Summary
SS Retail IPO is a book-built mainboard issue, with a total issue size of ₹500.00 crore, opening on 16 September 2026.
You can bid at ₹403.00/share–₹424.00/share, with 1 lot comprising 35 shares.
SS Retail has expanded its store network and improved its profit margins, while revenue concentration and working capital requirements raise caution.
SS Retail IPO is a book-built issue worth ₹500.00 crore. It includes a fresh issue of 85.08 lakh shares valued at ₹360.00 crore and an offer for sale of 33.02 lakh shares worth ₹140.00 crore.
The IPO subscription opens from 16 September 2026 and closes on 18 September 2026. The share allotment is tentatively finalised on 21 September 2026, while the shares are scheduled to list on NSE and BSE on 23 September 2026.
The price band has been set at ₹403.00/share–₹424.00/share. This lot size is 35 shares. Based on the upper band, retail investors must invest a minimum of ₹14,840.00 for one lot.
SS Retail IPO–Key Details
The key IPO details of SS Retail are provided in the table below:
| IPO Open | 16 September 2026 |
| IPO Close | 18 September 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹403.00/share–₹424.00/share |
| Issue price | – |
| IPO Lot Size | 35 shares |
| Offer-for-sale | 33,01,884 Equity Shares (₹140.00 crore) |
| Fresh issue | 85,08,298 Equity Shares (₹360.00 crore) |
| Issue Type | Mainboard/Bookbuilt IPO |
| Listing | NSE, BSE |
| Total Issue Size (₹ Crore) | ₹500.00 crore (1,18,10,182 Equity Shares) |
| Minimum Investment (Retail) | ₹14,840.00 |
SS Retail IPO–Timeline
The key dates for the SS Retail IPO are given below:
| Bid Open Date | 16 September 2026 |
| Bid Close Date | 18 September 2026 |
| Allotment | 21 September 2026 |
| Refunds Initiated | 22 September 2026 |
| Share Credit Date | 22 September 2026 |
| Listing | 23 September 2026 |
| UPI mandate Cut-off time | 18 September 2026 (5 PM) |
SS Retail Limited–Key Performance Indicators (KPIs)
The financial and operating KPIs of SS Retail Limited are given below:
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 30.60 | 30.94 | 30.20 |
| ROCE (%) | 29.30 | 25.78 | 25.91 |
| Debt-Equity Ratio (in times) | 0.58 | 0.60 | 0.77 |
| RoNW (%) | 32.60 | 32.82 | 30.21 |
| PAT Margin (%) | 2.52 | 2.49 | 2.21 |
| EBITDA Margin (%) | 5.32 | 5.03 | 4.68 |
| Price-Book Value | 12.35 | – | – |
SS Retail Limited–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 2,351.03 | 1,597.93 | 1,206.74 |
| Assets | 575.42 | 389.44 | 278.25 |
| Profit/Loss After Tax | 59.28 | 39.86 | 26.65 |
SS Retail IPO–Subscription Status
The subscription details of the SS Retail IPO are given below:
| Date | QIB (Ex Anchor) | NII | Retail | EMP | Total |
|---|---|---|---|---|---|
| Sep 16 (Day 1) | 0.21 | 1.61 | 2.33 | 0.34 | 1.52 |
| Sep 17 (Day 2) | 0.22 | 5.35 | 5.58 | 0.63 | 3.88 |
SS Retail IPO–Grey Premium Market (GMP)
The SS Retail IPO GMP is currently ₹145, which was updated on 15 September 2026, 4:58 PM IST.
With the upper price band ₹424/share, the estimated listing price comes to ₹569. This implies a gain of 34.20% per share.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 17-09-2026 | ₹124 ▲ | ₹548 (29.25%) | ₹4,340 | 17-Sep-2026 13:00 |
| 16-09-2026 Open | ₹90 ▼ | ₹514 (21.23%) | ₹3,150 | 16-Sep-2026 23:34 |
| 15-09-2026 | ₹128 ▼ | ₹552 (30.19%) | ₹4,480 | 15-Sep-2026 23:29 |
| 14-09-2026 | ₹140 ▲ | ₹564 (33.02%) | ₹4,900 | 14-Sep-2026 23:37 |
| 13-09-2026 | ₹120 ▲ | ₹544 (28.30%) | ₹4,200 | 13-Sep-2026 23:30 |
| 12-09-2026 | ₹106 ▲ | ₹530 (25.00%) | ₹3,710 | 12-Sep-2026 23:36 |
| 11-09-2026 | ₹80 ▲ | ₹504 (18.87%) | ₹2,800 | 11-Sep-2026 23:29 |
| 10-09-2026 | ₹30 ▲ | ₹454 (7.08%) | ₹1,050 | 10-Sep-2026 23:28 |
| 09-09-2026 | ₹0 ─ | ₹ (%) | 9-Sep-2026 12:30 |
Note: GMP is an unofficial indicator and may change based on market conditions, investor sentiment and IPO demand.
SS Retail IPO–Reservation
The SS Retail IPO has reserved shares for the following investor categories:
| Investor Classification | Shares Offered | % Allocation |
| Employee | 3,00,752 | 2.55% |
| QIBs | 23,01,886 | 19.49% |
| Anchor Investors | 34,52,829 | 29.24% |
| NIIs | 17,26,415 | 14.62% |
| Retail Investors | 40,28,301 | 34.11% |
| Total | 1,18,10,183 | 100.00% |
SS Retail IPO–Lot Size
The key application and investment details for the SS Retail IPO are given below:
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 1 | 35 | ₹14,840.00 |
| Retail Maximum Application | 13 | 455 | ₹1,92,920.00 |
| S-HNI Minimum Application | 14 | 490 | ₹2,07,760.00 |
| S-HNI Maximum Application | 67 | 2,345 | ₹9,94,280.00 |
| B-HNI Minimum Application | 68 | 2,380 | ₹10,09,120.00 |
SS Retail IPO–Anchor Investors Details
The SS Retail IPO anchor investors’ details are as follows:
| Bidding opens on | 15 September 2026 |
| Shares Offered | 34,52,829 |
| Anchor Portion (₹ Crore) | 146.40 |
| 30-day Lock-in Period End Date for 50% Shares | 21 October 2026 |
| 90-day Lock-in Period End Date for Remaining Shares | 20 December 2026 |
SS Retail IPO–Prospectus
The official offer documents are as follows:
About SS Retail Limited
Incorporation: 14 June 2016
Chairman & Managing Director: Siddharth Gunvant Shah
The company operates as a multi-brand retail chain that sells mobile phones, accessories and other electronic products across India. It operates 503 stores across 215 cities in Maharashtra, Karnataka, Madhya Pradesh and Goa as of 31 March 2026, with operations in Gujarat beginning in Fiscal 2027.
Its key business areas include:
- Mobile Retail: Mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets across its retail stores.
- Ancillary Services: Offers mobile protection plans, anti-theft software, EMI facilities and mobile recharge services to customers.
| Name | |
| Book Running Lead Manager (BRLM) | Anand Rathi Advisors Limited |
| Emkay Global Financial Services Limited | |
| Registrar | KFin Technologies Limited |
Objectives of SS Retail Limited
The proceeds from the SS Retail IPO are planned to be utilised for the following purposes:
| Particulars | Amount (in ₹ crores) |
| Funding fit-outs for new stores | 12.45 |
| Part-funding additional working capital requirements | 241.35 |
| Corporate purposes | – |
SS Retail Limited–Strengths
- Mobile Market Expansion: Mobile phone penetration is expected to increase from 77% in FY2025 to 84% by FY2030, creating a larger customer base for SS Retail.
- Large Consumer Base: India’s households are expected to grow from over 340 million in FY2025 to 400 million by 2030, expanding the potential market for mobile retailers.
- Pre-owned Market Growth: India’s pre-owned smartphone market reached ₹880 billion in FY2026 after growing 11.8% year-on-year, creating significant opportunities for SS Retail’s Mobile Exchange Wala business.
- Frequent Device Upgrades: Smartphones typically have a 2–3-year replacement cycle, giving SS Retail regular opportunities to generate repeat purchases through exchanges, financing and upgrade offers.
SS Retail Limited–Risks
- Maharashtra Concentration: Maharashtra accounted for 458 stores, or 91.05% of the network, and contributed 89.09% of revenue in FY2026, making the company vulnerable to regional economic, social and political changes.
- Franchise Model Dependence: The COFO and FOFO models accounted for 74.19% of revenue in FY2026. Any slowdown in franchisee-led expansion or closure of these stores could adversely affect revenue and business growth.
- Working Capital Needs: The company have high working capital needs to maintain inventory and plans to use ₹241.35 crore from the IPO proceeds for FY2027 and FY2028 requirements. This creates a need for additional financing as it expands.
- Financial Commitments: The company have capital commitments of ₹8.94 crore and contingent liabilities of ₹2.85 crore as of 31 March 2026. This could affect its financial condition in case they materialise.
SS Retail IPO–Review
SS Retail’s expanding retail network, rising revenue and improving operating margins indicate that the company has been scaling while strengthening profitability. Its presence across multiple product categories also supports its retail growth prospects.
The business, however, is concentrated in Maharashtra and highly dependent on franchise-led stores. Further, the high working capital requirement adds to the financial burden.
The latest SS Retail GMP indicates positive market sentiment, although it is unofficial and can change before listing.
Other Recent IPO List
Listed are the currently open and upcoming IPOs in India in 2026:
| National Stock Exchange IPO | Steamhouse India IPO |
| Manika Plastech IPO | OM Galaxy IPO |
| Rentomojo IPO | LCC Projects IPO |
| Manipal Payment & Identity Solutions IPO | Karamtara Engineering IPO |
SS Retail IPO FAQs
SS Retail IPO is a ₹500.00 crore book-built mainboard issue comprising a fresh issue of ₹360.00 crore and an offer for sale of ₹140.00 crore. The IPO is scheduled to open on 16 September 2026.
You can apply for the SS Retail IPO using the UPI facility or ASBA IPO application available through your bank account. Bids can be placed during the subscription period from 16 to 18 September 2026.
The SS Retail IPO has positives such as expanding operations, growing revenue and improving EBITDA margins. However, its high dependence on Maharashtra, franchise stores and working capital could pose risks to future performance.
Based on the latest GMP of ₹145 and the upper price band of ₹424.00/share, the estimated listing price is ₹569.00/share. This indicates a potential gain of 34.20%. The GMP, however, is unofficial and may change before listing.
The SS Retail IPO will open for subscription on 16 September 2026 and close on 18 September 2026. The price band is ₹403.00/share-₹424.00/share, with a lot size of 35 shares.
The SS Retail IPO lot size is 35 shares. At the upper price band of ₹424.00/share, one retail lot requires an investment of ₹14,840.00.
The SS Retail IPO allotment is tentatively scheduled for 21 September 2026. Refunds and credit of shares are expected on 22 September 2026, subject to the final allotment process.
The SS Retail IPO is scheduled to list on NSE and BSE on 23 September 2026. The actual listing price may differ from the GMP-based estimate available before listing.
