SS Retail IPO GMP, Price Band, Allotment Date
SS Retail IPO is a Mainboard issue open from 16-18 Sept. The company is raising ₹500 Cr at a price band of ₹403 to ₹424 per share. One lot is 35 shares.
SS Retail IPO GMP (grey market premium)
₹80
Implied listing gain: ₹504 (18.87%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
SS Retail IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,840
35 shares at the upper band of ₹424
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~5 days
from the closing date to listing
Fresh issue share
72%
₹360 Cr of the ₹500 Cr issue
Revenue growth
+47.1%
31 Mar 2025 → 31 Mar 2026
Profit growth
+48.7%
PAT ₹39.86 Cr → ₹59.28 Cr
Net profit margin
2.5%
was 2.5% in 31 Mar 2025
Debt to equity
0.7
lower is safer
GMP-implied listing gain
+18.9%
₹80 premium on a ₹424 issue price
SS Retail is a mainboard issue raising ₹500 Cr, offered in a band of ₹403–₹424 per share. At the upper end that is 42.4 times the ₹10 face value, so ₹414 of every share subscribed is share premium rather than capital.
A retail application for SS Retail needs one lot of 35 shares, which works out to ₹14,840 at the upper band of ₹424. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For SS Retail, bidding runs 16-18 Sept, allotment is finalised on 21 Sep 2026, the shares list on 23 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 3 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹360 Cr of fresh capital (72%) and ₹140 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹1599.96 Cr in 31 Mar 2025 to ₹2352.85 Cr in 31 Mar 2026 (+47.1%), while profit after tax went from ₹39.86 Cr to ₹59.28 Cr (+48.7%). Growth in profit broadly tracks growth in revenue.
Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for SS Retail is published on their portal from 21 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹80 on the upper band of ₹424 implies a listing gain of roughly 18.9%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Return on equity of 30.6% is strong for the sector.
What to watch
- Net margin is thin at 2.5%, leaving little cushion if costs rise.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 16-18 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹403 to ₹424 |
| Issue Size | ₹500 Cr |
| Lot Size | 35 Shares |
| Allotment Date | 21 Sep 2026 |
| Listing Date | 23 Sep 2026 |
| Registrar | Kfin Technologies Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 35% |
| QIB (Qualified Institutional Buyers) | 50% |
| HNI (High Net Worth Individuals) | 15% |
IPO Details
| Total Issue Size | 1,18,10,182 shares (agg. up to ₹500 Cr) |
| Fresh Issue | 85,08,298 shares (agg. up to ₹360 Cr) |
| Offer for Sale | 33,01,884 shares of ₹10 (agg. up to ₹140 Cr) |
| Share Holding Pre Issue | 6,58,63,500 shares |
| Share Holding Post Issue | 7,43,71,798 shares |
IPO Timetable (Tentative)
| IPO Open | Wed, Sep 16, 2026 |
| IPO Close | Fri, Sep 18, 2026 |
| Allotment | Mon, Sep 21, 2026 |
| Refund | Tue, Sep 22, 2026 |
| Credit of Shares | Tue, Sep 22, 2026 |
| Listing | Wed, Sep 23, 2026 |
Issue Reservation
| Investor Category | Shares |
|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 35 | ₹14,840 |
| Retail (Max) | 13 | 455 | ₹1,92,920 |
| S-HNI (Min) | 14 | 490 | ₹2,07,760 |
| S-HNI (Max) | 67 | 2345 | ₹9,94,280 |
| B-HNI (Min) | 68 | 2380 | ₹10,09,120 |
Investor Category Reservations
| Category | Limit | Cut-off |
|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII/NII limits | Yes (EMP/RII) |
Company Financials (Restated Standalone)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 575.42 | 389.44 | 278.25 |
| Total Income | 2,352.85 | 1,599.96 | 1,208.04 |
| Profit After Tax | 59.28 | 39.86 | 26.65 |
| EBITDA | 125.15 | 80.44 | 56.50 |
| NET Worth | 225.71 | 141.37 | 101.51 |
| Reserves and Surplus | 159.59 | 128.18 | 88.52 |
| Total Borrowing | 162.59 | 125.36 | 110.43 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 | 12.45 |
| 2 | Part funding of the incremental working capital requirements of Company | 416.53 |
| 3 | General Corporate Purposes | |
| Total | 428.99 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| Debt/Equity | 0.70 |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| NAV | 34.33 |
| Price to Book Value | 12.35 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 9.00 | 7.97 |
| P/E (x) | 47.11 | 53.2 |
| Market Cap at Offer Price | ₹2,792.61 Cr. | ₹3,153.36 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 75.74% | |
| Public | 24.26% | |
| Total | 100% | |
Offer For Sale - Selling Shareholders
| Name | Category | Estimated Amount (₹ cr.) |
|---|
| Siddharth Gunvant Shah | Promoter | 45.00 |
| Deepa Siddharth Shah | Promoter | 14.00 |
| Harshal Kishor Parekh | Promoter | 8.00 |
| Bhavini Harshal Parekh | Promoter | 3.00 |
| Rakhi Narendra Firodia | Other | 70.00 |
| Total | | 140.00 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
About SS Retail
Incorporated June 2016, SS Retail Ltd. is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It primarily focuses on Tier II and Tier III and beyond cities and, as of March 31, 2026, operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.
The Company operates under its proprietary brands ‘SS Mobile’, ‘Mobile Exchange Wala’ and ‘The Mobile Space’ through a combination of company-owned and franchisee-operated store formats. Its product portfolio includes mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets, along with ancillary services such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge services. As of July 31, 2026, its retail network had expanded to 536 stores covering approximately 2,60,597 sq. ft.
The Company follows a scalable retail model comprising COCO, COFO and FOFO formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, according to the cited industry report.
As of March 31, 2026, the Company had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.
Large and rapidly expanding retail store network.
Scalable COCO, COFO and FOFO business models.
Strong presence in Tier II and Tier III and beyond cities.
Strong customer reach through local franchisee partnerships.
Largest mobile phone retail chain in West India and Maharashtra.
Experienced Promoter and management team with strong domain expertise.
Wide product portfolio with focus on mobile phones, accessories and electronic items.
Established brand presence through SS Mobile, Mobile Exchange Wala and The Mobile Space.
SS Retail IPO — common questions
What is SS Retail IPO?
SS Retail IPO is a Mainboard issue open from 16-18 Sept. The company is raising ₹500 Cr at a price band of ₹403 to ₹424 per share. One lot is 35 shares.
When does SS Retail IPO open and close?
The issue is open 16-18 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the SS Retail IPO price band?
The price band is ₹403 to ₹424 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the SS Retail IPO lot size?
The minimum application is 35 shares, and bids must be in multiples of that lot.
What is the SS Retail IPO issue size?
The total issue size is ₹500 Cr.
How is SS Retail IPO reserved between investor categories?
The issue is reserved as retail 35%, QIB 50%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the SS Retail IPO allotment date?
Basis of allotment is expected to be finalised on 21 Sep 2026. You can check your status on the registrar's website (Kfin Technologies Ltd.) using your PAN.
When does SS Retail IPO list?
Listing is expected on 23 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
