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₹403 - 424Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
SS Retail Ltd
RetailIPO
₹403 - 424
SS Retail Ltd is West India's largest multi-brand mobile phone and electronics retailer, expanding across non-metro towns through a capital-light, franchisee-partnered store network. The company secures territory by retaining full inventory ownership while entrusting store operations to local partners who earn performance-linked commissions, minimizing upfront overhead while rapidly building store density in smaller cities.
Lot35Min Invest₹14,840Face Value₹10Issue Size₹500 CrFresh Issue₹360 CrOffer for Sale₹140 Cr
Timeline
16 Sept
Bidding opens
18 Sept
Bidding closes
21 Sept
Allotment
22 Sept
Refund & demat credit
23 Sept
Listing
Subscription · As of 8:00 PM, 18 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+0.20x+0.03x+203.37x203.6x+1.53x+8.39x+133.41x143.3x+2.20x+5.35x+28.81x36.4xOverall+1.44x+4.34x+97.52x103.3x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB203.6x54.70 L111.37 Cr47,219.28NII143.3x16.41 L23.52 Cr9,971.59Retail36.4x38.29 L13.92 Cr5,903.35Total103.3x1.18 Cr121.82 Cr51,650.00
Reports
Offer Details
Terms
Issue Size₹500 Cr1.18 Cr shares
Fresh Issue₹360 Cr
Offer for Sale₹140 Cr
Face Value₹10
Lot Size35 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8401-13 lots
sNII₹2,07,760from 14 lots
bNII₹10,09,120from 68 lots
Managers & Registrar
Lead ManagerAnand Rathi Advisors Limited
Co-ManagerEmkay Global Financial Services Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSiddharth Gunvant ShahPRMTR10,61,32045.00Deepa Siddharth ShahPRMTR3,30,18814.00Harshal Kishor ParekhPRMTR1,88,6798.00Bhavini Harshal ParekhPRMTR70,7543.00Rakhi Narendra FirodiaOTH16,50,94370.00Total33,01,884140.00
Shareholding
CategoryPre IPOPost IPOPromoter Group75.74%64.86%Public24.26%35.14%
Objects of the Issue
- 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
Anchor Book
Bid Date15-Sep-2026Bid Price₹424Shares34,52,829Amount₹146 CrMutual Funds83.13% of the book30-day lock-in20-Oct-202690-day lock-in19-Dec-2026
Financials
Profit & Loss
| Financial Year | FY26 |
|---|---|
| RevenueCr | 2,351 |
| Operating ProfitCr | 125 |
| OPM% | 5.3 |
| PBTCr | 81 |
| PATCr | 59 |
Cash Flow
| Financial Year | FY26 |
|---|---|
| Operating Cash FlowCr | 33 |
| Investing Cash FlowCr | -31 |
| Financing Cash FlowCr | 2 |
| Net Cash FlowCr | 4 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
Strategies · as stated in the DRHP
- Deepening our penetration in existing geographies in line with the anticipated growth in industry demand and expanding our operations in adjacent identified geography i.e., Chhattisgarh.
- Increasing focus on accessories and other electronic items which offer higher margins compared to mobile phones.
- Expanding our store network including Mobile Exchange Wala stores and increasing focus on retailing pre-owned smartphones.
- Entering into tie-up arrangements directly with brands of mobile phones, accessories and other electronic items.
Risks · as stated in the DRHP
- The company derives a significant portion of its revenue from operations from retailing mobile phones. During Fiscals 2026, 2025 and 2024 the company derived 86.18%, 87.58% and 88.31% of its revenue from operations, respectively, from retailing mobile phones. Any economic slowdown or other factors that affect the mobile phone industry, and accessories and electronic items industries including those that impact or reduce consumers ability to purchase the company's products, could adversely impact its business, financial condition, and operating results.
- The company is significantly reliant on its arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from the company's top 10 Suppliers was 79.09%, 89.42% and 88.38% of its purchase of traded goods during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Failures on the part of the Suppliers to supply, or a delay in supply of traded goods from the company's top 10 Suppliers, could have an adverse impact on its reputation, business, financial condition, cash flows and results of operations.
- The company derives a significant portion of its revenue from operations from the company's stores in the state of Maharashtra. As of March 31, 2026, the company had 458 stores in Maharashtra constituting 91.05% of its total stores. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company derived 89.09%, 92.32% and 94.07% of its revenue from operations from Maharashtra. Accordingly, the company is subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on its business, financial condition, result of operation and cash flow.
- The company primarily focus on its COFO Model and FOFO Model which have helped the company scale its operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 74.19%, 78.03% and 77.79% of its revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. If the company franchisee-led COFO and FOFO models are not successful in the future, or does not grow at the same rate or at all, or the stores which the company operates under COFO and FOFO models closes, then it may adversely impact its business growth and prospects, financial condition and results of operations.
- The company's business is working capital intensive, primarily on account of inventory required to be stocked at its stores and warehouses. The Company proposes to utilize Rs. 2,413.47 million out of the Net Proceeds towards its incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. The company may need to obtain additional financing in the normal course of business from time to time as its expand the company operations and any failures on its part to effectively manage the company's working capital requirements may requires it to raise additional financing and any inability to do that may result in an adverse effect on the company's business, revenue from operations and financial condition.
- One of the company's Independent Directors, Asit Chimanlal Mehta is associated with the entities which are associated with securities market. By virtue of his association with the entities which are associated with securities market, he may be subject to certain stringent obligations under securities laws. Any failures to comply with the requirements of securities law may result in proceedings or adverse orders being passed against him which may have an impact on his reputation which could in turn impact the company's reputation, business and prospects.