SS Retail IPO Review: Price Band, Dates, Lot Size, Financials and RisksSS Retail IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The SS Retail IPO opens on September 16 and closes on September 18, 2026. SS Retail is a multi-brand retail chain for mobile phones, accessories, and electronic items, operating 503 stores across 215 cities in West and Central India. The company is raising ₹500 crore through a fresh issue of ₹360 crore and an offer for sale of ₹140 crore by promoters and an investor. This SS Retail IPO review covers the price band, lot size, financials, business model, IPO objectives, strengths, risks, and how to apply.

IPO Snapshot

Event	Date
IPO Opens	September 16, 2026
IPO Closes	September 18, 2026
Allotment Date	September 21, 2026
Refund	September 22, 2026
Shares Credited to Demat	September 22, 2026
Listing Date (BSE, NSE)	September 23, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹403 to ₹424 per share
Face Value	₹10 per share
Lot Size	35 shares
Minimum Investment	₹14,105 to ₹14,840
Retail Maximum	13 lots, or 455 shares (₹1,92,920)
Fresh Issue	₹360 crore
Offer for Sale	₹140 crore
Total Issue Size	₹500 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 6,58,63,500 shares, rising to 7,43,78,705 shares post-issue. The fresh issue will bring new capital into SS Retail, while the offer for sale of ₹140 crore will go to promoters Siddharth Gunvant Shah (₹45 crore), Deepa Siddharth Shah (₹14 crore), Harshal Kishor Parekh (₹8 crore), Bhavini Harshal Parekh (₹3 crore) and investor Rakhi Narendra Firodia (₹70 crore). The company will not receive any proceeds from the offer-for-sale portion.

What Does SS Retail Actually Do

SS Retail, incorporated in June 2016, is a multi-brand retail chain for mobile phones, accessories and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, primarily focusing on Tier II and Tier III cities and beyond. As of March 31, 2026, it operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft. As of July 31, 2026, the retail network had expanded to 536 stores covering approximately 2,60,597 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.

SS Retail follows a scalable retail model comprising COCO (company-owned, company-operated), COFO (company-owned, franchisee-operated) and FOFO (franchisee-owned, franchisee-operated) formats and uses local franchisee partnerships to expand its presence in regional markets. During Fiscal 2026, it acquired a 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, SS Retail had 689 permanent employees, comprising personnel across management, accounts and audit, operations, sales, sales support, supply chain, and HR and administration.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	1,208.04	1,599.96	2,352.85
Profit After Tax (₹ Crore)	26.65	39.86	59.28
Net Worth (₹ Crore)	101.51	141.37	225.71

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹1,208.04 crore in FY24 to ₹2,352.85 crore in FY26, a rise of 47% between FY25 and FY26. Profit after tax more than doubled from ₹26.65 crore to ₹59.28 crore over the same period, up 49% between FY25 and FY26. Net worth more than doubled from ₹101.51 crore to ₹225.71 crore.

EBITDA rose from ₹56.50 crore in FY24 to ₹80.44 crore in FY25 and ₹125.15 crore in FY26, with EBITDA margin improving from 4.68% to 5.32%. Total borrowings stood at ₹162.59 crore in FY26, up from ₹125.36 crore in FY25. Debt-to-equity improved from 1.09 to 0.74 over the period.

Return ratios were strong: ROE stood at 30.60% and ROCE at 29.30% in FY26, with RoNW at 32.60% and NAV of ₹34.33 per share. Basic EPS for FY26 was ₹9.00 pre-issue. At the upper price band of ₹424, this implies a pre-issue P/E of 47.11 times. Price-to-book value at the offer price works out to 12.35 times.

Objects of the Issue

Purpose	Amount (₹ Crore)
Funding capital expenditure for fit-outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028	12.45
Part funding of the incremental working capital requirements	416.53
General corporate purposes	Balance amount
Total identified objects	428.99

Strengths

• Large and rapidly expanding retail store network, with 503 stores as of March 31, 2026 and 536 stores as of July 31, 2026.
• Scalable COCO, COFO, and FOFO business models enabling rapid expansion with lower capital intensity.
• Strong presence in Tier II and Tier III and beyond cities, tapping underpenetrated markets.
• Largest mobile phone retail chain in West India and Maharashtra, and third largest in India among peers.
• Strong customer reach through local franchisee partnerships.
• 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.
• Consistent revenue and profit growth, with total income up 47% and PAT up 49% between FY25 and FY26.
• Strong return ratios, including ROE of 30.60%, ROCE of 29.30%, and RoNW of 32.60% in FY26.

Risks

• The IPO is valued at a pre-issue P/E of 47.11 times, which is higher than some recently listed retail peers, making it a premium valuation.
• PAT margin remains low at 2.52% in FY26, indicating thin profitability despite revenue scale.
• Debt-to-equity stood at 0.74 times in FY26, which is moderate but still indicates reliance on debt financing.
• The offer includes a meaningful offer-for-sale component (₹140 crore) by promoters and an investor, representing a partial exit alongside the primary capital raise.
• Promoter shareholding will decline from 75.74% pre-issue to approximately 53% post-issue, reflecting the combined effect of the fresh issue and the promoters’ OFS.
• The company operates in a highly competitive retail environment, with exposure to cyclicality in consumer demand, raw material price volatility, and competition from e-commerce players.
• A significant portion of the fresh-issue proceeds (₹416.53 crore out of ₹360 crore fresh issue, plus general corporate purposes) is earmarked for working capital, which introduces uncertainty about deployment efficiency.
• The business is capital intensive, with total assets of ₹575.42 crore and total borrowings of ₹162.59 crore as of FY26.
• The company’s expansion depends on securing suitable retail locations and franchisee partnerships, which may not always be available on favourable terms.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 16 and September 18.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks SS Retail’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions