What are the open and close dates of the SS Retail IPO ?

SS Retail IPO will be open between 2026-09-16 and 2026-09-18.

What is the allotment date for the SS Retail IPO ?

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.

Who is the registrar of SS Retail 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.

Where is the SS Retail IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will SS Retail IPO shares be credited to your demat account?

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.

What is the lot size and minimum order quantity of the SS Retail IPO ?

The SS Retail IPO lot size is 35 and minimum order quantity is 35.

What is the price band for the SS Retail IPO ?

SS Retail IPO has set the price band for its IPO at 424 per equity share with a face value of 10.

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119.13x

subscribed

SS Retail IPO

Retailing

listed

₹14,105Min. investment

Pre-apply
15 Sep
Bid start
16 Sep
Bid end
18 Sep
Allotment
21 Sep
Release of funds
22 Sep
Demat transfer
22 Sep
Listing
23 Sep

SS Retail Limited IPO Details

Issue size

₹500Cr

IPO type

Mainboard

Market Cap

₹3,153.36CrLower than sector avg

Price range

₹403 – ₹424

Listing ExchangeBSE, NSE

RevenueApr 2025 - Mar 2026

₹2,351.03CrHigher than sector avg

Lot size

35 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

39.58%Higher than sector avg

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 Limited IPO Overview

SS Retail IPO date

SS Retail IPO will open for subscription on September 16, 2026, and the closing date for the IPO is September 18, 2026. After this, investors are expected to be updated about the allotment status on September 21, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 22, 2026. The shares will be listed on NSE and BSE on Wednesday, September 23, 2026.

SS Retail IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹403 and ₹424 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹360 crore and an offer for sale of ₹140 crore. SS Retail IPO listing price will be determined on September 23, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

SS Retail IPO lot size

SS Retail IPO lot size for retail individual investors is 35 shares, while the minimum investment is ₹14,840 per lot at the upper end of the price band. The total IPO issue size is ₹500 crore.

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

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Revenue

Higher revenue means strong sales and good market demand

This IPO

₹2,351.03Cr

This sector

₹1,764.49Cr

Compare with companies

3Y growth

Strong 3-year growth shows consistent progress and potential

This IPO

39.58%

This sector

0.01%

Compare with companies

PAT

Higher PAT means strong profitability and efficient cost management

This IPO

₹59.28Cr

This sector

-₹66.27Cr

Compare with companies

Market cap

Higher market cap means strong confidence but may suggest overvaluation

This IPO

₹3,153.36Cr

This sector

₹11,364.76Cr

Compare with companies

P/E ratio

Lower ratio usually means stock is undervalued

This IPO

46.54

This sector

36.95

Compare with companies

D/E ratio

Lower ratio usually means fewer liabilities

This IPO

0.70

This sector

0.83

Compare with companies

Objectives

Working capital

67.00%

General corporate purposes

29.50%

Capital expenditure

3.40%

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.

High concentration in Maharashtra

Maharashtra had 458 of 503 stores in March 2026, making up 89.09% of FY26 sales. Any negative change in demand or operating conditions in that region could significantly affect sales and profitability.

Dependency on demand for mobile phones

New handsets accounted for 86.1% of FY26 sales while secondhand mobiles accounted for an additional 7.2%. The very low sales contribution from other items suggests sales are linked to mobile phone purchase and replacement demand.

Concentrated sourcing

The top ten suppliers represented 79.09% of FY26 purchases of traded goods, compared with 89.42% in FY25. Supply disruptions, reduced availability or less favourable purchase prices could affect product availability, customer relationships and margins.

Inventory funding and cash conversion

Consolidated inventory stood at ₹322.45 crore at March 2026, while inventory turnover fell from 9.11 to 8.83 times. Overstocking can increase financing costs and markdowns, while understocking can restrict sales.

Competitive pricing pressure

SS Retail competes with national electronics chains, regional and local retailers, exclusive brand outlets and e-commerce platforms. Discounting, broader product offerings and customer loyalty programmes are competitive pressures that could reduce footfall or margins.

Franchise dependence

COFO and FOFO stores contributed 74.1% of FY26 revenue, making growth dependent on franchisee selection, retention and performance. The company closed 27 stores in FY26 versus 12 in FY25. New locations may not achieve expected profitability, and integrating Olineo and other growth initiatives adds demands on management, systems and internal controls.

Unregistered property agreements

Of 424 leased properties operated, 381 agreements required registration and 82 remained unregistered. These unregistered agreements reflect property owners’ unwillingness to register them. Inadequate registration or stamping could restrict enforcement of contractual rights and expose the company to penalties.

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

IPO Analysis

IPO REVIEW

SS Retail IPO | Analysis Video

SS Retail IPO

Should you apply?

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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

Latest News on SS Retail IPO

The ₹500 crore SS Retail IPO is a combination of the fresh issuance of 85.08 lakh shares totalling ₹360 crore and an offer for sale of 33.02 lakh shares valued at ₹140 crore.

2 min read

SS Retail IPO comprises a new equity issue aggregating ₹360 crore and an offer for sale (OFS) of ₹140 crore by promoters Siddharth Gunvant Shah, Harshal Kishor Parekh, Deepa Siddharth Shah, and Bhavini Harshal Parekh, as well as investor Rakhi Narendra Firodia.

2 min read

SS Retail IPO was a combination of a fresh issue of 85.08 lakh shares, aggregating up to ₹360 crore, and an offer-for-sale of up to ₹140 crore by promoters Siddharth Gunvant Shah, Deepa Siddharth Shah, Bhavini Harshal Parekh and Harshal Kishor Parekh, and investor Rakhi Narendra Firodia.

3 min read

The ₹500 crore SS Retail IPO was a mix of a fresh issuance of ₹360 crore and an offer-for-sale of ₹140 crore by promoters Deepa Siddharth Shah, Bhavini Harshal Parekh, Siddharth Gunvant Shah and Harshal Kishor Parekh, and investor Rakhi Narendra Firodia.

2 min read

Hero Motors IPO comprised a fresh issuance of 7.14 crore equity shares, aggregating to ₹600 crore, and an offer-for-sale (OFS) component of shares valued at ₹400 crore by promoters OP Munjal Holdings and Hero Cycles.

3 min read

Frequently asked questions

How to invest in the SS Retail IPO ?

Investors can apply for the SS Retail IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of SS Retail IPO ?

The issue size of the SS Retail IPO is 500 Cr.

What is 'pre-apply' for SS Retail IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will SS Retail IPO shares list on?

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.

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