IPO Overview
SS Retail Limited was originally incorporated as SS Communication & Services Private Limited at Kolhapur, Maharashtra as a private limited company on June 14, 2016. The company runs a multi-brand retail network that sells mobile phones, accessories, and other electronic products across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat. Its main retail brands include SS Mobile, xchange Wala, and The Mobile Space. 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, operating 503 stores, including 458 stores in Maharashtra. Its stores are located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on Tier II and Tier III markets.
SS Retail is raising around ₹500.75 crore via IPO comprising a fresh issue of ₹360.75 crore and an offer for sale of up to 33,01,884 equity shares. The IPO is priced at ₹403 to ₹424 per share with a lot size of 35 shares. The IPO will move to anchor bidding on September 15 before opening for public subscription on September 16, 2026, with listing expected on BSE and NSE on September 23, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Bidding Date | 15 September 2026 |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Allotment Date | 21 September 2026 (Expected) |
| Refund Initiation | 22 September 2026 |
| Credit to Demat | 22 September 2026 |
| Listing Date | 23 September 2026 (Tentative) |
| Price Band | ₹403 – ₹424 per share |
| Face Value | ₹10 per share |
| Lot Size | 35 shares |
| Minimum Investment (Retail) | ₹14,840 (1 lot = 35 shares) |
| Maximum Investment (Retail) | ₹1,92,920 (13 lots = 455 shares) |
| Issue Size | ₹500.75 crore |
| Fresh Issue | ₹360.75 crore (85,08,298 shares) |
| Offer For Sale (OFS) | ₹140 crore (33,01,884 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Under the OFS, promoter selling shareholders Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, and Bhavini Harshal Parekh, along with other selling shareholder Rakhi Narendra Firodia, are offering their shares for sale. The OFS component aggregates to ₹140 crore — meaning these proceeds will go directly to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company proposes to utilize net proceeds from the fresh issue towards the following objects: funding capital expenditure for fit-outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 — ₹12.45 crore; and part funding of the incremental working capital requirements of the company — ₹238.91 crore. The remaining proceeds will be used for general corporate purposes.
- Capital expenditure for fit-outs for new stores (FY27 & FY28) — ₹12.45 crore
- Incremental working capital requirements — ₹238.91 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Anand Rathi Advisors Ltd. and Emkay Global Financial Services Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of SS Retail Ltd. are Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, and Bhavini Harshal Parekh, who collectively own the bulk equity shares of the firm. Siddharth Shah, who serves as the Chairman and Managing Director, has extensive experience of over 23 years in the retail industry. The promoters collectively held 75.74% of the company before the issue.
The Board of Directors includes a diverse mix of eight directors, with Whole Time Directors Harshal Kishor Parekh and Deepa Siddharth Shah supporting the CMD in management of the organization.
Company Details
SS Retail specialises in applying digital technologies, automation software, and control systems to transform and optimise retail operations. The company’s registered office is at MIDC Chinchwad Industrial Area, Bhosari I.E., Pune – 411026, Maharashtra.
Retail Brands:
- SS Mobile
- xchange Wala (pre-owned smartphones)
- The Mobile Space
Store Formats / Business Models:
- COCO — Company Owned, Company Operated
- COFO — Company Owned, Franchisee Operated
- FOFO — Franchisee Owned, Franchisee Operated
Sectors & Products:
- Mobile Phones (new and pre-owned smartphones)
- Mobile Accessories
- Other Electronic Items
Geographic Presence:
Store count grew from 181 stores in 89 cities as of March 31, 2023 to 347 stores in 149 cities as of March 31, 2025, growing at a CAGR of 38.46%. As of March 2026, the company operated 503 stores, including 458 stores in Maharashtra.
During Fiscal 2026, the company acquired a 51.04% shareholding in Olineo Nexus India Private Limited, adding 34 stores to its network. As of March 31, 2026, the company had 689 permanent employees across management, accounts, operations, sales, supply chain, and HR.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹1,599.96 | ₹39.86 |
| FY26 | ₹2,352.85 | ₹59.28 |
Key Financial Metrics
- Revenue grew by 47% and PAT rose by 49% between FY25 and FY26.
- Pre-IPO P/E stands at 47.11x based on EPS of ₹9.11. Listed peers include Fonebox at 15.8x and Aditya Vision at 66.29x — placing SS Retail’s valuation between the two.
- PAT margin is approximately 2.52% on FY26 revenue of ₹2,353 crore — reflecting the low-margin nature of electronics retail.
- Working capital is the dominant use of IPO proceeds at ₹238.91 crore, reflecting the inventory-heavy nature of the business.
Company Strengths
- Largest mobile phone retail chain in West India and Maharashtra, and 3rd largest in India among peers, with a differentiated COFO and FOFO model with local partners approach that has helped scale operations.
- Established track record in diverse markets, particularly Tier II and Tier III and beyond cities, with a broad product mix including pre-owned smartphones and a strong procurement model.
- Rapid store expansion — from 181 stores in 2023 to 503 stores in 2026, representing a CAGR of over 38%.
- Scalable multi-format retail model through COCO, COFO, and FOFO store formats enabling asset-light expansion through local franchisee partnerships.
- Strong revenue and profit growth — 47% revenue growth and 49% PAT growth between FY25 and FY26.
- Experienced promoter and management team led by Chairman Siddharth Shah with over 23 years of domain expertise in retail.
Key Risks & Challenges
- Thin profit margins — PAT margin of ~2.52% on ₹2,353 crore revenue is very low, leaving little buffer against competitive pricing pressure or demand slowdowns.
- Heavy working capital dependency — ₹238.91 crore of IPO proceeds earmarked for working capital highlights the highly inventory-intensive and cash-hungry nature of the business.
- Geographic concentration — 458 out of 503 stores are in Maharashtra, making the business heavily dependent on one state.
- Promoter OFS — The ₹140 crore OFS component means a portion of IPO proceeds go to promoters rather than to the company’s growth.
- Highly competitive sector — The mobile phone retail market faces intense competition from e-commerce platforms (Flipkart, Amazon), large format electronics chains, and brand-exclusive stores.
- Low product differentiation — The company primarily retails third-party branded products, leaving it exposed to manufacturer pricing decisions and margin compression.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
