SS Retail IPO

Small CapConsumer Electronics RetailMainboard

IPO Details

Bidding Dates

16 Sep '26 - 18 Sep '26

Minimum Investment

₹14,840/1 lot (35 shares)

Price Range

₹403 - ₹424

Maximum Investment

₹1,92,920 /13 lots (455 shares)

Retail Discount

N.A.

Issue Size

₹500.75 Cr

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

SS Retail IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 16, 26

IPO Closing Date

Sep 18, 26

Basis of Allotment

Sep 21, 26

Initiation of Refunds

Sep 22, 26

IPO Listing Date

Sep 23, 26

About SS Retail IPO

SS Retail IPO is a book-built issue comprising a fresh issue and an offer for sale (OFS) aggregating up to ₹5,000.00 million (comprising a fresh issue of up to ₹3,600.00 million and an OFS of up to ₹1,400.00 million).

The IPO will open for subscription on Wednesday, September 16, 2026, and close on Friday, September 18, 2026 (with anchor investor bidding scheduled for Tuesday, September 15, 2026). The equity shares are proposed to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE), with NSE being the designated stock exchange.

The face value of the equity shares is ₹10 each, with the price band being ₹403 to ₹424 and the minimum bid lot size being one lot consisting of 35 shares.

Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the book-running lead managers, while KFin Technologies Limited is the registrar to the offer.

About SS Retail Limited

Incorporated in June 2016, SS Retail Limited is a Kolhapur, Maharashtra-headquartered multi-brand retail chain specializing in mobile phones, accessories, and other electronic products. The company's core operations involve the retailing of mobile phones, pre-owned smartphones (under the "Mobile Exchange Wala" brand), accessories, and other electronic items across multiple states including Maharashtra, Karnataka, Madhya Pradesh, and Goa.

SS Retail operates its primary corporate and registered office in Kolhapur, Maharashtra. As of March 31, 2026, the company operated 503 stores across 215 cities with a total retail area of approximately 2,41,365 sq. ft., maintaining a strong market concentration in Maharashtra. The company executes its operations utilizing a scalable store network model comprising COCO, COFO, and FOFO formats, and relies on partnerships with local franchisees to expand its footprint in Tier II, Tier III, and beyond cities. As of March 31, 2026, the company had 689 permanent employees.

Industry Outlook

The Indian consumer electronics and mobile phone retail sector experiences steady demand dynamics driven by rising digital adoption, affordable device availability, and expanding financing access across various regional tiers.

Online mobile phone sales in India were valued at ₹1,339 billion in Fiscal 2024, with its market share increasing from 35.3% in FY2019 to 41.5% in Fiscal 2024. The online market reached ₹1,463 billion in Fiscal 2026, growing at a year-on-year rate of 4.2% from Fiscal 2025.

Historically, the online market grew rapidly from Fiscal 2019 to Fiscal 2024 at a CAGR of 13.1%, whereas the overall offline market grew at a CAGR of 7.3% during the same period.

Tier II and tier III+ cities are emerging as high-growth regions. Both tier I and tier II mobile phone markets are projected to grow at a CAGR of 10.0% and 10.1% respectively between Fiscal 2026 and Fiscal 2030, building on historical CAGRs of 9.7% and 10.0% from FY2019 to FY2026. Tier III markets are expected to grow at a CAGR of 9.2% from Fiscal 2026 to Fiscal 2030 (following a historical CAGR of 9.5% from FY2019 to FY2026).

The Indian pre-owned smartphone market reached ₹880 billion in Fiscal 2026, up 11.8% year on year, and is projected to reach ₹1,419 billion by Fiscal 2030 at a CAGR of 12.7% (Fiscal 2026 to Fiscal 2030), supported by rising demand from budget-conscious consumers seeking premium features.

Online smartphone demand displays high seasonal concentration driven by major festive sale events, whereas offline demand generally maintains a steady baseline across the year, spiking around regional and national festivals like Ganesh Chaturthi, Diwali, and Gudi Padwa.

SS Retail IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

To fund capital expenditure requirements for Fit Outs towards setting up new stores in Fiscal 2027 and Fiscal 2028.

To fund the incremental net working capital requirements of the company.

To meet general corporate expenses and fulfill regular business requirements.

Financial Performance of SS Retail Limited

Particulars	FY26	FY25	FY24
Revenue from operations (₹ Cr)	2,351.03	1,597.93	1,206.74
EBITDA (₹ Cr)	125.15	80.21	56.44
EBITDA Margin (%)	5.32%	5.02%	4.68%
PAT (₹ Cr)	59.28	39.86	26.65
PAT Margin (%)	2.52%	2.49%	2.21%
Net Worth / Total Equity (₹ Cr)	225.71	141.37	101.51
RoNW / ROE (%)	32.60%	28.19%	26.26%
RoCE (%)	30.12%	27.50%	25.10%

SS Retail Limited Peer Details Comparison

Company Name	Total Income / Revenue (₹ Cr)	Basic EPS (₹)	RoNW / RoE (%)	NAV per share (₹)
SS Retail Limited	2,351.03	9.11	32.60%	34.33
Electronics Mart India Limited	6,560.84	4.35	16.51%	26.35
Aditya Vision Limited	1,480.95	26.32	34.82%	75.60
Jay Jalaram Technologies Limited	71.55	1.11	13.74%	8.08
Umiya Mobile Limited	155.67	1.83	11.23%	16.29
Bhatia Communications & Retail (India) Limited	412.18	0.44	14.85%	2.98
Fonebox Retail Limited	168.04	2.58	26.04%	9.91

Strengths and Opportunities of SS Retail IPO

As of March 31,2026, the company operates an extensive network of 503 stores across 215 cities.

A significant majority of operations are anchored in Maharashtra, contributing 89.09% of total revenue in Fiscal 2026.

Successful deployment of scalable formats including COCO, COFO, and FOFO models, which contributed 74.19% of revenue in Fiscal 2026.

Differentiated growth through the "Mobile Exchange Wala" pre-owned smartphone brand, scaling to 71 shop-in-shop units and contributing ₹1,693.48 million in Fiscal 2026.

Demonstrated strong top-line growth, with revenue from operations increasing from ₹12,067.43 million in Fiscal 2024 to ₹23,510.31 million in Fiscal 2026.

Massive headroom for growth in tier II and tier III+ cities, which historically contributed over 71% of total revenue.

Opportunity to capture rapid growth in India's pre-owned smartphone market, projected to reach ₹1,419 billion by Fiscal 2030 at a 12.7% CAGR.

Potential to improve gross margins by transitioning from distributor-led sourcing to direct tie-ups with leading electronics and mobile manufacturers.

Scope for deeper penetration in existing states alongside expansion into adjacent high-potential geographies like Chhattisgarh.

Risks and Threats of SS Retail IPO

The company derives a significant portion of its revenue from retailing mobile phones, accounting for 86.18%, 87.58%, and 88.31% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.

The company is significantly reliant on top suppliers for procuring inventory, with purchases from the top 10 suppliers accounting for 79.09%, 89.42%, and 88.38% of total traded goods purchased during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.

Operations are heavily concentrated in Maharashtra, which accounted for 458 stores (91.05% of total stores) and 89.09% of revenue from operations as of and for Fiscal 2026.

The COFO and FOFO business models contributed 74.19% of revenue from operations in Fiscal 2026, exposing the company to risks if these franchise partnerships underperform or face disruptions.

The company faces stiff competition from organized players, exclusive brand outlets, regional retailers, and major e-commerce platforms like Amazon and Flipkart.

The business requires substantial working capital to maintain inventory across warehouses and stores, with net working capital requirements standing at ₹2,966.58 million as of March 31, 2026.

The company, its promoters, and directors are subject to ongoing legal proceedings, including tax disputes, statutory compounding applications, and historical legal notices.

SS Retail IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue
NII Shares Offered	Not less than 15% of the Net Issue

SS Retail IPO Promoter Holding

The promoters of the company are Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.

Share Holding Pre-Issue	75.74%
Share Holding Post Issue	-

SS Retail IPO Prospectus

SS Retail IPO RHP

SS Retail IPO Registrar and Lead Managers

SS Retail IPO Lead Managers

Anand Rathi Advisors Limited

Emkay Global Financial Services Limited

Registrar for SS Retail IPO

KFin Technologies Limited

Contact Number: 91 40 6716 2222/180 0309 4001

Email Address: ssretail.ipo@kfintech.com

How To Apply for SS Retail IPO Online?

Locate the IPO Section: Navigate to the 'IPO' section on the platform.

Select IPO: Find and select the SS Retail IPO from the list of open IPOs.

Enter the Lot Size: Specify the number of lots you want to bid for.

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the SS Retail IPO?

Steps to check IPO allotment status on Angel One’s app:

Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

Angel One will notify you of your IPO allotment status via push notification and email.

Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.

Contact Details of SS Retail IPO

Registered Office: 399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur – 416 003, Maharashtra, India.

Phone: +91 90961 91222

E-mail: compliance@ssmobile.com

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

SS Retail IPO FAQs

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot, comprising 35 equity shares. At the upper price band of ₹424 per share, the minimum investment required is ₹14,840.

When will the SS Retail IPO be allotted?

The basis of allotment date for SS Retail is expected to be finalised on September 21, 2026.

How to increase your chances of getting a SS Retail IPO allotment?

Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.

Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.

Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.

Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.

How do I approve the UPI mandate request for the SS Retail IPO?

After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.

Can I submit more than one application for the public issue of SS Retail Limited using one PAN?

No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.

What is 'pre-apply' for SS Retail Limited IPO?

Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.

If I pre-apply for the SS Retail Limited IPO, when will my order get placed?

Pre-apply allows investors to apply for the SS Retail Limited IPO two days before the subscription period opens on Sep 16, 2026, ensuring an early submission of your application.

When will I know if my SS Retail Limited IPO order is placed?

You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.