SS Retail IPO 2026: Price Band, Dates, Lot Size & Key Details

Reviewed by BuyUnlistedShares Research Desk.

Summary

SS Retail Limited, a Maharashtra-based mobile phone and electronics retail chain, is launching its mainboard initial public offering (IPO) in September 2026. The issue combines a fresh issue of equity shares with a partial offer for sale by the promoters.

Key points at a glance:

• Retail quota: Not less than 35% of the net offer

• QIB quota: Not more than 50% of the net offer

• NII (HNI) quota: Not less than 15% of the net offer

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

• Payment modes: ASBA (through net banking) or UPI, depending on the broker used

The Business

Founded in June 2016, SS Retail operates a chain of mobile phone and electronics stores under the brands 'SS Mobile', 'Mobile Exchange Wala' and 'The Mobile Space', through both company-owned and franchise-operated formats.

• Product range: 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.

• Store network: 536 stores as of 2026, spread across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, covering approximately 2,60,597 square feet of retail space.

• Market position: As of March 2026, the company describes itself as the largest mobile phone retail chain in West India and Maharashtra, and the third largest in India among its competitors.

• Business format: A mix of company-owned and franchise-operated stores, allowing the company to scale its footprint across multiple states.

• Headquarters: Kolhapur, Maharashtra.

• Growth focus: Continued store expansion is planned for Fiscal 2027 and Fiscal 2028, alongside working capital support for the existing network.

Financials

SS Retail has reported strong and consistent revenue and profit growth over the last three fiscal years.

• Return on equity (ROE, FY26): About 30.60%

• Return on capital employed (ROCE, FY26): About 29.30%

• EBITDA margin (FY26): About 5.32%

• PAT margin (FY26): About 2.52%, typical of a high-volume, low-margin retail business

• Debt-to-equity ratio: About 0.58

• Basic EPS (FY26): About ₹9.11 per share

• Net asset value (NAV): About ₹34.33 per share

• Trend: Revenue growth has accelerated year-on-year, from about 32% in FY25 to about 47% in FY26, while profit has grown at a broadly similar pace, keeping margins relatively stable.

Note: FY26 figures are on a consolidated basis, while FY24 and FY25 figures are standalone, which should be kept in mind when comparing periods. Figures are drawn from the company's disclosed financial statements ahead of the IPO and are subject to the final Red Herring Prospectus (RHP).

Valuation Context

At the upper end of the ₹403-₹424 price band, and based on the disclosed FY26 basic EPS of ₹9.11, the implied price-to-earnings (P/E) multiple works out to roughly 46.5 times. The offer document itself lists the P/E as not determinable at this stage.

• Peer context: Several listed consumer-electronics and mobile-retail companies show a wide spread of P/E multiples, from single digits to over 60 times, reflecting differences in scale, growth rates and profitability across the sector.

• Shareholding post-issue: Promoter and promoter group holding is expected to decline from about 75.74% pre-issue to about 62.63% post-issue.

Valuation multiples are calculated using disclosed financials and current price band figures. They are provided for informational comparison only and are not a judgment on whether the issue is fairly priced.

Corporate Actions

• Issue structure: The ₹500.75 crore IPO comprises a fresh issue of about ₹360.75 crore and an offer for sale of up to 33,01,884 equity shares (about ₹140 crore at the upper band) by the promoters.

• Proceeds from OFS: The offer-for-sale portion is a secondary sale by the promoters; the company itself does not receive these proceeds.

• Shareholding pattern: Pre-issue, promoters and the promoter group held 49,883,600 shares (75.74%) out of 65,863,500 total shares. Post-issue, this is expected to reduce to 46,581,716 shares (62.63%) out of 74,371,798 total shares.

• Face value: ₹10 per equity share.

• Use of fresh issue proceeds: The majority is earmarked for incremental working capital requirements, with a smaller portion for capital expenditure on new store fit-outs in Fiscal 2027 and Fiscal 2028, and the balance for general corporate purposes.

What We Are Watching

• Category-wise subscription: How the QIB, NII and retail portions fill up over September 16-18, 2026, particularly in the final hours of bidding.

• Grey market trend: Unofficial grey market premium (GMP) figures have been reported at a meaningful level relative to the price band in the days before the issue opened. GMP is informal, unregulated, and can change quickly - it is a sentiment indicator, not a price forecast.

• Allotment and listing: Basis of allotment on September 21, refund/credit on September 22, and listing on BSE and NSE tentatively set for September 23, 2026.

• Store expansion execution: Progress on new store roll-outs planned for Fiscal 2027 and Fiscal 2028, since incremental working capital and store fit-out costs form a large part of fund utilisation.

• Margin trajectory: Whether EBITDA and PAT margins, currently modest in line with the consumer-electronics retail sector, hold steady or improve as the store network scales further.

Risks

The company's offer documents outline several risk factors that prospective applicants should read in full in the RHP. Key risks include:

• Thin operating margins: The business operates in a high-volume, low-margin retail segment, with FY26 EBITDA and PAT margins of about 5.32% and 2.52% respectively, leaving limited buffer against cost or pricing pressures.

• Geographic concentration: The store network is concentrated in a handful of states in West and South India, making the business more exposed to regional demand and competitive shifts than a pan-India retailer.

• Franchise-model dependence: A portion of the store network operates on a franchise basis, which can introduce operational and brand-consistency risks outside the company's direct control.

• Competitive intensity: The mobile and consumer-electronics retail segment is highly competitive, with both organised retail chains and e-commerce platforms competing for the same customers.

• Inventory and technology risk: Retailers of mobile phones and electronics are exposed to fast product cycles, inventory obsolescence and price fluctuations tied to new device launches.

• Leverage: A debt-to-equity ratio of about 0.58 means the business carries a meaningful level of borrowings relative to equity.

• Consolidation basis change: FY26 financials are presented on a consolidated basis while FY24 and FY25 are standalone, which investors should factor in when comparing year-on-year trends.

This is a summary only. Applicants should refer to the complete 'Risk Factors' section of the Red Herring Prospectus before making any decision.

Frequently Asked Questions

1. What is the price band of the SS Retail IPO?

The price band has been fixed at ₹403 to ₹424 per equity share, with a face value of ₹10 per share.

2. What is the lot size for the SS Retail IPO?

The minimum lot size is 35 shares. Retail investors can apply for up to 13 lots (455 shares).

3. When does the SS Retail IPO open and close?

The IPO opens for subscription on September 16, 2026, and closes on September 18, 2026.

4. What is the minimum investment amount required?

At the upper price band of ₹424, one lot (35 shares) requires ₹14,840.

5. When will the allotment and listing take place?

The basis of allotment is expected to be finalised on September 21, 2026, with refunds and demat credit on September 22, 2026. Listing on BSE and NSE is tentatively scheduled for September 23, 2026.

6. Is the SS Retail IPO a fresh issue or does it include an offer for sale?

It includes both: a fresh issue of about ₹360.75 crore and an offer for sale of up to 33,01,884 shares by the promoters.

7. Who is the registrar for the SS Retail IPO?

Kfin Technologies Limited is the registrar. Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the book running lead managers.

8. What will the fresh issue proceeds be used for?

Primarily for incremental working capital requirements, along with capital expenditure for new store fit-outs in Fiscal 2027 and Fiscal 2028, and general corporate purposes.

9. What business does SS Retail operate?

It is a Maharashtra-based mobile phone and electronics retail chain operating under the brands SS Mobile, Mobile Exchange Wala and The Mobile Space, with 536 stores across five states as of 2026.

10. On which exchanges will SS Retail list?

The company is proposed to be listed on both the BSE and the NSE as a mainboard issue.

Disclaimer:

This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.