept 2026 at ₹639.1, a premium of +50.7% over the issue price of ₹424.

What to weigh

When evaluating the SS Retail IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About SS Retail

SS Retail Ltd is a multi-brand retail chain selling mobile phones, accessories, and other electronic products. We operate in four states&mdash;Maharashtra, Karnataka, Madhya Pradesh, and Goa. Its stores are located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on Tier II and Tier III and beyond markets. As of March 31, 2025, the company operated 347 stores across India, including 334 stores in Maharashtra. According to the Knowledge Company Report, it is the largest mobile phone retail chain in West India and Maharashtra, and the fourth largest in India among our peers. The company has grown rapidly over the years. Our store count increased from 181 stores in 89 cities as of March 31, 2023 to 347 stores in 149 cities as of March 31, 2025, growing at a CAGR of 38.46%. As per the Knowledge Company Report, this growth rate is the second highest among peers and about twice the peer average. As of March 31, 2025, our stores covered 179,633 square feet. In Fiscal 2025, our sales per square foot were ₹120,188.73, the highest among our peers, showing strong store efficiency. As of November 30, 2025, we operated 451 stores covering 212,517 square feet. Brands The company operates mainly through three proprietary brands: SS Mobile &ndash; Its flagship brand, under which it sells mobile phones, accessories, and other electronics through large (above 800 sq. ft.), medium (400&ndash;800 sq. ft.), and small (below 400 sq. ft.) stores. xchange Wala &ndash; Launched in Fiscal 2023, this brand focuses on pre-owned mobile phones and operates in a &ldquo;shop-in-shop&rdquo; format within selected SS Mobile stores. As per the Knowledge Company Report, it is among the few organized retailers using this format. The Mobile Space &ndash; Launched in Fiscal 2023 to improve reach and customer acquisition in Tier II, Tier III, and beyond cities. These stores operate in medium and small formats. As of June 30, 2025, it also operated four smartphone caf&eacute;s in Maharashtra, with two stores each in Kolhapur and Pune, which are exclusive brand outlets for a reputed mobile phone brand. Store Operating Models The company operates stores through three business models: COCO (Company Owned and Company Operated) COFO (Company Owned and Franchisee Operated) FOFO (Franchisee Owned and Franchisee Operated) Competitive Strengths Largest mobile phone retail chain in West India and in Maharashtra, and the 4th largest in India. Differentiated COFO and FOFO Models with our Local Partners Approach. Established track record of operations and understanding of diverse markets. A broad product mix with a focus on mobile phones, including pre-owned mobile phones, and a strong procurement model. Consistent track record of financial performance and growth. Experienced promoter and management team with strong domain expertise.