About SS Retail IPO
SS Retail IPO Overview
The SS Retail IPO is a 100% book-built issue of ₹500 crore, comprising a fresh issue of ₹360 crore and an offer for sale (OFS) of ₹140 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 27, 2025.
The price band of the issue is set between ₹403 to ₹424 per share and the lot size for an application is 35 shares. The minimum amount of investment required by an individual investor is ₹14,840 (35 shares). The IPO will be open for subscription from September 16 to 18, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as September 23, 2026.
The book-running lead managers are Anand Rathi Advisors Ltd. and Emkay Global Financial Services Ltd. and the registrar to the issue is KFin Technologies Ltd.
SS Retail IPO Date & Timeline
The SS Retail IPO is officially set to open for subscription on Sep 16, 2026 and will close on Sep 18, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 27, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 21, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 22, 2026. Finally, shares of SS Retail Ltd. are tentatively scheduled to list on the stock exchanges on Sep 23, 2026.
SS Retail IPO Timeline
| IPO Open Date | Wed, Sep 16, 2026 |
| IPO Close Date | Fri, Sep 18, 2026 |
| Tentative Allotment | Mon, Sep 21, 2026 |
| Initiation of Refunds | Tue, Sep 22, 2026 |
| Credit of Shares to Demat | Tue, Sep 22, 2026 |
| Tentative Listing Date | Wed, Sep 23, 2026 |
SS Retail IPO Details
| Detail | Description |
|---|---|
| IPO Date | 16 to 18 Sep, 2026 |
| Listing Date | 23 Sep, 2026 |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | ₹ 403 to ₹ 424 |
| Lot Size | 35 Shares |
| IPO Type | Fresh capital cum OFS |
| Total Issue Size | 1,18,10,182 shares (agg. up to ₹ 500 Cr) |
| Fresh Issue(Ex Market Maker) | 85,08,298 shares (agg. up to ₹ 360 Cr) |
| Offer for Sale | 33,01,884 shares of ₹10 (agg. up to ₹ 140 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 6,58,63,500 shares |
| Share Holding Post Issue | 7,43,71,798 shares |
SS Retail IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The SS Retail IPO GMP is currently trading at ₹120, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹544, which is 28.30% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹424 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹120 and a lot size of 35 shares.
SS Retail IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 14 Sep 2026 | ₹424 | ₹120 | 14 Sep, 202610:00 AM |
| 13 Sep 2026 | ₹424 | ₹106 | 13 Sep, 202605:34 PM |
| 12 Sep 2026 | ₹424 | ₹106 | 12 Sep, 202605:34 PM |
| 11 Sep 2026 | ₹424 | ₹30 | 11 Sep, 202601:39 PM |
| 10 Sep, 2026 | ₹424 | ₹30 | 10 Sep, 202612:52 PM |
Company Background
SS Retail Ltd. was incorporated on June 14, 2016, as "SS Communication & Services Private Ltd." in Kolhapur, Maharashtra. The company evolved into "SS Retail Private Ltd." in July 2025 before converting into a public limited company, "SS Retail Ltd." in September 2025.
The comapny operates a multi-brand retail chain specializing in mobile phones, accessories, and consumer electronics across regional Indian markets. The business expands through a hybrid strategy combining company-owned, company-operated (COCO), company-owned franchisee-operated (COFO), and franchisee-owned franchisee-operated (FOFO) store models. This distribution approach enables broad market penetration while maintaining streamlined management across its expanding retail network.
Operations & Product Range
The foundation of SS Retail Ltd. is an extremely strong retail model centred on mobile phones and their accessories and other consumer electronics. SS Retail Ltd. operates as a multi-brand retailer with a major presence across four states: Maharashtra, Karnataka, Madhya Pradesh and Goa. The company focuses much of its efforts on small towns and cities (Tiers II and III), primarily by providing consumer electronics (durable products), as well as IT (Information Technology) equipment.
Facilities & Capacity
The facilities and infrastructure that support SS Retail Ltd. are quite impressive, with a very large number of 347 locations as of FY25, representing an enormous amount of storage space to house inventory. Most of the locations are in Maharashtra, making it the largest mobile phone retail chain in both Maharashtra and Western India.
To ensure compliance with the company's unique operational model, the in-house proprietary IT system provides real-time tracking capabilities for inventory and sales at all store locations. Additionally, the company's inventory model includes a strong supply chain for direct purchasing from several key manufacturers or directly from their respective authorized distributors at the manufacturer's request.
Brands & Market Presence
SS Retail Ltd. has a strong brand presence in India through its own brand and three main retail brands. It is the 4th largest mobile phone retailer in India among its competitors. The company has established itself as a trusted source for consumers, with localized marketing efforts and customised assortments of products in the markets it serves. Its strong reputation in the CDIT retail market is one of the main reasons for the company's continued success in this very competitive industry.
Revenue Streams and Business Model
SS Retail Ltd. is a multi-brand retail company with over 450 stores operating under a hybrid COFO and FOFO retail format mainly in Maharashtra. The major sources of revenue are generated through mobile phone and electronic device retailing, along with pre-owned phone retailing through "Mobile Exchange Wala." Franchise and services-based income are also sources of additional revenue.
Financial Performance
SS Retail Ltd. shown strong growth in FY26, with revenue from operations scaling to ₹2,351.03 crore, representing a strong two-year compound annual growth rate (CAGR) of 39.58%. Profit after tax expanded significantly to reach ₹59.28 crore for the same fiscal year. Furthermore, net working capital requirements stood at ₹296.66 crore, while operating cash flows turned positive at ₹32.52 crore, reflecting improved cash flow management alongside expanding retail operations.
Management & Shareholding
The promoters of SS Retail Ltd. are Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh. Before the IPO, the promoters held a 75.74% stake in the company, but after the IPO, the promoters’ shareholding will be slightly diluted as the offering includes a fresh issue of ₹360 crore, which will revise the structure of the existing shareholding percent.
Board & Key Management
The leadership of SS Retail Ltd. is led by a team of experts with many years of experience. Siddharth Gunvant Shah serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Directors Harshal Kishor Parekh, Sagar Patil and Deepa Siddharth Shah. To ensure good governance, the board includes Independent Directors Adke Abhishek Ashok, Asit Chimanlal Mehta, Ajay Sharma and Anupama Wagh Koppar for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
SS Retail IPO Financial Information
Latest Revenue
₹ 2,351.03 Cr
Profit After Tax
₹ 59.28 Cr
Net Worth
₹ 225.71 Cr
Total Borrowing
₹ 162.59 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026(Standalone) | 575.42 | 2,351.03 | 59.28 | 225.71 | 159.59 | 162.59 |
| 31 Mar 2025(Standalone) | 389.44 | 1,597.93 | 39.86 | 156.18 | 143.18 | 125.36 |
| 31 Mar 2024(Standalone) | 278.25 | 1,206.74 | 26.65 | 101.52 | 88.52 | 110.43 |
| Amount in ₹ Crore | ||||||
SS Retail Key Performance Indicator
| KPI | Values(31 Mar 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 9.00 | 7.97 |
| P/E (x) | 47.11 | 53.2 |
IPO Objectives
The company mainly intended to utilize the SS Retail IPO proceeds for the following strategic purposes:
- • Funding the expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028;
- • Partially funding the working capital requirements
- • General corporate purposes
IPO Review
SS Retail Ltd. operates a multi-brand retail chain specializing in mobile phones, accessories and consumer electronics, primarily serving Tier-II and Tier-III markets. The enterprise operates through a hybrid expansion framework, using Company Owned Company Operated (COCO), Company Owned Franchisee Operated (COFO) and Franchisee Owned Franchisee Operated (FOFO) store formats.
Financially, the firm demonstrated substantial expansion, with revenue scaling at a two-year CAGR of 39.58% to reach ₹2,351.03 crore in FY26. Profit After Tax (PAT) rose to ₹59.28 crore for the same fiscal year. Net working capital requirements reached ₹296.66 crore, while operating cash flows shifted positive to ₹32.52 crore.
However, the key strengths of the company include the firm's leading market presence in West India, high revenue per square foot and scalable franchise network. meanwhile, significant risks persist due to heavy geographic concentration in Maharashtra (over 89% of operational revenue), reliance on top vendors and working-capital-intensive inventory management.
Overall, SS Retail Ltd. offers strong operational efficiency and revenue growth in regional markets. Investors should balance high volume growth against thin retail profit margins and geographic exposure risks.
Conclusion
The SS Retail IPO is a chance to invest in a multi-brand retail chain specialised, mainly operating in mobile phones, accessories and consumer electronics, primarily serving Tier-II and Tier-III markets. Being a leading player in the West India region and also possessing a huge network of stores, amounting to more than 300 stores, provides an ideal platform for growth. With this listing, the company aims to fund the expenditure for Fit Outs towards the setting up of new stores in FY27 & FY28, partially funding the working capital requirements and general corporate purposes.
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Competitive Strengths
With its expansive footprint and established market presence in western India and Maharashtra, the company has a considerable competitive advantage due to its size.
Due to direct partnerships with both manufacturers and distributors, the company can offer competitive pricing, as well as significantly quicker product replenishment than its competitors.
The company has also developed its proprietary IT system's capability of being able to monitor both sales and product inventory on the floor of hundreds of stores 24/7.
The company has a highly experienced management team that is very acquainted with the retail industry and is able to effectively apply its experiences toward guiding the success of the company.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 35 | 14,840 |
| Individual investors (Retail) (Max) | 13 | 455 | 1,92,920 |
| S-HNI (Min) | 14 | 490 | 2,07,760 |
| S-HNI (Max) | 67 | 2,345 | 9,94,280 |
| B-HNI (Min) | 68 | 2,380 | 10,09,120 |