SS Retail IPO

About SS Retail IPO

The SS Retail IPO, a mainboard IPO, opens on Wednesday, September 16, 2026 and closes on Friday, September 18, 2026. The allotment of shares will take place on Monday, September 21, 2026. The credit of shares to the demat account will take place on Tuesday, September 22, 2026. The initiation of refunds will take place on Tuesday, September 22, 2026. The listing of shares will take place on Wednesday, September 23, 2026.

The equity shares offered through the IPO are proposed to be listed on BSE and NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 85,08,298 equity shares aggregating up to ₹361 crore. The offer for sale portion includes up to 33,01,884 equity shares aggregating up to ₹140 crore.

SS Retail IPO's price band is set at ₹403 to ₹424 per share. The lot size for an application is 35 shares. The minimum amount of investment required by a retail investor is ₹14,840 (35 shares).

The company is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in five states, namely Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat.

Objectives of SS Retail IPO

• Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028.
  
• Part funding of the incremental working capital requirements of our company.
  
• General corporate purposes.
  

Industry Outlook

India's mobile phone market grew from ₹ 2,053 billion in Fiscal 2019 to ₹ 3,226 billion in Fiscal 2024 at a CAGR of 9.5% and had a year on year growth of 8.3% from Fiscal 2025 to Fiscal 2026 to reach a value of ₹ 3,657 billion in Fiscal 2026, and is projected to reach ₹ 5,198 billion by Fiscal 2030, growing at a CAGR of 9.2%.

The Indian pre-owned smartphone market grew from ₹ 787 billion in Fiscal 2025 to ₹ 880 billion in Fiscal 2026, with a year-on-year growth rate of 11.8%, and is further expected to grow to ₹ 1,419 billion by Fiscal 2030 at CAGR of 12.7% from Fiscal 2026 to Fiscal 2030.

Organized retailers are increasingly adapting localized models, rationalizing real estate costs, and leveraging digital tools to improve supply chain visibility.

About SS Retail Limited

As of March 31, 2026, we operated 503 stores in India, and 458 stores in Maharashtra, which positioned us as the largest mobile phone retail chain in West India and in Maharashtra and the 3rd largest in India, amongst our peers.

Our revenue from operations have increased from ₹ 12,067.43 million in Fiscal 2024 to ₹ 23,510.31 million in Fiscal 2026 at a CAGR of 39.58%, which was the highest amongst our peers.

We primarily focus on our franchisee-led COFO and FOFO models which have helped us scale our operations, both in terms of number of stores and revenue from operations.

Strengths of SS Retail

• Largest mobile phone retail chain in West India and in Maharashtra, and the 3rd largest in India, among our peers, retailing a wide variety of mobile phones, accessories and other electronic items
• Differentiated COFO and FOFO Models with our Local Partners Approach which have helped us scale our operations
• Established track record of operations and understanding of diverse markets, particularly tier II and tier III and beyond cities
• A broad product mix with focus on mobile phones including pre-owned smartphones and a strong procurement model
• Consistent track record of financial performance and growth
• Experienced promoter and management team with strong domain expertise

Risks of SS Retail

• Key components such as displays and batteries are imported, exposing the sector to cost fluctuations and supply disruptions that can limit pricing flexibility and compress margins.
• High competition in the budget and mid-segment may lead to price wars and frequent discounting, resulting in margin pressure despite high sales volumes.
• Limited after-sales service infrastructure in rural and semi-urban areas may affect customer satisfaction and brand loyalty due to limited access to authorised repair centres.
• Heavy discounting during major online sales events may result in seasonal concentration of smartphone demand and intensify competition between online and offline channels.

Anchor Investor Bidding Date

Tuesday, September 15, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Phone: +91 40 6716 2222/180 0309 4001
Email: ssretail.ipo@kfintech.com

Book Running Lead Manager

• Anand Rathi Advisors Limited
  
• Emkay Global Financial Services Limited
  

SS Retail Contact Details
399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7,
Kolhapur – 416 003, Maharashtra, India.
Email: compliance@ssmobile.com
Tel: +91 90961 91222

SS Retail Business Model

The Company operates its store network around 3 different business models: (i) Company owned and company operated model (COCO Model); (ii) Company owned and franchisee operated model (COFO Model); and (iii) Franchisee owned and franchisee operated model (FOFO Model).

SS Retail Growth Trajectory

SS Retail Limited's Total Income for FY 26 was ₹2352.85 crore, whereas in FY 25 and FY 24 it was ₹1599.96 crore and ₹1208.04 crore, respectively.

The Profit After Tax for FY 26 was ₹59.28 crore, whereas in FY 25 and FY 24 it was ₹39.86 crore and ₹26.65 crore, respectively.

Their EBITDA for FY 26 was ₹125.15 crore, whereas in FY 25 and FY 24 it was ₹80.44 crore and ₹56.5 crore, respectively.

SS Retail Market Position

We primarily focus on our franchisee-led COFO and FOFO models which have helped us scale our operations, both in terms of number of stores and revenue from operations. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹2352.85 crore, ₹59.28 crore, and ₹125.15 crore, respectively.

How to apply for SS Retail IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.