SS Retail IPO is a mainboard book-built public issue of SS Retail Limited. The IPO comprises a fresh issue of equity shares aggregating to approximately ₹360.75 crore and an offer for sale of equity shares aggregating to ₹140 crore. The total issue size is approximately ₹500.75 crore. The price band has been fixed at ₹403 to ₹424 per equity share.
SS Retail IPO will open for subscription on September 16, 2026 and close on September 18, 2026. Anchor investor bidding is scheduled for September 15. The basis of allotment is expected on September 21, followed by refund initiation and credit of shares on September 22. The tentative listing date is September 23, 2026, with the shares proposed to be listed on BSE and NSE.
SS Retail Limited is a multi-brand retail chain specialising in mobile phones, accessories and consumer electronic products. The company operates through brands and retail formats including SS Mobile, Mobile Exchange Wala and The Mobile Space. Its operations are concentrated largely in Maharashtra, with additional presence in Karnataka, Madhya Pradesh and Goa.
The company follows multiple store models, including company-owned-company-operated, company-owned-franchisee-operated and franchisee-owned-franchisee-operated formats. Its COFO and FOFO models have helped the company expand its store network while working with local partners.
As of March 31, 2026, SS Retail had 458 stores in Maharashtra, representing 91.05% of its total stores. Maharashtra contributed 89.09% of revenue from operations during FY2026, making the company’s regional concentration an important factor for investors to consider.
The company intends to use the IPO proceeds primarily to fund incremental working capital requirements and capital expenditure for setting up new stores during FY2027 and FY2028. The IPO therefore provides capital for both business expansion and day-to-day operational requirements.
Table of Contents
SS Retail IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | SS Retail IPO |
| Company Name | SS Retail Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹403 – ₹424 Per Share |
| Issue Size | ₹500.75 Crore |
| Fresh Issue | ₹360.75 Crore |
| Offer for Sale | ₹140 Crore |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Anchor Investor Bidding | 15 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 35 Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Anand Rathi Advisors Limited, Emkay Global Financial Services Limited |
SS Retail IPO consists of a fresh issue and an offer for sale. The fresh issue will provide funds to the company for its stated objects, while the OFS proceeds will go to the respective selling shareholders. At the upper price band of ₹424, the company is seeking a valuation of approximately ₹3,153 crore.
SS Retail IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 15 September 2026 |
| IPO Opening Date | 16 September 2026 |
| IPO Closing Date | 18 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
The SS Retail IPO will remain open for three days from September 16 to September 18, 2026. Investors should complete their applications before the issue closes and ensure that the applicable UPI mandate is approved within the prescribed timeline. The dates are subject to finalisation during the IPO process.
SS Retail IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Issue |
| Non-Institutional Investors (NII) | Not less than 15% of Net Issue |
| Retail Individual Investors (RII) | Not less than 35% of Net Issue |
The SS Retail IPO follows the standard mainboard reservation framework. Up to 50% of the net issue can be allocated to QIBs, at least 15% is reserved for NIIs and at least 35% is reserved for retail investors.
SS Retail IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 35 | ₹14,840 |
| Retail Maximum | 455 | ₹1,92,920 |
| S-HNI Minimum | 490 | ₹2,07,760 |
The SS Retail IPO lot size is 35 shares. At the upper price band of ₹424, a retail investor needs ₹14,840 for one lot. Retail investors can apply for up to 13 lots, or 455 shares, requiring ₹1,92,920. The minimum S-HNI application is 14 lots, or 490 shares, requiring ₹2,07,760.
About SS Retail Limited
SS Retail Limited was incorporated in June 2016 as SS Communication & Services Private Limited and subsequently changed its corporate structure and name. The company is headquartered in Kolhapur, Maharashtra and operates as a multi-brand retailer of mobile phones, accessories and consumer electronics.
The company serves customers through its retail brands and multiple store formats. Its business is focused on providing smartphones and related products while also offering accessories and other electronic products.
SS Retail has expanded its store network using a combination of company-operated and franchisee-operated models. The COFO and FOFO formats have played an important role in its expansion, enabling the company to increase its geographical footprint while working with local partners.
As of March 31, 2026, the company had 458 stores in Maharashtra, accounting for 91.05% of its total stores. The company also had operations in Karnataka, Madhya Pradesh and Goa.
The company’s permanent employee count stood at 689 as of March 31, 2026. Its operations are supported by procurement relationships with brands and distributors, inventory-management systems and a network-oriented retail strategy.
Business Operations
SS Retail operates a multi-brand retail business focused primarily on mobile phones, accessories and electronic products.
• Mobile Phones – The company sells smartphones from several leading brands through its retail network.
• Accessories – Its product portfolio includes mobile accessories and related electronic products.
• Consumer Electronics – The company also sells selected electronic products through its stores.
• SS Mobile – SS Mobile is one of the company’s principal retail brands.
• Mobile Exchange Wala – The company operates the Mobile Exchange Wala format for customers seeking exchange-oriented mobile retail services.
• The Mobile Space – The company also operates stores under The Mobile Space brand.
• COCO Model – Under the company-owned-company-operated model, the company manages the store directly.
• COFO Model – Company-owned and franchisee-operated stores allow the company to work with local partners while maintaining ownership of the retail assets.
• FOFO Model – Franchisee-owned and franchisee-operated stores provide a relatively asset-light route for geographical expansion.
• Local Partner Approach – The company’s franchisee models enable it to work with local partners who have market knowledge and operating capabilities.
The COFO and FOFO models together contributed 74.19% of revenue from operations in FY2026, demonstrating their importance to the company’s retail expansion strategy.
Industry Overview
India’s mobile-phone and consumer-electronics retail industry is supported by rising smartphone penetration, replacement demand, increasing disposable income and the continuing shift towards digitally connected lifestyles.
Smartphones have become an important consumer product, with customers increasingly upgrading devices to obtain improved cameras, processing performance, connectivity and other features. This creates recurring replacement demand for organised mobile retailers.
The consumer-electronics market is also becoming more competitive, with organised retailers, e-commerce platforms, brand-owned stores and regional retailers competing for customers. Retailers therefore need efficient procurement, competitive pricing, inventory availability and strong customer service.
SS Retail operates in this competitive environment with a particular focus on Western and Central Indian markets. Its strong presence in Maharashtra provides scale but also creates geographic concentration.
The company’s retail model combines directly operated and franchisee-led stores. Franchise-based expansion can help reduce the capital required for every new store while allowing the company to increase its market presence.
However, the industry faces risks from rapid changes in product technology, inventory obsolescence, price competition, supplier relationships, online retail and changes in consumer preferences.
Business Strategy
SS Retail intends to expand its retail network while improving the productivity of its existing stores.
The company plans to use part of the IPO proceeds for capital expenditure related to store fit-outs for new stores planned during FY2027 and FY2028. Approximately ₹12.45 crore has been identified for this purpose.
The company also plans to strengthen its working-capital position. Approximately ₹416.53 crore of the net proceeds is proposed to part-fund incremental working-capital requirements. Adequate working capital is important for a retailer because inventory availability is directly linked to sales and customer experience.
SS Retail intends to continue using COFO and FOFO models to expand its geographical presence. These formats can allow the company to increase store numbers by leveraging local partners and reducing the capital burden associated with fully company-owned expansion.
The company also aims to strengthen its procurement relationships with brands and distributors and improve inventory management through technology-driven systems. These initiatives are intended to improve product availability, stock management and store productivity.
SS Retail IPO Financial Information
SS Retail has reported strong growth in revenue and profitability over the last three financial years.
The company’s consolidated total income increased from ₹1,208.04 crore in FY2024 to ₹1,599.96 crore in FY2025 and further to ₹2,352.85 crore in FY2026. PAT increased from ₹26.65 crore in FY2024 to ₹39.86 crore in FY2025 and ₹59.28 crore in FY2026.
The company also reported EBITDA of ₹125.15 crore in FY2026, compared with ₹80.44 crore in FY2025. Net worth increased to ₹225.71 crore, while total borrowings stood at ₹162.59 crore as of March 31, 2026.
SS Retail Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹1,208.04 Crore | ₹1,599.96 Crore | ₹2,352.85 Crore |
| EBITDA | ₹56.50 Crore | ₹80.44 Crore | ₹125.15 Crore |
| Profit After Tax | ₹26.65 Crore | ₹39.86 Crore | ₹59.28 Crore |
| Net Worth | ₹101.51 Crore | ₹141.37 Crore | ₹225.71 Crore |
| Total Borrowings | ₹110.43 Crore | ₹125.36 Crore | ₹162.59 Crore |
| Assets | ₹278.25 Crore | ₹389.44 Crore | ₹575.42 Crore |
SS Retail’s financial performance has shown strong growth. Total income increased by approximately 95% between FY2024 and FY2026, while PAT increased by more than 120% over the same period. EBITDA also more than doubled from ₹56.50 crore to ₹125.15 crore.
The growth has been accompanied by an increase in borrowings, which stood at ₹162.59 crore in FY2026. Investors should therefore evaluate the company’s growth together with its working-capital requirements and leverage position.
SS Retail IPO Key Performance Indicators (KPIs)
| KPI | Value |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| Debt / Equity | 0.70 |
| FY2026 EBITDA | ₹125.15 Crore |
| FY2026 PAT | ₹59.28 Crore |
| FY2026 Net Worth | ₹225.71 Crore |
The reported FY2026 return ratios are relatively strong, with ROE of 30.60%, ROCE of 29.30% and RoNW of 32.60%. The debt-to-equity ratio stood at 0.70.
The PAT margin of 2.52% reflects the low-margin nature of the retail business. Retailers generally operate with high sales volumes but relatively thin margins, making inventory turnover, procurement efficiency and store productivity important to sustained profitability.
Objects of the SS Retail IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
• Funding capital expenditure for fit-outs towards setting up new stores in FY2027 and FY2028.
• Part funding of the incremental working-capital requirements of the company.
• General corporate purposes.
Approximately ₹12.45 crore has been allocated towards capital expenditure for new-store fit-outs, while approximately ₹416.53 crore is proposed for incremental working-capital requirements. The remaining proceeds are intended for general corporate purposes.
The large working-capital component reflects the inventory-intensive nature of SS Retail’s business. Maintaining sufficient inventory of smartphones, accessories and electronic products is important for meeting customer demand and supporting store sales.
SS Retail IPO Listing Performance
SS Retail is scheduled to list on BSE and NSE on September 23, 2026. Since the company has not yet listed, the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 23 September 2026 |
| Issue Price | ₹403 – ₹424 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The grey-market premium was reported at ₹0 on September 10, 2026 by available IPO-market trackers. GMP is unofficial and can change before listing; it should not be treated as a guaranteed indication of the actual listing price.
SS Retail IPO Subscription Status
SS Retail IPO is scheduled to open for subscription on September 16, 2026. Therefore, subscription figures are not available as of September 10, 2026.
Live subscription data will become available once bidding begins and applications are received from QIBs, NIIs and retail investors.
SS Retail IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | Not Applicable |
| Total Subscription | To be updated |
The subscription figures will provide an indication of investor demand once the issue opens. Since SS Retail is a mainboard IPO, institutional participation will be an important factor to monitor during the bidding period.
SS Retail IPO Review
SS Retail IPO provides exposure to an organised multi-brand mobile-phone and consumer-electronics retailer with a strong presence in Maharashtra and additional operations in Karnataka, Madhya Pradesh and Goa.
The company has built a sizeable retail network using a combination of COCO, COFO and FOFO formats. The COFO and FOFO models have been particularly important to its expansion, collectively contributing 74.19% of revenue from operations in FY2026. This asset-light component of the business model can help the company expand without relying exclusively on company-owned stores.
Another positive factor is the company’s revenue growth. Consolidated total income increased from ₹1,208.04 crore in FY2024 to ₹2,352.85 crore in FY2026. PAT increased from ₹26.65 crore to ₹59.28 crore during the same period, while EBITDA increased from ₹56.50 crore to ₹125.15 crore.
The company also has strong return ratios. FY2026 ROE stood at 30.60%, ROCE at 29.30% and RoNW at 32.60%. These ratios indicate efficient utilisation of the company’s capital base, although they should be considered alongside the company’s relatively low PAT margin.
The IPO proceeds are primarily directed towards working capital. Approximately ₹416.53 crore is proposed for incremental working-capital requirements, while ₹12.45 crore is earmarked for new-store fit-outs. This could support further expansion and improve inventory availability, but it also highlights the working-capital-intensive nature of the retail business.
At the upper price band of ₹424, SS Retail is seeking a market capitalisation of approximately ₹3,153 crore. The valuation should be assessed against the company’s earnings, growth rate, return ratios, debt position and valuations of comparable organised retailers.
Geographic concentration is an important risk. Maharashtra accounted for 91.05% of the company’s stores as of March 31, 2026 and 89.09% of revenue from operations in FY2026. Any adverse economic, political or competitive developments in Maharashtra could therefore have a material effect on the company’s business.
The retail sector also faces intense competition from e-commerce platforms, brand-owned stores and other organised and regional retailers. Rapid changes in smartphone technology can create inventory-obsolescence risks, while discounting and price competition can put pressure on margins.
Overall, SS Retail IPO has positive factors including strong revenue growth, expanding store operations, an established retail network, high return ratios and a franchise-oriented expansion model. However, investors should carefully evaluate the company’s geographic concentration, working-capital requirements, low PAT margin, borrowings and competitive environment before making an investment decision.
SS Retail IPO Strengths
• Established multi-brand retailer of mobile phones, accessories and consumer electronics.
• Strong presence in Maharashtra and operations across multiple Indian states.
• COFO and FOFO models provide an asset-light route for store expansion.
• COFO and FOFO models together contributed 74.19% of FY2026 revenue from operations.
• Total income increased from ₹1,208.04 crore in FY2024 to ₹2,352.85 crore in FY2026.
• PAT increased from ₹26.65 crore in FY2024 to ₹59.28 crore in FY2026.
• EBITDA increased from ₹56.50 crore to ₹125.15 crore over the same period.
• FY2026 ROE of 30.60% and ROCE of 29.30%.
• Established relationships with brands and distributors.
• Technology-supported inventory and retail-management processes.
• IPO proceeds provide significant funding for incremental working capital.
• Planned new-store fit-outs can support future expansion.
SS Retail IPO Risk Factors
• A substantial proportion of stores and revenue are concentrated in Maharashtra.
• Maharashtra accounted for 89.09% of revenue from operations in FY2026.
• The retail industry faces intense competition from e-commerce and organised and unorganised retailers.
• Mobile-phone technology changes can result in inventory obsolescence.
• The business operates with relatively low PAT margins.
• The company requires significant working capital to maintain inventory.
• Borrowings increased to ₹162.59 crore as of March 31, 2026.
• Delays or disruptions from major suppliers could affect product availability and sales.
• Changes in consumer preferences can affect demand for particular mobile-phone models.
• Dependence on COFO and FOFO partners creates partner-performance and operational risks.
• Store expansion may not generate the expected sales or returns.
• Changes in government regulations, taxation or import duties can affect electronic-product pricing and demand.
• Price competition and discounting may put pressure on gross and operating margins.
• The company’s future growth depends on successfully expanding its store network while maintaining store productivity.
SS Retail IPO Promoters
The promoters of SS Retail Limited are Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.
The promoter and promoter group held approximately 75.74% of the company’s pre-IPO share capital. The remaining shares were held by other shareholders. The IPO will dilute the promoters’ percentage holding following the fresh issue and offer for sale.
The promoter group has been associated with the company’s development and expansion in mobile-phone and electronics retail. Their experience and local-market relationships have supported the company’s growth across Maharashtra and other markets.
SS Retail IPO Promoters Details
| Promoter | Designation |
|---|---|
| Siddharth Gunvant Shah | Promoter |
| Deepa Siddharth Shah | Promoter |
| Harshal Kishor Parekh | Promoter |
| Bhavini Harshal Parekh | Promoter |
The promoter and promoter group held 49,883,600 shares, representing 75.74% of the pre-IPO share capital. The IPO will result in dilution of promoter ownership following completion of the offer.
SS Retail IPO Management Team
SS Retail is managed by a promoter-led team supported by professional directors and key managerial personnel responsible for retail operations, finance and corporate compliance.
| Name | Designation |
|---|---|
| Siddharth Gunvant Shah | Managing Director |
| Deepa Siddharth Shah | Director |
| Harshal Kishor Parekh | Director |
| Bhavini Harshal Parekh | Director |
| Kishor Babaso Hupare | Company Secretary & Compliance Officer |
The company’s management is responsible for store expansion, procurement, inventory management, franchise relationships, financial planning and corporate compliance. The company’s investor disclosures identify Kishor Babaso Hupare as the Company Secretary and Compliance Officer.
SS Retail IPO Registrar Details
KFin Technologies Limited is the registrar to the SS Retail IPO. The registrar will process applications, finalise the basis of allotment, coordinate refunds and facilitate credit of shares to successful applicants.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | kfintech.com |
| IPO Allotment Status | KFin Technologies IPO Allotment Portal |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 / 1800 309 4001 |
KFin Technologies Limited has been appointed as the registrar to the offer. M. Murali Krishna is identified as the contact person for the issue.
SS Retail IPO Lead Manager Details
Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the Book Running Lead Managers for the SS Retail IPO.
| Particular | Details |
|---|---|
| Lead Managers | Anand Rathi Advisors Limited; Emkay Global Financial Services Limited |
| Anand Rathi Contact | Shivani Tapadia / Sailesh Jalan |
| Anand Rathi Email | [email protected] |
| Anand Rathi Contact Number | +91 22 4047 7000 |
| Emkay Contact | Radhika Deshmukh / Pooja Sarvankar |
| Emkay Email | [email protected] |
| Emkay Contact Number | +91 22 6612 1212 |
The two lead managers are responsible for managing the public issue, coordinating regulatory requirements and supporting the company through the IPO process.
SS Retail Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | SS Retail Limited |
| Registered Office | 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur – 416 003, Maharashtra |
| Website | https://ssmobile.com/in/ |
| Email ID | [email protected] |
| Contact Number | +91 90961 91222 |
SS Retail Limited is headquartered in Kolhapur, Maharashtra. The company provides investor and compliance communication through its registered-office details and official investor disclosures.
How to Check SS Retail IPO Allotment Status
Investors can check the SS Retail IPO allotment status after the basis of allotment is finalised through KFin Technologies or the BSE IPO platform.
Through KFin Technologies
- Visit the official KFin Technologies IPO allotment portal.
- Select SS Retail IPO from the available IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select SS Retail IPO from the list of IPOs.
- Enter the PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
The tentative basis of allotment date is September 21, 2026, followed by refund initiation and credit of shares on September 22 and listing on September 23, 2026.
SS Retail IPO Conclusion
SS Retail IPO provides investors with exposure to a growing organised retail business focused on mobile phones, accessories and consumer electronics.
The company has developed a sizeable retail network and uses COCO, COFO and FOFO models to expand its presence. The franchise-oriented formats provide an asset-light component to the company’s growth strategy, while its strong presence in Maharashtra gives it a sizeable regional customer base.
Financial performance has been strong. Consolidated total income increased from ₹1,208.04 crore in FY2024 to ₹2,352.85 crore in FY2026, while PAT increased from ₹26.65 crore to ₹59.28 crore. EBITDA also increased significantly to ₹125.15 crore in FY2026.
The company reported strong return ratios, including ROE of 30.60%, ROCE of 29.30% and RoNW of 32.60%. However, the PAT margin remained relatively low at 2.52%, highlighting the thin-margin nature of the retail business.
The IPO proceeds are primarily intended for working capital, with ₹416.53 crore proposed for incremental working-capital requirements and ₹12.45 crore for new-store fit-outs. This funding can support inventory availability and expansion but also demonstrates the capital requirements associated with the company’s retail model.
The principal concerns are geographic concentration, dependence on Maharashtra, competition from e-commerce and other retailers, inventory obsolescence, supplier dependence and working-capital requirements. Maharashtra accounted for 89.09% of FY2026 revenue from operations, making diversification an important long-term consideration.
At the upper price band of ₹424, SS Retail is seeking a market capitalisation of approximately ₹3,153 crore. Investors should compare this valuation with the company’s earnings growth, return ratios, debt position and comparable retail companies before making an investment decision.
SS Retail IPO FAQs
What is SS Retail IPO?
SS Retail IPO is a mainboard book-built public issue of SS Retail Limited, a multi-brand retailer of mobile phones, accessories and consumer electronics.
What is the price band of SS Retail IPO?
The SS Retail IPO price band is ₹403 to ₹424 per equity share.
What is the issue size of SS Retail IPO?
The total SS Retail IPO issue size is approximately ₹500.75 crore, comprising a fresh issue of approximately ₹360.75 crore and an offer for sale of ₹140 crore.
When will SS Retail IPO open?
SS Retail IPO will open for subscription on September 16, 2026.
When will SS Retail IPO close?
SS Retail IPO will close for subscription on September 18, 2026.
What is the lot size of SS Retail IPO?
The SS Retail IPO lot size is 35 shares. At the upper price band of ₹424, the minimum investment is ₹14,840.
What is the SS Retail IPO allotment date?
The tentative SS Retail IPO allotment date is September 21, 2026.
When will SS Retail IPO be listed?
SS Retail shares are scheduled to be listed on BSE and NSE on September 23, 2026.
Who is the registrar for SS Retail IPO?
KFin Technologies Limited is the registrar to the SS Retail IPO.
What does SS Retail Limited do?
SS Retail Limited operates a multi-brand retail chain focused on mobile phones, accessories and electronic products. It operates through formats and brands including SS Mobile, Mobile Exchange Wala and The Mobile Space, with a strong presence in Maharashtra and operations in other Indian states.
