SS Retail Limited IPO
ListedMainboardRetail
107.41×
Subscribed
Price band
₹403 – ₹424
Lot size
35
1 lot = ₹14,840
Issue size
₹500 Cr
Open – close
16 Sept 2026
to 18 Sept 2026
Listing
23 Sept 2026
Listing gain
+47.17%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong6 of 7 dimensions read
The disclosed numbers are strong — 6 of 7 signals read positive
Strength82/100
- Expensive against its own peers46.5× earnings against a peer median of 19.8× — a 136% premium to the companies the issuer itself chose to be compared with
- Out-earns its peersReturn on net worth of 30.6% against a peer median of 17.9%
- High return on equityROE of 30.6%
- Conservative balance sheetDebt/equity of 0.70×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Minimal related-party dealingsRelated-party transactions are only 0.0% of revenue
- Institutions bid heavilyQIB portion subscribed 214.22×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens16 Sept 2026
- Closes18 Sept 2026
- Allotment21 Sept 2026
- Listing23 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB214.22x
Non-institutionalNII / HNI150.33x
Big NIIabove ₹10L165.06x
Small NII₹2L – ₹10L120.85x
Retail individualRII35.81x
Employee2.72x
40,97,637 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 18 Sept 2026.
Chance of allotment
Retail35.81× subscribed
~1 in 35.8
Minimum 1 lot · 35 shares · ₹14,840 blocked
Retail is 35.81× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 35.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII150.33× subscribed
~1 in 150.3
Minimum 14 lots · 490 shares · ₹2,07,760 blocked
HNI is 150.33× subscribed. This category is allotted proportionately, so a bid receives roughly 1/150.3 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹160+37.7%
over the upper band · last seen 24 Sept 2026 · rising since 13 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹403 – ₹424
Face value₹10
Lot size35shares
Minimum application₹14,840at cut-off
Total issue size₹500 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band46.54×
EPS₹9.11pre-issue
NAV per share₹34.33
Return on equity30.60%
Debt / equity0.70×
Related-party0.03%of revenue
ROCE29.30%
RoNW32.60%
PAT Margin2.52%
EBITDA Margin5.32%
NAV34.33
Price to Book Value12.35
ISININE1EQW01028
RegistrarKARVY
Lead managersAnand Rathi Advisors Limited, Emkay Global Financial Services Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 57,54,715 | 48.73% |
| Anchor Investor | 34,52,829 | 29.24% |
| QIB (Ex. Anchor) | 23,01,886 | 19.49% |
| NII (HNI) | 17,26,415 | 14.62% |
| bNII > ₹10L | 11,50,943 | 9.75% |
| sNII < ₹10L | 5,75,472 | 4.87% |
| Retail | 40,28,301 | 34.11% |
| Employee | 3,00,752 | 2.55% |
Total issue 1,18,10,183 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8401 lot · 35 sh
Retail (Max)₹1,92,92013 lots · 455 sh
S-HNI (Min)₹2,07,76014 lots · 490 sh
S-HNI (Max)₹9,94,28067 lots · 2,345 sh
B-HNI (Min)₹10,09,12068 lots · 2,380 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted34,52,829
Anchor portion₹146.4 Cr
Bid date15 Sept 2026
Lock-in ends (50%)21 Oct 2026
Lock-in ends (rest)20 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028not stated
- 02Part funding of the incremental working capital requirements of our Companynot stated
- 03General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| SS Retail Limitedthis issue | — | — | — | — |
| Aditya Vision Limited | 599.95 | 66.29 | 53.26 | 18.38% |
| Electronics Mart India Limited | 174.20 | 62.66 | — | 6.81% |
| Jay Jalaram Technologies Limited | 123.80 | 14.41 | — | — |
| Fonebox Retail Limited | 100.00 | 15.08 | 40.25 | 17.94% |
| Bhatia Communications & Retail (India) Limited | 32.02 | 24.44 | 10.33 | 15.16% |
| Umiya Mobile Limited | 60.00 | 8.46 | 46.31 | 29.32% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumWe derive a significant portion of our revenue from operations from retailing mobile phones, which accounted for 86.18%, 87.58% and 88.31% of our revenue from operations during Fiscal 2026, 2025 and 2024, respectively.
mediumWe are significantly reliant on our arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items, with the amount of purchase of traded goods from our top 10 Suppliers being 79.09%, 89.42% and 88.38% of our purchase of traded goods during Fiscal 2026, Fiscal
mediumWe derive a significant portion of our revenue from operations from our stores in the state of Maharashtra, which accounted for 89.09%, 92.32% and 94.07% of our revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
Litigation
Except as stated in this section, there are no outstanding (a) criminal proceedings (including first information reports even if no cognizance has been taken by any court) involving our Company, Subsidiaries, Directors, Promoters, Key Managerial Personnel and members of Senior Management; (b) actions (including all penalties and show cause notices) by any statutory or regulatory authorities involving our Company, Subsidiaries, Directors, Promoters, Key Managerial Personnel and members of Senior Management; (c) disciplinary action including penalty imposed by SEBI or stock exchanges against our Promoters in the last 5 Fiscals including outstanding action; (d) claim involving our Company, Subsidiaries, Directors or Promoters for any direct or indirect tax liabilities (disclosed in a consolidated manner giving the total number of claims and total amounts involved); and (e) other pending civil litigations including arbitration involving our Company, Subsidiaries, Directors, Promoters (other than proceedings covered under (a) to (d) above) which have been determined to be material pursuant to the materiality policy approved by our Board in its meeting held on December 27, 2025 (Materiality Policy) (as disclosed herein below).
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity
ROE of 30.6%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About SS Retail Limited
SS Retail is a multi-brand retail chain engaged in selling mobile phones, accessories, and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat and serves customers across metros, mini-metros, Tier I, Tier II, Tier III, and beyond cities. Its stores covered a total area of 241,365 square feet as of March 31, 2026. The company had expanded its store network from 236 stores across 109 cities as of March 31, 2024, to 503 stores across 215 cities as of March 31, 2026, including 458 in Maharashtra. The company commenced operations in Gujarat in FY27. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure for setting up new stores in FY27 and FY28 — Rs 12.45 crore Part funding the incremental working capital requirements of the company — Rs 241.35 crore General corporate purposes.
Founded 2016MD Mr Siddharth Gunvant ShahSector Retail
Offer documents
The primary sources everything above is drawn from
Common questions
What is the SS Retail Limited IPO GMP today?
The most recent grey-market premium recorded for SS Retail Limited is ₹160 per share — about 37.7% over the ₹424 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the SS Retail Limited IPO subscribed?
SS Retail Limited is subscribed 107.41× overall (QIB 214.22×, NII 150.33×, retail 35.81×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the SS Retail Limited IPO?
One lot is 35 shares, so a retail application at the ₹424 cut-off price blocks ₹14,840. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the SS Retail Limited IPO?
The retail portion is subscribed 35.81×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 36. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the SS Retail Limited IPO allotment date?
Allotment is scheduled for 2026-09-21, with listing on 2026-09-23. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.