SS Retail IPO

ListedMainboardConsumer DiscretionaryNSE · BSE

Price band: ₹403 – ₹424
Issue size: ₹500 Cr
Lot size: 35 sh
Bidding: 16 – 18 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

SS Retail operated 503 mobile-phone stores at 31 March 2026, 458 of them — 91.05% — in Maharashtra, and reported revenue from operations of Rs 2,351.03 Cr in FY26 against Rs 1,597.93 Cr in FY25, a rise of 47.13%. In FY26 gross margin was 12.18%, operating EBITDA margin 5.32% and PAT margin 2.52%, on profit after tax of Rs 59.28 Cr. The Rs 500 Cr issue — Rs 360 Cr fresh and Rs 140 Cr offer for sale — was priced at Rs 403 to Rs 424 and was subscribed 103.30 times overall on 18 September 2026. It listed on 23 September 2026 at Rs 624, closed day one at Rs 748.80 and last traded at Rs 649.70 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

71Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for SS Retail, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2016 · Kolhapur, Maharashtra, India · 689 employees

SS Retail runs a chain of mobile-phone shops in western India, trading as SS Mobile, Mobile Exchange Wala and The Mobile Space. At 31 March 2026 it operated 503 stores in Maharashtra, Karnataka, Madhya Pradesh and Goa, 458 of them — 91.05% — in Maharashtra alone; Gujarat opened in Fiscal 2027. It sells new handsets from multiple brands, 86.18% of Fiscal 2026 revenue from operations, alongside pre-owned smartphones taken in part-exchange (7.20%), accessories (4.29%), televisions, laptops and tablets (1.39%), and add-ons such as protection plans and recharges (1.10%). Buyers are walk-in retail customers in small towns: 260 stores sit in cities under 0.30 million people, and those cities supplied 49.43% of Fiscal 2026 revenue. It had 689 permanent employees.

Revenue is the shelf price of handsets; cost is what SS Retail pays suppliers, and the spread is thin. In Fiscal 2026 gross margin was 12.18%, operating EBITDA margin 5.32% and PAT margin 2.52% on ₹2,351.03 crore of revenue from operations. Only 84 of 503 stores are company-operated; 316 run on a COFO model and 103 on FOFO, where franchisees operate the shop and fund part of the fit-out — but SS Retail owns the inventory in every store. Growth therefore consumes working capital, not capex: of the ₹360 crore fresh issue, ₹241.35 crore went to incremental working capital versus ₹12.45 crore for new-store fit-outs. Top 10 suppliers were 79.09% of traded-goods purchases.

The company on paper

Legal name: SS Retail Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 14 Jun 2016
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51599PN2016PLC164991
Sector: Consumer Discretionary · Multi-brand retail chain for mobile phones, accessories and consumer electronics
Employees: 689
Registered office: Kolhapur, Maharashtra, India
Promoters: Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh
Promoter holding, pre-issue: 75.7%
Promoter holding, post-issue: 64.8%
Website: ssmobile.com

The numbers

Financial performance

Revenue has compounded at 39.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

72% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹360 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹140 Cr
Total issue size: ₹500 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 10.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription103.30×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹424.00
Listed at: ₹624.00
Listing gain: up 47.2%
Since listing: up 1.8%
Against the issue price: up 49.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 35
At cut-off price: ₹424.00
Amount blocked: ₹14,840

One lot is 35 shares at ₹14,840. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~3%

chance of one lot, per application

Retail subscription: 36.36×
Applicants per share available: 36.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹624.00

listed at, 47.2% against the issue price

Issue price: ₹424.00
Premium said: —
If allotted 35 shares: ₹7,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 1,206.74 Cr in FY24, Rs 1,597.93 Cr in FY25 and Rs 2,351.03 Cr in FY26 — rises of 32.42% and then 47.13%. EBITDA over the same three years was Rs 56.50 Cr, Rs 80.44 Cr and Rs 125.15 Cr, which against those revenue figures is 4.68%, 5.03% and 5.32%.
Profit after tax was Rs 26.65 Cr in FY24, Rs 39.86 Cr in FY25 and Rs 59.28 Cr in FY26 — rises of 49.57% and 48.72%. Measured against revenue from operations of Rs 1,206.74 Cr, Rs 1,597.93 Cr and Rs 2,351.03 Cr, that is 2.21%, 2.49% and 2.52%.
Net worth was Rs 101.51 Cr in FY24, Rs 141.37 Cr in FY25 and Rs 225.71 Cr in FY26, against total borrowings of Rs 110.43 Cr, Rs 125.36 Cr and Rs 162.59 Cr. Borrowings as a multiple of net worth were therefore 1.09x, 0.89x and 0.72x across the three years on record, while borrowings in absolute terms were 47.23% higher in FY26 than in FY24.
On day three of bidding, 18 September 2026, the issue was subscribed 103.30 times overall: QIB 203.61 times, NII 143.32 times and retail 36.36 times.

What to weigh against it

At 31 March 2026, 458 of the 503 stores — 91.05% — were in Maharashtra, with the remaining 45 across Karnataka, Madhya Pradesh and Goa. 260 stores sat in cities of under 0.30 million people, and those cities supplied 49.43% of Fiscal 2026 revenue.
FY26 margins were thin at every level the record states: gross margin 12.18%, operating EBITDA margin 5.32% and PAT margin 2.52% — Rs 59.28 Cr of profit after tax on Rs 2,351.03 Cr of revenue from operations.
The top 10 suppliers accounted for 79.09% of traded-goods purchases, and new handsets for 86.18% of Fiscal 2026 revenue from operations; pre-owned smartphones were 7.20%, accessories 4.29%, televisions, laptops and tablets 1.39% and add-ons 1.10%.
SS Retail owns the inventory in all 503 stores while operating only 84 of them itself — 316 run on a COFO model and 103 on FOFO. Of the Rs 360 Cr fresh issue, Rs 241.35 Cr went to incremental working capital against Rs 12.45 Cr for new-store fit-outs.

Easy to miss in the prospectus

Price path on record: the Rs 624 listing price was 47.17% above the Rs 424 band top; day one closed at Rs 748.80; the last recorded price, Rs 649.70 on 23 October 2026, is 13.23% below that day-one close and 4.12% above the listing price.
Promoter holding across the four named promoters was 75.70% before the issue and 64.82% after it.
The record carries no cash flow from operations, total assets or total expenses figures for FY24, FY25 or FY26, and no valuation, allocation, anchor or peer data; the only subscription reading present is day three.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

SS Retail — Prospectus dated 2026-09-1818 Sep 2026Filed after pricing, with every placeholder filled in.Opens on ssmobile.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Anand Rathi Advisors Limited, Emkay Global Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to SS Retail's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

SS Retail Limited — Prospectus dated September 18, 2026 (company investor site) · read 15 Oct 2026
SS Retail Limited — Abridged Prospectus (Anand Rathi, BRLM) · read 15 Oct 2026
NSE — final category-wise subscription, symbol SSRETAIL (api/ipo-active-category) · read 15 Oct 2026
NSE — listing-day OHLC for SSRETAIL, 23-Sep-2026 (security-wise historical data) · read 15 Oct 2026
NSE — issue metadata and ISIN for SSRETAIL (api/ipo-detail) · read 15 Oct 2026
NSE — public past issues (equities) listing SS Retail Limited · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 16 Sep 2026
Closes: 18 Sep 2026
Allotment: 21 Sep 2026
Lists: 23 Sep 2026
Revenue (FY26): ₹2,351 Cr
Profit (FY26): ₹59.28 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.