Minerva Capital Research Solutions

SS Retail

ListedListed 23 Sep 2026MainboardNSE: SSRETAILCheck allotment
Current price₹ 638.45+50.58% since issue
Listing day+47.17%
Issue price
₹ 424
Issue size
₹ 500 Cr.
Min. investment
₹ 14,840
Listing price
₹ 624
Subscribed
103.3x
Lot size
35 shares
P/E
53.2
RoNW
32.60%
RoCE
29.30%
Debt / Equity
0.70
PAT margin
2.52%
EBITDA margin
5.32%
RoE
30.60%
EPS
₹ 7.97
NAV
₹ 34.33

About

SS Retail Ltd was started in June 2016. It runs a multi-brand retail chain selling mobile phones, accessories and other electronic items. Its focus is on Tier II and Tier III and smaller cities rather than the metros. It sells under its own store brands, SS Mobile, Mobile Exchange Wala and The Mobile Space, and runs them through a mix of formats. Some stores are owned and operated by the company itself, and others are run by franchisees, which lets it expand into regional markets using local partners without putting up all the capital. Its products include new mobile phones, pre-owned smartphones, accessories, televisions, laptops and tablets. It also sells services alongside, such as mobile protection plans, EMI facilities, anti-theft software and mobile recharge. As on 31 March 2026 it operated 503 stores across 215 cities covering about 2,41,365 square feet, and by 31 July 2026 this had grown to 536 stores covering about 2,60,597 square feet. During FY2026 it bought a 51.04% stake in Olineo Nexus India Private Limited, which added 34 stores. As on 31 March 2026 the company had 689 permanent employees.

Timeline

  1. Opens
    16 Sep
    done
  2. Closes
    18 Sep
    done
  3. Allotment
    21 Sep
    done
  4. Refunds
    22 Sep
    done
  5. Demat credit
    22 Sep
    done
  6. Listing
    23 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 160 on 23 Sep 2026
Lowest
₹ 30 on 10 Sep 2026
First quoted
₹ 30 on 10 Sep 2026

Subscription

How many times each investor group bid for its share, as of 23 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)135₹ 14,840
Retail (Max)13455₹ 1,92,920
S-HNI (Min)14490₹ 2,07,760
B-HNI (Min)682,380₹ 10,09,120

Company overview

Financials

Financials by year
Assets575.42389.44278.25
Total Income2,352.851,599.961,208.04
Profit After Tax59.2839.8626.65
EBITDA125.1580.4456.5
NET Worth225.71141.37101.51
Reserves and Surplus159.59128.1888.52
Total Borrowing162.59125.36110.43

Strengths

  • Sales have almost doubled in two years, from Rs 1,208.04 crore in FY2024 to Rs 1,599.96 crore in FY2025 and Rs 2,352.85 crore in FY2026.
  • Profit has more than doubled over the same period, from Rs 26.65 crore to Rs 59.28 crore.
  • EBITDA has grown from Rs 56.50 crore in FY2024 to Rs 125.15 crore in FY2026.
  • Return ratios are strong, with RoNW of 32.60% and RoCE of 29.30%.
  • The store network is large and still growing, from 503 stores across 215 cities in March 2026 to 536 stores by July 2026.
  • Using a mix of company owned and franchisee run stores lets it expand without funding every store itself.
  • It sells services alongside the handsets, including protection plans, EMI, anti-theft software and recharge, which earn better than the phone itself.
  • Focusing on Tier II and Tier III cities puts it where organised mobile retail is still expanding rather than in saturated metro markets.

Risks

  • This is by far the most expensive issue in the current batch on earnings, at about 53.2 times on an EPS of Rs 7.97.
  • The profit margin is very thin at 2.52%. Mobile retail is a low margin trade where the handset cost is almost the whole selling price.
  • Very little of the money goes into growth. Rs 416.53 crore of the Rs 500.75 crore issue goes into working capital, that is stock, and only Rs 12.45 crore into fit-outs for new stores.
  • Borrowing has risen every year, from Rs 110.43 crore in FY2024 to Rs 162.59 crore in FY2026.
  • The post issue promoter holding is not stated in the data available to us, so the extent of dilution is not clear.
  • Competition is severe, from online sellers such as Amazon and Flipkart, from brand exclusive stores and from large national electronics chains.
  • Sales depend on handset launch cycles and on consumer financing schemes, both of which are outside the company's control.
  • The 51.04% acquisition of Olineo Nexus was made only during FY2026, so that part of the network is newly integrated and unproven.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue
Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 202812.45
Part funding of the incremental working capital requirements of Company416.53
General Corporate Purposes—

Promoters

  • Siddharth Gunvant Shah
  • Deepa Siddharth Shah
  • Harshal Kishor Parekh
  • Bhavini Harshal Parekh
Promoter holding75.74%→—before → after the issue

Anchor investors

22 anchors put in ₹ 146.38 Cr., including 19 mutual funds.

Anchor investors
MAGNUM EQUITY EX-TOP 100 LONG SHORT FUND4,12,73617.511.95%
ICICI PRUDENTIAL ACTIVE MOMENTUM FUND3,53,7801510.25%
KOTAK CONSUMPTION FUND2,12,27596.15%
KOTAK SERVICES FUND82,5653.52.39%
AXIS SERVICES OPPORTUNITIES FUND2,34,0809.926.78%
WHITEOAK CAPITAL ELSS TAX SAVER FUND23,59010.68%
WHITEOAK CAPITAL MULTI CAP FUND1,06,1204.53.07%
WHITEOAK CAPITAL CONSUMPTION OPPORTUNITIES FUND23,59010.68%
WHITEOAK CAPITAL EQUITY SAVINGS FUND5,8800.250.17%
WHITEOAK CAPITAL BALANCED HYBRID FUND35,3851.51.02%
WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND35,3851.51.02%
WHITEOAK CAPITAL BALANCED ADVANTAGE FUND47,18021.37%
MOTILAL OSWAL CONSUMPTION FUND2,18,1579.256.32%
BANDHAN MIDCAP FUND2,34,0809.926.78%
MIRAE ASSET GREAT CONSUMER FUND2,34,0809.926.78%
TATA INDIA CONSUMER FUND2,34,0809.926.78%
INVESCO INDIA ELSS TAX SAVER FUND94,33942.73%
INVESCO INDIA CONSUMPTION FUND94,34042.73%
ADITYA BIRLA SUN LIFE SPECIAL OPPORTUNITIES FUND1,88,67985.46%
360 ONE EQUITY OPPORTUNITY FUND-SERIES II2,18,1559.256.32%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.2,35,865106.83%
BENGAL FINANCE & INVESTMENT PVT.LTD.1,28,4885.453.72%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Emkay Global Financial Services
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.