SS Retail Ltd IPO

Retail

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Price Band

₹403 – ₹424

Lot Size

35

Minimum Bid Quantity

35

Minimum Investment

₹14840

Issue Size

₹500Cr

Opens

2026-09-16

Closes

2026-09-18

Listing

23-09-2026

Subscription Status

Qualified Institutional Buyers

203.61 x

Non-Institutional Investor

143.23 x

Retail Individual Investor

35.81 x

Employees

2.66 x

Total

103.01 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE1EQW01028

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

SS Retail is a multi-brand retail chain engaged in selling mobile phones, accessories, and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat and serves customers across metros, mini-metros, Tier I, Tier II, Tier III, and beyond cities. Its stores covered a total area of 241,365 square feet as of March 31, 2026. The company had expanded its store network from 236 stores across 109 cities as of March 31, 2024, to 503 stores across 215 cities as of March 31, 2026, including 458 in Maharashtra. The company commenced operations in Gujarat in FY27. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding capital expenditure for setting up new stores in FY27 and FY28 — Rs 12.45 crore Part funding the incremental working capital requirements of the company — Rs 241.35 crore General corporate purposes.

Pros

  • • As of March 31, 2026, the company operated 503 stores across 215 cities, including 458 stores in Maharashtra. As per the Knowledge Company Report, it was the 3rd largest mobile phone retail chain in India and the largest in West India and Maharashtra among its peers by store count.
  • • The company has a significant presence outside major metropolitan markets, with 90 stores in Tier II cities and 260 stores in Tier III and beyond cities as of March 31, 2026. These markets contributed 21.77% and 49.43%, respectively, of revenue from operations in FY26.
  • • The company operates stores through Company-Owned, Franchisee-Operated (COFO) and Franchisee-Owned, Franchisee-Operated (FOFO) models, which accounted for 62.82% and 20.48% of its total store count, respectively, as of March 31, 2026. Under these models, franchisee partners bear part of the store setup or operating costs, enabling the company to expand with lower capital requirements.

Cons

  • • The company derives a significant portion of its revenue from retailing mobile phones, which accounted for Rs 2,026.10 crore (86.18%), Rs 1,399.52 crore (87.58%), and Rs 1,065.66 crore (88.31%) of revenue from operations in FY26, FY25, and FY24, respectively. Any economic slowdown or other factors affecting the mobile phone industry, including factors that reduce consumers’ ability to purchase mobile phones, could adversely impact the company’s business, financial condition, and operating results.
  • • The company’s purchases from its top 10 suppliers stood at Rs 1,719.43 crore in FY26, accounting for 79.09% of its total purchase of traded goods, compared with Rs 1,318.43 crore (89.42%) in FY25 and Rs 997.71 crore (88.38%) in FY24. As the company generally purchases products through purchase orders rather than long-term or exclusive arrangements, any failure or delay in supply, loss of business from one or more suppliers, or increase in purchase prices could disrupt its supply chain, affect profit margins, and adversely impact its business, financial condition, cash flows, and results of operations.
  • • The company has a significant concentration of its stores and revenue in Maharashtra, with 458 of its 503 stores (91.05%) located in the state as of March 31, 2026. Maharashtra contributed Rs 2,094.57 crore (89.09%) of revenue from operations in FY26, compared with Rs 1,475.26 crore (92.32%) in FY25 and Rs 1,135.22 crore (94.07%) in FY24. Any civil unrest, natural disaster, regional conflict, adverse political, social, or economic conditions, or changes in state or local government policies in Maharashtra could adversely affect its business, financial condition, results of operations, and cash flows.

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