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    SS Retail IPO

    Updated 15 Sept 2026, 8:00 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,840

    1 lot · 35 shares at the upper price band

    Price band

    ₹424

    Latest GMP

    ₹140

    +33.0% of the ₹424 upper band

    Est. listing price

    ₹564

    Issue size

    ₹500 Cr

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    15 Sept 2026, 8:00 pm₹140₹564
    15 Sept 2026, 2:12 pm₹143₹564
    15 Sept 2026, 2:10 pm₹140₹564
    15 Sept 2026, 12:09 am₹130₹544
    15 Sept 2026, 12:08 am₹120₹544
    14 Sept 2026, 2:27 pm₹128₹544
    14 Sept 2026, 2:25 pm₹120₹544
    12 Sept 2026, 9:50 pm₹93₹504
    12 Sept 2026, 9:49 pm₹80₹504
    12 Sept 2026, 5:41 pm₹93₹504
    12 Sept 2026, 5:40 pm₹80₹504
    12 Sept 2026, 1:26 pm₹95₹504
    12 Sept 2026, 1:25 pm₹80₹504
    11 Sept 2026, 10:33 pm₹33₹454
    11 Sept 2026, 10:31 pm₹30₹454
    11 Sept 2026, 6:20 pm₹33₹454
    11 Sept 2026, 6:19 pm₹30₹454
    11 Sept 2026, 1:35 pm₹30₹454
    11 Sept 2026, 1:33 pm₹30₹454
    11 Sept 2026, 12:30 pm₹30₹454
    11 Sept 2026, 12:25 pm₹30₹454
    11 Sept 2026, 12:20 pm₹30₹454
    11 Sept 2026, 11:58 am₹30₹454
    10 Sept 2026, 11:47 pm₹15₹0
    10 Sept 2026, 11:07 pm₹0₹0
    10 Sept 2026, 11:00 pm₹0₹0
    10 Sept 2026, 10:30 pm₹15₹0
    10 Sept 2026, 10:29 pm₹0₹0
    10 Sept 2026, 6:26 pm₹0₹0
    10 Sept 2026, 6:25 pm₹0₹0
    10 Sept 2026, 4:50 pm₹0₹0
    10 Sept 2026, 1:38 pm₹0₹0
    10 Sept 2026, 11:43 am₹0₹0
    10 Sept 2026, 11:40 am₹0₹0
    10 Sept 2026, 11:39 am₹0₹0
    9 Sept 2026, 10:39 pm₹0₹0

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹424
    Issue size
    ₹500 Cr
    Lot size
    35
    Opens
    16 Sept 2026
    Closes
    18 Sept 2026
    Allotment
    21 Sept 2026
    Listing
    23 Sept 2026
    Est. listing price
    ₹564
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Kfin Technologies Ltd.
    Minimum investment
    ₹14,840 (1 lot · 35 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹360 Cr
    Offer for sale
    ₹140 Cr
    Listing at
    BSE, NSE
    Refunds
    22 Sept 2026
    Shares credited
    22 Sept 2026
    Promoter holding
    75.74% before · — after
    Lead managers
    Anand Rathi Advisors Ltd., Emkay Global Financial Services Ltd.

    Full issue details

    Details as published for this issue, read 15 Sept 2026, 12:21 am. Verify against the RHP before applying.

    IPO Details

    IPO Date16 to 18 Sep, 2026
    Listing DateWed, Sep 23, 2026 T
    Face Value₹ 10 per share
    Price Band₹403 to ₹424
    Lot Size35 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Employee Discount₹ 25.00
    Total Issue Size1,18,10,182 shares (agg. up to ₹ 500 Cr)
    Fresh Issue85,08,298 shares (agg. up to ₹ 360 Cr)
    Offer for Sale33,01,884 shares of ₹ 10 (agg. up to ₹ 140 Cr)
    Share Holding Pre Issue6,58,63,500 shares
    Share Holding Post Issue7,43,71,798 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 16, 2026
    IPO Close
    Fri, Sep 18, 2026
    Allotment
    Mon, Sep 21, 2026
    Refund
    Tue, Sep 22, 2026
    Credit of Shares
    Tue, Sep 22, 2026
    Listing
    Wed, Sep 23, 2026

    Issue Reservation

    Investor CategoryShares
    QIBNot more than 50% of the Net Offer
    RetailNot less than 35% of the Net Issue
    NIINot less than 15% of the Net Offer

    IPO Lot Size

    Retail (Min)₹14,840
    Retail (Max)₹1,92,920
    S-HNI (Min)₹2,07,760
    S-HNI (Max)₹9,94,280
    B-HNI (Min)₹10,09,120
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)135₹14,840
    Retail (Max)13455₹1,92,920
    S-HNI (Min)14490₹2,07,760
    S-HNI (Max)672345₹9,94,280
    B-HNI (Min)682380₹10,09,120

    Investors can bid for a minimum of 35 shares and in multiples thereof.

    IPO Subscription Details

    Investor Category Reservations

    CategoryLimitCut-off
    RIIUp to ₹2 LakhsYes
    sNII₹2 Lakhs – ₹10 LakhsNo
    bNIIAbove ₹10 LakhsNo
    Employee (EMP)Up to ₹5 LakhsYes
    Employee + RII/NIIUp to ₹5Lakhs (EMP) + RII/NII limitsYes (EMP/RII)

    About SS Retail Ltd.

    Incorporated June 2016, SS Retail Ltd. is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It primarily focuses on Tier II and Tier III and beyond cities and, as of March 31, 2026, operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.

    The Company operates under its proprietary brands 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space' through a combination of company-owned and franchisee-operated store formats. Its product portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services. As of July 31, 2026, its retail network had expanded to 536 stores covering approximately 2,60,597 sq. ft.

    The Company follows a scalable retail model comprising COCO, COFO and FOFO formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, according to the cited industry report.

    As of March 31, 2026, the Company had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.

    Competitive Strengths

    Large and rapidly expanding retail store network.

    Scalable COCO, COFO and FOFO business models.

    Strong presence in Tier II and Tier III and beyond cities.

    Strong customer reach through local franchisee partnerships.

    Largest mobile phone retail chain in West India and Maharashtra.

    Experienced Promoter and management team with strong domain expertise.

    Wide product portfolio with focus on mobile phones, accessories and electronic items.

    Established brand presence through SS Mobile, Mobile Exchange Wala and The Mobile Space.

    Company Financials (Restated Standalone)

    Total Income

    31 Mar 20241,208.04
    31 Mar 20251,599.96
    31 Mar 20262,352.85

    Profit After Tax

    31 Mar 202426.65
    31 Mar 202539.86
    31 Mar 202659.28

    EBITDA

    31 Mar 202456.50
    31 Mar 202580.44
    31 Mar 2026125.15

    NET Worth

    31 Mar 2024101.51
    31 Mar 2025141.37
    31 Mar 2026225.71
    Company Financials (Restated Standalone): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets575.42389.44278.25
    Total Income2,352.851,599.961,208.04
    Profit After Tax59.2839.8626.65
    EBITDA125.1580.4456.50
    NET Worth225.71141.37101.51
    Reserves and Surplus159.59128.1888.52
    Total Borrowing162.59125.36110.43
    Amount in ₹ Crore

    SS Retail Ltd.'s revenue increased by 47% and profit after tax (PAT) rose by 49% between the financial year ending with March 31, 2026 and March 31, 2025.

    Note:-

    The financial statements for 2026 are Consolidated.

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE30.60%
    ROCE29.30%
    Debt/Equity0.70
    RoNW32.60%
    PAT Margin2.52%
    EBITDA Margin5.32%
    NAV34.33
    Price to Book Value12.35

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)9.007.97
    P/E (x)47.1153.2
    Market Cap at Offer Price₹2,792.61 Cr.₹3,153.36 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group75.74%
    • Public24.26%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group75.74%
    Public24.26%
    Total100%

    Company Promoters: Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.

    Offer For Sale - Selling Shareholders

    NameCategoryEstimated Amount (₹ cr.)
    Siddharth Gunvant ShahPromoter45.00
    Deepa Siddharth ShahPromoter14.00
    Harshal Kishor ParekhPromoter8.00
    Bhavini Harshal ParekhPromoter3.00
    Rakhi Narendra FirodiaOther70.00
    Total140.00

    *Estimated Amount (₹ cr.) shown until the actual number of shares offered in OFS is entered.

    SS Retail IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Registrar

    Kfin Technologies Ltd.

    040-79615565

    ssretail.ipo@kfintech.com

    IPO Lead Manager(s)

    Anand Rathi Advisors Ltd.

    Emkay Global Financial Services Ltd.

    Contact Details

    SS Retail Ltd. Address

    399, E, Basant Bahar Road

    Ratikmal Complex

    Shop 6-7

    Kolhapur, Maharashtra , 416003

    +91 90961 91222

    compliance@ssmobile.com