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SS Retail IPOLISTED
SS Retail Ltd. is a multi-brand retail chain offering mobile phones, electronics, accessories and related services across multiple Indian states.
Listing price
₹624
Listing gain
+47.17%
Current
₹624
Listed
23 Sept 26
Opens
16 Sept 26Closes
18 Sept 26Allotment
21 Sept 26Refund
22 Sept 26Demat
22 Sept 26Listing
23 Sept 26Listed at
₹624
+47.17% on 23 Sept 26
Overview
Price band
₹403-424
Lot size
35 shares
Min. investment
₹14,840
Issue size
₹500.00 Cr
1.18 Cr shares
Fresh issue
₹360 Cr
85.08 L shares
Offer for sale
₹140 Cr
33.02 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Employee discount
₹25
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 34,52,829 | 29.24% |
| QIB | 23,01,886 | 19.49% |
| NII (HNI) | 17,26,415 | 14.62% |
| B-HNI | 11,50,943 | 9.75% |
| S-HNI | 5,75,472 | 4.87% |
| Individual | 40,28,301 | 34.11% |
| Employee | 3,00,752 | 2.55% |
| Total | 1,18,10,183 | 100.01% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,840 |
| 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 |
Listing performance
NSE/BSE: SSRETAILListing gain
+47.17%
Gain per retail lot
₹7,000
Latest vs issue
—
GMP was
₹158 (+37.26%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
SS Retail Live GMP
Not enough GMP history yet to draw a trend.
Subscription
18 Sept, 05:53 pmOversubscribed 108.69 times · 41,70,714 applications
Total applications
41,70,714
Total bid amount
₹38,516 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 23,01,886 | 49,30,99,775 | 214.22x | ₹20,907 Cr |
| NII (HNI) | 17,26,415 | 26,03,27,515 | 150.79x | ₹11,038 Cr |
| B-HNI | 11,50,943 | 18,99,79,440 | 165.06x | ₹8,055 Cr |
| S-HNI | 5,75,472 | 7,03,48,075 | 122.24x | ₹2,983 Cr |
| Retail | 40,28,301 | 15,41,18,475 | 38.26x | ₹6,535 Cr |
| Employee | 3,00,752 | 8,53,230 | 2.84x | ₹36.18 Cr |
| Total | 83,57,354 | 90,83,98,995 | 108.69x | ₹38,516 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 2,349 | 79,148 | 33.69x |
| S-HNI | 1,174 | 1,39,525 | 118.85x |
| Retail | 1,15,094 | 39,32,719 | 34.17x |
| Employee | 0 | 12,535 | — |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
30.6%
PAT Margin
2.52%
ROCE
29.3%
EBITDA Margin
5.32%
Debt to Equity Ratio
0.7
Price to Book Value
12.35
RoNW
32.6%
Valuation vs listed peers
EPS Pre IPO
₹9
EPS Post IPO
₹7.97
P/E Pre IPO
47.11
P/E Post IPO
53.2
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Aditya Vision Limited | 66.29 | — | — | — |
| Electronics Mart India Limited | 62.66 | — | — | — |
| Jay Jalaram Technologies Limited | 14.41 | — | — | — |
| Fonebox Retail Limited | 15.08 | — | — | — |
| Bhatia Communications & Retail (India) Limited | 24.44 | — | — | — |
| Umiya Mobile Limited | 8.46 | — | — | — |
Peer median P/E 19.8× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+94.8%
Profit growth FY24 → FY26
+122.4%
P/E vs peer median
53.2× vs 19.8×
- PAT margin 2.5% and ROCE 29.3%.
- Priced above its listed-peer median P/E.
- Price-to-book of 12.3× leaves little room for an earnings miss.
Strengths & risks
- Strong Market Position with a leading presence in West India and Maharashtra.
- Scalable Business Model through COCO, COFO and FOFO store formats.
- Strong Tier II & III Presence with an expanding retail network.
- Diversified Product Portfolio across mobile phones, accessories and electronics.
- Growing Store Network supporting expansion across new markets.
Buzz score · Solid
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028. | 12.45 |
| Part funding of the incremental working capital requirements of Company. | 241.35 |
| General Corporate Purposes. | - |
Company & documents
SS Retail Limited is a multi-brand organised retail chain primarily engaged in the retail sale of mobile phones, mobile accessories and other consumer electronic products. The Company operates through its key brands, including SS Mobile, The Mobile Space, Mobile Exchange Wala and Olineo.
The Company primarily focuses on Tier II, Tier III and beyond cities. As of March 31, 2026, it operated 503 stores across 215 cities, expanding to 536 stores as of July 31, 2026.
SS Retail offers mobile phones, pre-owned smartphones, accessories and other electronic products, along with services such as mobile protection plans, EMI facilities and mobile recharge. Mobile phones accounted for 86.18% of its revenue from operations in Fiscal 2026.
The Company operates Mobile Exchange Wala for pre-owned smartphones and The Mobile Space for smaller-format stores. During Fiscal 2026, it acquired a 51.04% stake in Olineo Nexus India Private Limited, adding 34 stores to its network.
SS Retail follows a scalable Company Owned and Company Operated (COCO), Company Owned and Franchisee Operated (COFO), and Franchisee Owned and Franchisee Operated (FOFO) retail model, supported by local franchisee partnerships to expand its presence in regional markets.
As of March 31, 2026, SS Retail was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers by store count. Its network expanded from 236 stores in 2024 to 503 stores in 2026.
As of March 31, 2026, SS Retail had 689 permanent employees.
Registrar
Company contact
SS Retail Ltd.
399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur, Maharashtra, 416003
Phone: +91 90961 91222
Email: compliance@ssmobile.com
Book running lead managers
- Anand Rathi Advisors Ltd.
- Emkay Global Financial Services Ltd.
Promoters
- Siddharth Gunvant Shah
- Deepa Siddharth Shah
- Harshal Kishor Parekh
- Bhavini Harshal Parekh