SS Retail
SS Retail is a leading retail chain specializing in mobile phones, accessories, and electronic items operating under brands like 'SS Mobile', 'Mobile Exchange Wala', and 'The Mobile Space'. The company operates in the consumer electronics retail sector, serving customers through both company-owned and franchise-operated stores.
Price Band
₹403 - ₹424
Lot Size
35 Shares
Issue Size
₹500.75 Cr
Fresh Issue
₹360.75 Cr
OFS
₹140.00 Cr
Registrar
AI Sentiment Score
Listing Price
₹624.00
vs Issue: ₹424 (+47.17%)
📅 IPO Timeline
✓
Open
Sep 16, 2026
✓
Close
Sep 18, 2026
✓
Allotment
Sep 21, 2026
✓
Refund
Sep 22, 2026
✓
Demat
Sep 22, 2026
✓
Listing
Sep 23, 2026
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
SS Retail displays an established operational footprint with expanding revenue streams (Positive) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (Positive).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 15.0%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 | ₹12.45 |
| Part funding of the incremental working capital requirements of Company | ₹416.53 |
| General Corporate Purposes | ₹71.77 |
📊 Financial Overview & Growth Trajectory
| Metric | FY26 |
|---|---|
| Revenue (₹ Cr) | Rs 2,318.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 59.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 125.00 Cr |
| Borrowings (₹ Cr) | Rs 240.00 Cr |
| Total Assets (₹ Cr) | Rs 575.00 Cr |
| ROE % | 0.00% |
| ROCE % | 15.00% |
| Debt / Equity | 0.00 |
Company P/E
88.2x
Industry P/E
101.4x
Debt/Equity
1.06
⚖️ Valuation Benchmark Range
🟢 Attractively Priced vs Industry Peers
Industry 101.4x
IPO 88.2x
0x (Deep Value)
137x (High Multiple)
📋 Live Subscription Status
QIB
214.22x
NII
120.85x
Retail
35.81x
Total
107.41x
🎯 Retail Allotment Probability
2.8% Odds
1 in 35.8 chance (~2.8% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 23, 2026 1:04 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹500.8 Cr
Issue Size
Fresh (72%)
OFS (28%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15%)
Retail (35%)
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in June 2016, SS Retail has rapidly evolved into a dominant player in the electronics retail space. Over the last decade, the company has built a robust ecosystem for selling new and pre-owned smartphones, laptops, tablets, and televisions, while integrating ancillary services like EMI facilities and mobile protection plans.
The company's business model leverages a hybrid approach of company-owned and franchise-operated stores, allowing for scalable growth while maintaining brand standards. By diversifying its offerings to include 'Mobile Exchange Wala', the company has tapped into the growing refurbished electronics market.
Operationally, SS Retail has achieved significant scale with 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat, spanning approximately 2,60,597 sq. ft. As of March 2026, it holds the distinction of being the largest mobile phone retail chain in Maharashtra and West India, and the third largest nationally.
The management and promoter group, consisting of Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, and Bhavini Harshal Parekh, have steered the company toward aggressive regional expansion. Their focus on high-footfall locations and a comprehensive product portfolio has solidified the company's market position.
SS Retail is launching a Mainboard IPO to raise approximately ₹500.75 crore. The issue is structured with a fresh issue of ₹360.75 crore and an offer for sale (OFS) of approximately 33.02 lakh shares. The price band is set between ₹403 and ₹424 per share, with a minimum lot size of 35 shares. The IPO opens on September 16, 2026, and closes on September 18, 2026, with listing scheduled for September 23 on the BSE and NSE.
The proceeds from the fresh issue are strategically allocated, with ₹416.53 crore earmarked for incremental working capital requirements and ₹12.45 crore dedicated to funding capital expenditure for store fit-outs planned for Fiscal 2027 and 2028.
Financially, the company has shown strong growth momentum. Revenue increased from ₹1,208.04 crore in FY24 to ₹2,352.85 crore in FY26. Similarly, Profit After Tax (PAT) grew from ₹26.65 crore in FY24 to ₹59.28 crore in FY26, reflecting improved operational efficiency and scale.
From a valuation perspective, the company boasts an impressive ROE of 30.60% and ROCE of 29.30%. While the P/E ratio is not explicitly provided, the company's growth trajectory and market position as a top-three national retailer provide a strong fundamental cushion. The Debt to Equity ratio of 0.58 indicates a balanced capital structure.
Investment strengths include its dominant position in West India and a highly efficient return on capital. However, risks include the competitive nature of the electronics retail market and the inherent thin margins typical of mobile handset distribution. Investors should view this as a growth-oriented play in the consumer electronics consumption theme.