SS Retail IPO

About SS Retail IPO

SS Retail IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the Demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The IPO of SS Retail comprises a fresh issue aggregating up to ₹300 crores and an offer for sale aggregating up to ₹200 crores. It is a 100% book-built issue. The lot size of shares in the IPO is TBA and the price band of shares is TBA.

The minimum investment amount required by a retail investor is TBA based on the upper price. The minimum lot for retail investors is TBA.

SS Retail is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in four states, Maharashtra, Karnataka, Madhya Pradesh and Goa. It deals in multiple product categories across different types of cities such as metro cities, mini metro cities, tier I cities, tier II cities and tier III and beyond.

Objectives of SS Retail IPO

The company proposes to utilise the IPO proceeds for:

• 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 the company
• General corporate purposes

Industry Outlook

India, positioned as the second-largest market globally with 664.13 million smartphone users in CY 2024, trails only behind China’s 974.69 million users. India’s smartphone adoption is poised to accelerate as more of the untapped population comes online, driven by rising disposable incomes, affordable data plans, government-led digital inclusion, and the availability of budget-to-mid-range devices.

India’s total retail market stood at ₹92,254 billion in FY2025 and is projected to reach ₹1,50,025 billion by FY2030, growing at a CAGR of 10.2% over the period. The retail landscape remains largely unorganised, with organised retail contributing ₹18,915 billion in FY2025, while unorganised retail accounted for ₹73,339 billion.

However, the share of organised retail is expected to grow steadily due to rising disposable incomes, increasing brand awareness among consumers, demand for improved shopping experiences and increased investment in infrastructure via the government.

SS Retail Company Information

SS Retail is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in four states, Maharashtra, Karnataka, Madhya Pradesh and Goa. It deals in multiple product categories across different types of cities such as metro cities, mini metro cities, tier I cities, tier II cities and tier III and beyond cities. However, the focus has been on retailing mobile phones and accessories in tier II and tier III and beyond cities.

Strengths of SS Retail

• Largest mobile phone retail chain in West India and in Maharashtra, and the 4th largest in India, among its peers
• Differentiated COFO and FOFO models with local partners approach has helped the company scale 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 mobile phones and a strong procurement model
• Consistent track record of financial performance and growth

Risks of SS Retail

• Economic slowdown or other factors that affect the mobile phone industry could adversely affect business
• Failure on the part of the suppliers to supply, or a delay in supply of traded goods from top 10 suppliers could adversely impact business
• Subject to risks arising from changes in political, social and economic conditions of Maharashtra
• If franchisee-led COFO and FOFO models are not successful in the future or do not grow at the same rate or at all then it may adversely impact business growth
• Inability to operate and grow business in existing geographies may have an adverse effect on business
• Failure to effectively manage working capital could adversely affect business
• Inability to identify, finalise or acquire suitable locations for new stores may adversely affect expansion and growth plans
• Delays in payment of statutory dues in future may attract financial penalties
• There’s no assurance that the company will be able to open new stores within the estimated cost and the time frame
• The company operates a high volume and low margin business

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technology
  
• Book Running Lead Managers: Anand Rathi Advisors and Emkay Global Financial Services
  

SS Retail Business Model

SS Retail is into mobile phones, accessories and other electronic items. As of June 30, 2025, the company operated 4 ‘smartphone cafes’ which were exclusive brand outlets (EBOs) in Maharashtra for retailing mobile phones of reputed brands.

SS Retail Growth Trajectory

The revenue of operations of SS Retail grew from ₹832.036 crores in FY 23 to ₹1597.931 crores in FY 25. Its PAT margin increased from 1.39% in FY 23 to 2.49% in FY 25. The company’s operating EBITDA margin increased from 3.66% in FY 23 to 5.03% in FY 25.

Also, over the years, the company scaled its operations and increased its store count from 181 stores across 89 cities as of March 31, 2023 to 347 stores across 149 cities as of March 31, 2025 at a CAGR of 38.46%. Differentiated COFO and FOFO models with local partners approach and a broad product mix with focus on mobile phones have helped the company grow over the years.

SS Retail Market Position

As of March 31, 2025, SS Retail operated 347 stores in India, and 334 stores in Maharashtra. This has positioned the company as the largest mobile phone retail chain in West India and the 4th largest in India.

How to Apply for SS Retail IPO?

To apply for this IPO:

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