SS Retail IPO subscribed 11.42 times so far on Day 3: Check allotment date and steps

Mobile phone and accessories retailer SS Retail's ₹500 crore initial public offering has been subscribed 11.42 times so far on Friday, September 18, the last day of bidding.

It received bids for 10,04,15,665 shares compared to 87,93,884 shares on offer, according to the NSE data until 10:54 am.

Non-institutional investors subscribed to the part reserved for them 26.85 times, while the retail individual investors (RIIs) quota was booked 11.95 times. The category for qualified institutional buyers (QIBs) was subscribed 26%.

The initial share sale is a mix of new equity shares aggregating to ₹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, and investor Rakhi Narendra Firodia.

The funds generated will be used for funding capital expenditure for fit-outs towards establishing new stores in FY27 and FY28, part-funding incremental working capital needs and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the Stock Exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the firm said in its red herring prospectus.

With a price band of ₹403 to ₹424 per share, a lot consists of 35 shares.

SS Retail IPO: Allotment and listing date

The basis of allotment for the SS Retail IPO is likely to be finalised on September 21. Shares will be credited to the Demat account of allottees on September 22, while the refunds for non-allottees will be processed on the same day. The listing on the NSE and the BSE will take place on September 23.

SS Retail is a multi-brand retail chain for mobile phones, accessories and other electronic items. It operates in Maharashtra, Goa, Karnataka, Madhya Pradesh and Gujarat.