SS Retail to Launch IPO on September 16; Price Band Fixed at ₹403–424
SS Retail CMD Siddharth Gunvant Shah Unveils ₹500-Crore IPO; Issue to Open September 16
Mobile and electronics retailer targets ₹500 crore through fresh issue and offer for sale; company operates 503 stores across 215 cities
Bilkul Bazaar
Ahmedabad
SS Retail Limited, a fast-growing multi-brand retailer of mobile phones, accessories and other electronic products, on Friday announced the details of its initial public offering (IPO), which will open for public subscription on Wednesday, September 16, 2026.
The company has fixed the price band at ₹403 to ₹424 per equity share of face value ₹10 each. The IPO will remain open for subscription until Friday, September 18, 2026, while bidding by anchor investors will take place on Tuesday, September 15, 2026.
The IPO comprises a fresh issue of equity shares aggregating up to ₹360 crore and an Offer for Sale (OFS) aggregating up to ₹140 crore, taking the total issue size to up to ₹500 crore.
At the IPO announcement, Siddharth Gunvant Shah, Chairman & Managing Director of SS Retail Limited; Deepa S. Shah, Whole-time Director; Sagar Patil, Whole-time Director & Chief Financial Officer; Sumeet Lath from Anand Rathi Advisors; and Bhargav Aryasomayajula from Emkay Global were present and announced the key details of the proposed public issue.
503 stores across 215 cities
SS Retail has built a sizeable retail network focused on mobile phones, accessories and electronic products, with a particular emphasis on Tier II and Tier III and beyond cities.
As of March 31, 2026, the company operated 503 stores across 215 cities in India, including 458 stores in Maharashtra.
The company’s store network has expanded substantially from 236 stores across 109 cities as of March 31, 2024, to 503 stores across 215 cities as of March 31, 2026, representing a store-count CAGR of 45.99%.
According to the Knowledge Company Report cited in the company’s IPO documents, this growth rate was around 2.4 times the peer average of 19.29% during the same period.
The company said its network and operating model have helped it establish a strong position in Western India. Based on the Knowledge Company Report, SS Retail was the largest mobile phone retail chain in West India and Maharashtra and the third-largest in India among its peers.
Strong store productivity
The company’s stores covered approximately 2,41,365 square feet as of March 31, 2026.
SS Retail reported sales per square foot of ₹1,46,347.03 in Fiscal 2026, which, according to the Knowledge Company Report, was the highest among its peers. The company views this as an indicator of efficient space utilisation and store productivity across its retail formats.
SS Retail operates primarily through three brands — SS Mobile, Mobile Exchange Wala and The Mobile Space.
The company caters to consumers across metros, mini-metros, Tier I, Tier II and Tier III-and-beyond cities, while maintaining a particular focus on mobile phones and accessories in smaller cities.
Expansion beyond Maharashtra
SS Retail currently has operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with operations in Gujarat commencing in Fiscal 2027.
The company has also expanded its business through acquisitions.
During Fiscal 2026, SS Retail acquired a 51.04% stake in Olineo Nexus India Private Limited, a company operating in a similar line of business. Olineo had 34 stores in Maharashtra as of March 31, 2026.
SS Retail also acquired the GIZMORE brand, a B2B retail accessories brand, strengthening its presence in the accessories segment.
IPO structure
The IPO will be conducted through the Book Building Process under the applicable SEBI ICDR Regulations.
Not more than 50% of the Net Offer will be available for allocation to Qualified Institutional Buyers (QIBs). The company, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors.
The issue also provides for allocation to Non-Institutional Investors (NIIs), Retail Individual Investors (RIIs) and Eligible Employees in accordance with the applicable regulations.
Not less than 15% of the Net Offer will be available for NIIs, while not less than 35% will be available for Retail Individual Investors.
Within the NII category, one-third will be available to bidders with a bid size of more than ₹2 lakh and up to ₹10 lakh, while two-thirds will be available to bidders with a bid size of more than ₹10 lakh, subject to applicable regulations.
Eligible employees participating in the Employee Reservation Portion will receive a discount of ₹25 per equity share to the Offer Price.
Minimum bid of 35 shares
Investors can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter.
At the lower end of the price band, the minimum application for one lot would amount to ₹14,105, while at the upper end it would amount to ₹14,840.
The equity shares are proposed to be listed on both the BSE Limited and National Stock Exchange of India Limited (NSE), with NSE designated as the Designated Stock Exchange.
Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are acting as the Book Running Lead Managers to the issue.
Except for Anchor Investors, all bidders are required to participate through the Application Supported by Blocked Amount (ASBA) process. UPI bidders can use their UPI ID for blocking the application amount, subject to the applicable process.
Issue proceeds
The fresh issue component of up to ₹360 crore will provide SS Retail with fresh capital for its stated corporate purposes and growth plans, while the OFS component of up to ₹140 crore will provide an exit opportunity to the existing selling shareholders.
The promoter selling shareholders comprise Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh. Rakhi Narendra Firodia is the other selling shareholder.
The company has filed its Red Herring Prospectus dated September 8, 2026 with the Registrar of Companies. The RHP is available on the websites of SEBI, BSE, NSE, SS Retail and the Book Running Lead Managers.
SS Retail has cautioned investors that investment in equity shares involves a high degree of risk and advised prospective investors to carefully read the Risk Factors and other information contained in the RHP before making an investment decision.
SS Retail IPO — At a Glance
| Particulars | Details |
| Company | SS Retail Limited |
| IPO Size | Up to ₹500 crore |
| Fresh Issue | Up to ₹360 crore |
| Offer for Sale | Up to ₹140 crore |
| Price Band | ₹403 – ₹424 per share |
| Face Value | ₹10 per share |
| Lot Size | 35 shares |
| Minimum Application | ₹14,105 – ₹14,840 |
| Employee Discount | ₹25 per share |
| Anchor Bidding | September 15, 2026 |
| IPO Opens | September 16, 2026 |
| IPO Closes | September 18, 2026 |
| Listing | BSE & NSE |
| Designated Exchange | NSE |
| BRLMs | Anand Rathi Advisors & Emkay Global Financial Services |
| Stores | 503 |
| Cities | 215 |
| Maharashtra Stores | 458 |
| Store Count CAGR (FY24-FY26) | 45.99% |
| FY26 Sales/Sq. Ft. | ₹1,46,347.03 |
| Key Brands | SS Mobile, Mobile Exchange Wala, The Mobile Space |
| Olineo Stake Acquired | 51.04% |
| Olineo Stores | 34 |
| GIZMORE | Brand acquired in FY26 |
IPO Timeline
September 15, 2026 → Anchor Investor Bidding
September 16, 2026 → IPO Opens
September 18, 2026 → IPO Closes
Post-issue → Proposed listing on BSE & NSE
Key numbers: ₹500 crore IPO | ₹403–₹424 price band | 35-share lot | 503 stores | 215 cities | 45.99% store-count CAGR
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.
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