SS Retail IPO
LISTEDMAINBOARDListing Performance
▲ 47.17%
Issue Price
₹424
Listing Price
₹624
Listed On
23 Sep 2026
- Price Band
- ₹403 – ₹424
- Lot Size
- 35
- Lot Value
- ₹14,840
- Open Date
- 16 Sep16 Sep 2026
- Close Date
- 18 Sep18 Sep 2026
- Min Investment
- ₹14,840
SS Retail — Stock Performance
About SS Retail
Retail of mobile phones, accessories, and electronic items through company-owned, franchisee-operated, and franchisee-owned store models.
Use of IPO Proceeds
Promoters
Siddharth Gunvant Shah
Chairman and Managing Director
Bhavini Harshal Parekh
Promoter · age 44
She has more than 14 years of experience in retail industry.
Bachelor's degree in Commerce from Andhra University
Pre-issue: 2.96%
Investment Analysis
Quick Analysis: 4 strengths · 6 risk factors· Exchange: Equity
Strengths (4)
- •COFO and FOFO models contributed 74.19% of revenue in FY26 enabling scalable growth.
- •Super matured stores demonstrate strong performance with 45.11% CAGR revenue growth.
- •Established brand recall in markets with multiple years of operations reduces customer acquisition costs.
- •Significant store network expansion with 503 stores across multiple states by March 2026.
Risk Factors (6)
- •Mobile phone retailing comprises 86.18% of revenue; economic slowdown or industry factors reducing consumer purchases could adversely impact business and financial results.
- •Equity shares never publicly traded; offer may not result in active liquid market and share price may be volatile with resale risks.
- •Non-GAAP financial measures used in prospectus are not comparable across industry and may not reflect true operating performance or financial condition.
- •No formal market history for equity shares exists; floor price, cap price, and offer price should not be indicative of post-listing market price.
- •Prospectus contains forward-looking statements involving risks, assumptions, and uncertainties; actual results could differ materially from anticipated performance.
- •Industry and market data commissioned and paid by company; reliance on such information for investment decisions is subject to inherent risks.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 71.33x (QIB 138.61x, NII 102.33x, Retail 24.79x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.01x | 138.61x |
| sNII (S-HNI) | 1.69x | 9.16x | 82.18x |
| bNII (B-HNI) | 0.79x | 5.80x | 112.41x |
| Retail | 1.54x | 5.12x | 24.79x |
| Total | 0.97x | 3.92x | 71.33x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
24.79x
Allotment Ratio
1 lot per 25 applicants
Allotment Probability
~4.0%
Non-Institutional Investors (NII / HNI)
Subscription
102.33x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
138.61x
Allotment Type
Discretionary allotment
Total Subscription
71.33x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
18 Sep 2026 · 5:00 PM IST
Allotment
21 Sep 2026 · Mon
Listing
23 Sep 2026 · Wed
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
18 Sep 2026 · 5:00 PM IST
Allotment
21 Sep 2026 · Mon
Listing
23 Sep 2026 · Wed
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹500.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Anand Rathi Advisors Limited, Emkay Global Financial Services Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 2,351.03 | 59.28 | 9.00 | 47.11 | 26.27% |
| FY25 | 1,597.93 | 39.86 | 6.05 | 70.06 | 28.20% |
| FY24 | 1,206.74 | 26.65 | 4.05 | 104.81 | 26.25% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 1,208.04 | 1,599.96 | 2,352.85 |
| EBITDA | 56.5 | 80.44 | 125.15 |
| Net Worth | 101.51 | 141.37 | 225.71 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
47.1x
Price ÷ EPS
EPS (FY26)
₹9
Earnings per share
RoNW
26.27%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
5.3%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
14 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 6,58,63,500 |
| Equity Shares (Post-Issue) | — |
Source: SS Retail offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Public—
Post-Issue
- Public—
Source: SS Retail offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
- Employee5.00%
OFS Selling Shareholders
- Siddharth Gunvant Shah—
- Deepa Siddharth Shah—
- Harshal Kishor Parekh—
- Bhavini Harshal Parekh—
- Rakhi Narendra Firodia—
Source: SS Retail offer document (DRHP/RHP).
Board & Management
Board of Directors (4)
- Siddharth Gunvant Shah
Chairman and Managing Director
More than 24 years of work experience in the mobile phone retail industry
- Deepa Siddharth Shah
Whole-Time Director
More than 16 years of work experience in the retail industry
- Harshal Kishor Parekh
Whole-Time Director
More than 16 years of work experience in the retail industry
- Sagar Patil
Whole-Time Director and Chief Financial Officer
16 years of work experience in retail, media and entertainment industry
Key Managerial Personnel (2)
- Nitin Kumar Jain₹0.40 Cr p.a.
Chief Executive Officer
Bachelor's degree in commerce, Master's degree in business administration (marketing)
More than 23 years of experience in sales & marketing department
- Kishor Babaso Hupare₹0.13 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's degree in commerce, fellow member of the Institute of Company Secretaries of India
More than 12 years of experience in secretarial and compliance matters
Source: SS Retail offer document (DRHP/RHP).
Industry & Market
Per The Knowledge Company, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| SS Retail Limited | — | 9.11 | 32.6 | 34.33 |
| Aditya Vision Limited | 66.29 | 9.07 | 18.38 | 53.26 |
| Electronics Mart India Limited | 62.66 | 2.78 | 6.81 | — |
| Jay Jalaram Technologies Limited | 14.41 | 8.59 | 13.74 | — |
| Fonebox Retail Limited | 15.08 | 6.63 | 17.94 | 40.25 |
| Bhatia Communications & Retail (India) Limited | 24.44 | 1.31 | 15.16 | 10.33 |
| Umiya Mobile Limited | 8.46 | 7.09 | 29.32 | 46.31 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Sebi | Promoters | 1 | — |
| Tax | Company | 5 | 2.864 |
| Tax | Promoters | 1 | — |
| Tax | Directors | 2 | 0.002 |
| Criminal | — | 1 | 0.422 |
SEBI penalty matter regarding share acquisition and public announcement requirements, currently pending at Supreme Court. Direct and indirect tax litigations against company and directors, including GST assessment notice for FY2024. Direct tax litigation against promoters with no quantifiable amount. Direct tax litigations against directors other than promoters. Senior Management member victimized in online share trading fraud; application filed for return of seized property.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the SS Retail IPO opening?
The SS Retail IPO opens on 16 Sep 2026 and closes on 18 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the SS Retail IPO?
The price band for the SS Retail IPO is ₹403 to ₹424. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the SS Retail IPO?
The minimum lot size is 35 shares with a minimum investment of ₹14,840. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of SS Retail IPO today?
The latest Grey Market Premium for SS Retail is ₹145 (+34.20%). GMP is unofficial data and is not a guarantee of listing price.
When will the SS Retail IPO list on NSE and BSE?
The SS Retail IPO is expected to list on 23 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the SS Retail IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the SS Retail IPO a mainboard or SME issue?
SS Retail is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the SS Retail IPO?
You can apply for the SS Retail IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of SS Retail IPO?
The GMP-implied price (unofficial, not a forecast) is ₹569: the upper price band of ₹424 plus the latest grey market premium of ₹145, as of 25 Sep 2026, 05:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for SS Retail IPO?
Based on the retail subscription of 24.79x, the estimated allotment ratio is 1 lot per 25 applicants (approximately 4.0% chance of allotment). This is an estimate and actual allotment may vary.
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