SS Retail IPO: dates, price band, lot size and GMP
SS Retail IPO listed on 23 Sep at ₹624 (NSE, BSE). Issue dates 16 – 18 Sep 2026, price band ₹403 – ₹424, lot 35 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: SS Retail listed on 23 Sep 2026 on NSE, BSE at ₹624, +₹200 (+47.2%) against the ₹424 upper band. SS Retail IPO listing date, price and gain · Recently listed IPOs
Updated 30 Oct 2026, 09:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the SS Retail IPO has a price band of ₹403 – ₹424, a lot of 35 shares and no grey-market premium reported yet as of 30 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 16 – 18 Sep 2026 |
| Price band | ₹403 – ₹424 |
| Lot size | 35 shares |
| Issue size | ₹500.00 Cr |
| Fresh issue | ₹360 Cr |
| Offer for sale | ₹140 Cr |
| Subscription | 107.41x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | Anand Rathi Advisors Ltd., Emkay Global Financial Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 16 Sep
- Issue closes: 18 Sep
- Allotment: 21 Sep
- Refunds: 22 Sep
- Demat credit: 22 Sep
- Listing: 23 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 214.22x |
| NII | 150.33x |
| sNII | 120.85x |
| bNII | 165.06x |
| Retail | 35.81x |
| Total | 107.41x |
Last updated 18 Sep 2026, 4:05 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹3,153.36 Cr |
| P/E (pre-issue) | 47.11x |
| P/E (post-issue) | 53.2x |
| Fresh issue (shares) | 85,08,298 |
| Offer for sale (shares) | 33,01,884 |
| Total shares offered | 1,18,10,182 |
| Promoter holding pre-issue | 75.74% |
| Promoter holding post-issue | 64.85% |
| Promoters | Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh |
| Lead managers | Anand Rathi Advisors Ltd., Emkay Global Financial Services Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | ssretail.ipo@kfintech.com |
| Company website | ssmobile.com |
| Anchor bid date | 15 Sep 2026 |
| Anchor lock-in ends (50%) | 21 Oct 2026 |
| Anchor lock-in ends (remaining) | 20 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 35 | ₹14,840 |
| Retail (maximum) | 14 | 490 | ₹2,07,760 |
| sNII (minimum) | 14 | 490 | ₹2,07,760 |
| bNII (minimum) | 68 | 2,380 | ₹10,09,120 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.2% | 34,52,829 | |
| QIB | 19.5% | 23,01,886 | Not more than 50% of the Net Offer |
| NII (HNI) | 14.6% | 17,26,415 | Not less than 15% of the Net Offer |
| sNII | 4.9% | 5,75,471 | |
| bNII | 9.7% | 11,50,944 | |
| Retail | 34.1% | 40,28,301 | Not less than 35% of the Net Issue |
| Employee | 2.5% | 3,00,751 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 16 Sep | 0.21x | 1.61x | 2.58x | 1.12x | 2.33x | 1.52x |
| Day 2 · 17 Sep | 0.24x | 10.43x | 14.09x | 8.61x | 7.97x | 6.10x |
| Day 3 · 18 Sep | 214.22x | 150.33x | 120.85x | 165.06x | 35.81x | 107.41x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹9 |
|---|---|
| EPS (post-issue) | ₹7.97 |
| P/E (pre-issue) | 47.11x |
| P/E (post-issue) | 53.2x |
| RoNW | 32.6% |
| RoCE | 29.3% |
| RoE | 30.6% |
| PAT margin | 2.52% |
| EBITDA margin | 5.32% |
| Price / book | 12.35x |
| NAV per share | ₹34.33 |
| Debt / equity | 0.7 |
| Market cap (upper band) | ₹3,153.36 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 575.42 | 389.44 | 278.25 | +47.8% |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 | +47.1% |
| Profit After Tax | 59.28 | 39.86 | 26.65 | +48.7% |
| EBITDA | 125.15 | 80.44 | 56.5 | +55.6% |
| NET Worth | 225.71 | 141.37 | 101.51 | +59.7% |
| Reserves and Surplus | 159.59 | 128.18 | 88.52 | +24.5% |
| Total Borrowing | 162.59 | 125.36 | 110.43 | +29.7% |
About SS Retail
SS Retail Ltd is a multi-brand retail chain selling mobile phones, accessories, and other electronic products. We operate in four states-Maharashtra, Karnataka, Madhya Pradesh, and Goa. Its stores are located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on Tier II and Tier III and beyond markets.
As of March 31, 2025, the company operated 347 stores across India, including 334 stores in Maharashtra. According to the Knowledge Company Report, it is the largest mobile phone retail chain in West India and Maharashtra, and the fourth largest in India among our peers.
The company has grown rapidly over the years. Our store count increased from 181 stores in 89 cities as of March 31, 2023 to 347 stores in 149 cities as of March 31, 2025, growing at a CAGR of 38.46%. As per the Knowledge Company Report, this growth rate is the second highest among peers and about twice the peer average. As of March 31, 2025, our stores covered 179,633 square feet. In Fiscal 2025, our sales per square foot were ₹120,188.73, the highest among our peers, showing strong store efficiency.
As of November 30, 2025, we operated 451 stores covering 212,517 square feet.
Brands
The company operates mainly through three proprietary brands:
As of June 30, 2025, it also operated four smartphone cafés in Maharashtra, with two stores each in Kolhapur and Pune, which are exclusive brand outlets for a reputed mobile phone brand.
Store Operating Models
The company operates stores through three business models:
Objects of the issue
- Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 — ₹12.45 Cr
- Part funding of the incremental working capital requirements of Company — ₹241.35 Cr
- General Corporate Purposes — ₹79.75 Cr
- Issue Expenses — ₹36.69 Cr
Net proceeds: ₹370.25 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| SS Retail Ltd. (issuer) | 9.11 | 9.11 | 34.33 | — | 32.6% | — | Consolidated |
| Aditya Vision Limited | 9.07 | 9.05 | 53.26 | 66.29x | 18.38% | 11.3 | Standalone |
| Electronics Mart India Limited | 2.78 | 2.78 | — | 62.66x | 6.81% | — | Consolidated |
| Jay Jalaram Technologies Limited | 8.59 | 8.59 | — | 14.41x | 13.74% | — | Consolidated |
| Fonebox Retail Limited | 6.63 | 6.63 | 40.25 | 15.08x | 17.94% | 2.5 | Standalone |
| Bhatia Communications & Retail (India) Limited | 1.31 | 10.33 | 7.08 | 24.44x | 15.16% | 4.57 | Standalone |
| Umiya Mobile Limited | 7.09 | 7.09 | 46.31 | 8.46x | 29.32% | 1.3 | Standalone |
Financial information of the Company has been derived from Restated Financial Information as at or for the financial year ended March 31, 2026. Financial information of the peers have been derived from their respective standalone / consolidated financial statements as at and for the financial year ended March 31, 2026 Notes: NAV is computed as the Total Equity (sum of equity share capital, other equity) divided by the outstanding number of shares as per calculation of Diluted EPS in accordance with IND AS 33. as on March 31, 2026.
Strengths (per the offer document)
- Metro cities mean Delhi NCR and Mumbai
- Mini metro cities mean Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata & Pune
- Tier I cities means cities having a population between 1 million to 5 million
- Tier II cities mean cities having a population between 0.30 million to 1 million
- Tier III and beyond cities means cities having a population less than 0.30 million — We follow an approach of opening a cluster of stores in a region, and before opening these stores, we evaluate the population density and market potential of the region.
- Consistent track record of financial performance and growth — We operate a scalable, asset light model.
- Experienced promoter and management team with strong domain expertise — We are led by our promoter and founder, Siddharth Gunvant Shah, who has significant experience of more than 24 years in the mobile phone retail industry.
Risk factors (as disclosed by the company)
- We derive a significant portion of our revenue from operations from retailing mobile phones — We are a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in 5 states i.e., Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat (commenced in…
- We are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items — of traded goods from our top 10 Suppliers, could have an adverse impact on our reputation, business, financial condition, cash flows and results of operations.
- We primarily focus on our COFO Model and FOFO Model which have helped us scale our operations, both in terms of number of stores and revenue from operations — While, our store operations are structured around 3 different business models: (i) Company owned and company operated model wherein the stores are leased / owned by us and also operated by us (COCO…
- Our business is working capital intensive, primarily on account of inventory required to be stocked at our stores and warehouses — on our business, revenue from operations and financial condition.
- One of our Independent Directors, Asit Chimanlal Mehta is associated with the entities which are associated with securities market — One of our Independent Directors, Asit Chimanlal Mehta is associated with the entities which are associated with securities market as set out below: Sr.
- Our Company has in the past entered into related party transactions and may continue to do so in the future and we cannot assure you that we could not have… — We have in the ordinary course of business, engaged in the past, and may engage in the future, in transactions with related parties, including with our Promoter, Directors, Key Managerial Personnel…
- We have incurred negative net cash flows from operating activities in Fiscal 2024 aggregating ₹ 49.25 million — We have incurred negative net cash flows from operating activities in Fiscal 2024.
- One of our Independent Directors, Asit Chimanlal Mehta is involved in a proceeding which is currently pending before the Supreme Court of India — SEBI passed an Adjudication Order dated September 29, 2015, against one of our Independent Directors, Asit Chimanlal Mehta, and others, under Section 15 of the SEBI Act, 1992, read with Rule 5 of…
From the RHP (strengths pages 303–312, risk factors pages 31–41). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- SS Retail IPO listing day: listed at ₹624 (+47.2% vs the upper band), 23 Sep 2026
- SS Retail IPO GMP today and trend
- SS Retail IPO subscription status, day by day
- SS Retail IPO allotment status and how to check
Frequently asked questions
When does the SS Retail IPO open and close?
The issue is scheduled for 16 – 18 Sep 2026.
What is the SS Retail IPO price band?
The price band is ₹403 – ₹424 per share with a lot size of 35 shares.
How big is the SS Retail IPO?
The total issue size is ₹500.00 Cr, of which ₹360 Cr is a fresh issue and ₹140 Cr an offer for sale.
When will SS Retail list?
The tentative listing date is 23 Sep on the main board.
How do I apply for the SS Retail IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), SS Retail · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), SS Retail · as filed · sebi.gov.in
- Registrar allotment page, Kfin Technologies Ltd. · allotment 21 Sep · ipostatus.kfintech.com
- NSE public issues page · listing 23 Sep · nseindia.com
- BSE public issues page · listing 23 Sep · bseindia.com
- SS Retail company website · ssmobile.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 23 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “SS Retail IPO”, https://buyunlistedshares.com/ipo/ss-retail-ipo, as of 30 Oct 2026.
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- Vectras Enprocon IPO · 30 Oct – 3 Nov 2026
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 30 Oct 2026.
Our notes on this IPO
- Read our note: SS Retail IPO: Dates, Price Band, Allotment and Listing
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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