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SS Retail IPO
119.13xsubscribed

SS Retail IPO

Retailing
listed
₹14,105Min. investment

SS Retail Limited IPO Details

SectorRetailing
Price range₹403 – ₹424
IPO type
Regular
Lot size35 shares
Issue size₹500Cr
Red Herring Prospectus
Read
Market cap
₹3,153.36CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹2,351.03CrHigher than sector avg
Growth rate3Y CAGR
39.58%Higher than sector avg

SS Retail IPO Subscription Status

Date
QIB
NII
Retail
Total
16-Sep-26
0.0 times (X)
3.26 times (X)
1.56 times (X)
1.14 times (X)
17-Sep-26
0.01X
20.84X
5.17X
4.58X
18-Sep-26
139.33X
426.2X
35.34X
119.13X

As on 16-Sep-26, 5:30 PM

SS Retail IPO Timeline

  1. Pre-apply
    15 Sep 2026
  2. Bid start
    16 Sep 2026
  3. Bid end
    18 Sep 2026
  4. Allotment
    21 Sep 2026
  5. Release of funds
    22 Sep 2026
  6. Demat transfer
    22 Sep 2026
  7. Listing
    23 Sep 2026

About SS Retail Limited

SS Retail IPO will open for subscription on 16 September 2026. The IPO will remain open till 18 September, followed by listing on Wednesday, 23 September. SS Retail is a Kolhapur-based multi-brand retailer of mobile phones, accessories and other electronic products.
The company was incorporated in June 2016 and has successfully expanded its network from 236 stores across 109 cities in March 2024 to 503 stores across 215 cities by March 2026, representing a 45.9% store-count CAGR.
March 2026, the network covered 241,365 sq. ft.; by 31 July 2026, this had expanded to 536 stores covering 260,597 sq. ft. Operations span Maharashtra, Goa, Karnataka, Madhya Pradesh and Gujarat, which was added recently in FY27.
Maharashtra remained its principal market, accounting for 458 stores as of March 2026 and 89.09% of FY26 revenue, compared with 94.07% in FY24. The FY26 network also includes 34 Maharashtra stores acquired through the purchase of a 51.04% stake in Olineo Nexus India, which became a subsidiary on 27 January 2026.
The company operates principally through SS Mobile, The Mobile Space and Mobile Exchange Wala. In March 2026, SS Mobile had 401 stores, including 71 with Mobile Exchange Wala counters; the Mobile Space had 68 stores, alongside Olineo's 34 outlets.
Mobile Exchange Wala sells pre-owned smartphones through a shop-in-shop format within selected SS Mobile outlets, so these counters are included in the existing store count. FY26 consolidated revenue from operations was ₹2,351.03 crore: mobile phones contributed 86.1%, pre-owned smartphones 7.2%, accessories 4.2%, other electronic items 1.3%, and ancillary services 1.10%, before intercompany eliminations of 0.16%.
Accessories include audio products, earphones, wearables and charging products; other electronics comprise televisions, laptops and tablets. Ancillary services include mobile protection plans, anti-theft software and recharges. Corporate sales comprise wholesale mobile-phone sales by SS Retail and B2B accessory sales through subsidiary Nexora Smart Tech, which commenced business in FY26.
The firm operates on company-owned, company-operated (COCO), company-owned franchisee-operated (COFO), and franchisee-owned franchisee-operated (FOFO) models with 84, 316, and 103 stores, respectively, as at March 2026.
The firm has 83.30% of stores in the COFO and FOFO models. The firm maintains inventory ownership in all three models. In terms of format mix, the firm has 49 large stores, 219 medium stores, and 235 small stores. The firm incurs store operating costs in the COFO model, whereas the FOFO franchisees incur them, and the firm makes a margin on the cost of inventory sold by the FOFO franchisees. The franchisee partners in the local market facilitate customer acquisition and local market understanding for the firm. The network focuses on smaller cities, where 90 stores operate in tier II cities and 260 in tier III and above as at March 2026. The firm procures products from brands, distributors, and authorised dealers through central inventory and an enterprise system. There are three warehouses and four logistics provider arrangements in the distribution and finance provider kiosk in the store to enable instalment payments for customers.
SS Retail operates in organised mobile-phone and consumer-electronics retail, with a primary focus on mobile phones and accessories. India's mobile-phone and accessories market is estimated at ₹4.24 lakh crore in FY26 and projected to reach ₹6.16 lakh crore by FY30, a 9.8% CAGR. This market comprises new smartphones, feature phones and mobile accessories; it excludes pre-owned smartphones and smartwatches. Growth is expected to be driven by higher smartphone selling prices, premium upgrades and demand for improved features, including in tier II and smaller cities.
Within mobile-phone retail, the organised offline modern-trade channel was valued at ₹92,500 crore in FY26 and is projected to reach ₹1.61 lakh crore by FY30, a 14.9% CAGR. Separately, India's pre-owned smartphone market is projected to grow from ₹88,000 crore in FY26 to ₹1.41 lakh crore by FY30, a 12.7% CAGR, supported by price-sensitive buyers, trade-in programmes and demand for affordable premium devices.
SS Retail's chain of stores had 69.5% of its stores located in tier II and above the tier III cities in March 2026, and due to its local franchisees and in-store financial kiosks, assisted purchasing in these regions is facilitated by the firm. It has 71 Mobile Exchange Wala shop-in-shop counters, and thus, participation in the pre-owned segment, which generated 7.2% of its revenue in FY26. The firm intends to strengthen its geographic presence by expanding into Chhattisgarh, thus making the link between the expansion plan and the demand trend.
Now, SS Retail Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹360 crore and an offer for sale of ₹140 crore only. The total issue size of the IPO is ₹500 crore. Its shares will be listed on the NSE and BSE.

How to apply for SS Retail IPO?

If you are interested in this investment opportunity but unsure how to apply for an SS Retail IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the SS Retail IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘SS Retail IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Ss Retail Limited IPO Analysis

IPO REVIEW

SS Retail IPO | Analysis Video

Should you apply?

Watch our analysts break down the Ss Retail Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Growing store network

The company had 503 stores across 215 cities as of March 31, 2026, which further increased to 536 stores as of July 31, 2026. The company is the largest mobile phone retailer in West India & Maharashtra and the third-largest in India amongst the selected competitors.

Franchise models support expansion with shared investment

COFO and FOFO stores represented 62.8% and 20.4% of the March 2026 network, respectively. Franchisees contribute part of store setup expenditure in both models and bear all store operating costs under FOFO. The company’s local-partner selection and training approach supports customer acquisition, while inventory ownership remains with the company.

Exposure to demand beyond the major cities

As of March 2026, the company had 90 stores in tier II cities and 260 in tier III and smaller cities. The industry projects FY26 to FY30 mobile-phone market growth of 10.1% in tier II and 9.2% in tier III cities, supported by first-time upgrades, financing access and wider 4G/5G adoption.

Pre-owned smartphone adds higher-margin growth

Mobile Exchange Wala revenue increased from ₹51.51 crore in FY24 to ₹169.35 crore in FY26, when the brand operated within 71 stores. The shop-in-shop format uses existing infrastructure with limited incremental operating costs.

Cross-selling and margins in accessories

Despite the fact that accessories constituted only 4.2% of the revenues in FY26, the category has a higher margin than mobile phones, according to the firm. Ancillary services and accessories provide chances for cross-selling without any costs in customer acquisition and faster turnaround time in inventories.

Operations aided by procurement systems

Procurement and sourcing are made easier through having relationships with brands and their authorised dealers or distributors. In-house systems enable tracking of sales and inventories in real time through the use of inventory management and ERP modules for demand forecasting and delivery to stores. The distribution system is made possible through warehouses and logistics services agreements using the hub-and-spoke approach.

Objectives of Ss Retail Limited IPO

Working capital
67.00%
The company will utilise ₹241.35 crore to fund the incremental working capital requirements.
General corporate purposes
29.50%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.
Capital expenditure
3.40%
The company will use ₹12.45 crore to set up new stores in FY27 and FY28

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹2,351.03Cr39.58%₹59.28Cr₹3,153.36Cr46.540.70
This sector (avg.)₹1,764.49Cr0.01%-₹66.27Cr₹11,364.76Cr36.950.83
₹59,358.05Cr---₹2,707.45Cr₹2,40,088Cr84.020.04
₹17,134.61Cr---₹1,534.41Cr₹1,34,569.8Cr82.960.41
₹10,716.35Cr---₹631.97Cr₹58,856.47Cr75.760.27

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

SS Retail IPO Contact Details

Company NameSS Retail Limited

How to apply for SS Retail IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Ss Retail Limited IPO FAQs

Investors can apply for the SS Retail IPO through their Demat account via the stock exchange or through their broker.
The issue size of the SS Retail IPO is 500 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
SS Retail IPO will be open between 2026-09-16 and 2026-09-18.
SS Retail IPO allotment date is 2026-09-22. For SS Retail IPO allotment status check, you can visit the website of the registrar of the IPO.
For SS Retail IPO, the IPO registrar is KFin Technologies Limited. You can check SS Retail IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The SS Retail IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The SS Retail IPO lot size is 35 and minimum order quantity is 35.
SS Retail IPO has set the price band for its IPO at 424 per equity share with a face value of 10.