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HomeIPOSS Retail

About SS Retail

Incorporated in June 2016, SS Retail Ltd. is a multi-brand retail chain for mobiles, accessories and other electronic products, spread over Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. It mainly caters to Tier II, Tier III and above locations and till 31st March 2026, operated 503 stores in 215 cities having an aggregate area of approximately 2,41,365 sq. ft. The Company runs its business under its proprietary brand names such as ‘SS Mobile’, ‘Mobile Exchange Wala’ and ‘The Mobile Space’ in store formats of Company Owned and Franchise stores. Its product offering consists of mobiles, second hand smartphones, accessories, televisions, laptops and tablets, together with other complementary offerings including mobile protection scheme, EMIs, anti-theft solutions and mobile top-up facilities. Till 31st July 2026, it had its store network of 536 stores covering approximately 2,60,597 sq. ft. The Company employs a scalable retail format that consists of three models namely, COCO, COFO and FOFO and it relies on partnerships with local franchises to increase its footprint in regional markets. In Fiscal 2026, the Company made an investment in Olineo Nexus India Private Limited by acquiring 51.04% stake in the company, thus increasing its total store count by 34 units. At March 31, 2026, the Company was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India as per the industry report. At March 31, 2026, the Company had 689 permanent employees including staff from management, accounts and audit, operations, sales, sales support, supply chain and HR and administration.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

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SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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SS Retail

SS Retail

Open Date

Sep 16, 2026

Close Date

Sep 18, 2026

listed

Min Investment

₹14,840

Lot Size

35 Shares

Issue Size

₹500 Cr

Price Range

₹403 - ₹403

Listing Date

Sep 23, 2026

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Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹160(+37.74%)GMP
37.74%Prediction Listing Gain

Grey Market Premium (GMP) Trend

SS Retail IPO - Issue Objectives

The company will use ₹12.45 crore to set up new stores in FY27 and FY28 The company will utilise ₹241.35 crore to fund the incremental working capital requirements. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure

3.4%

Working capital

67%

General corporate purposes

29.5%

1

Capital expenditure

The company will use ₹12.45 crore to set up new stores in FY27 and FY28

3.40%
2

Working capital

The company will utilise ₹241.35 crore to fund the incremental working capital requirements.

67.00%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

29.50%

IPO Subscription Status

QIB
214.22x
NII
150.79x
Individual
38.26x
Total
108.69x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of SS Retail

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Growing store network

The company had 503 stores across 215 cities as of March 31, 2026, which further increased to 536 stores as of July 31, 2026. The company is the largest mobile phone retailer in West India & Maharashtra and the third-largest in India amongst the selected competitors.

02

Franchise models support expansion with shared investment

COFO and FOFO stores represented 62.8% and 20.4% of the March 2026 network, respectively. Franchisees contribute part of store setup expenditure in both models and bear all store operating costs under FOFO. The company’s local-partner selection and training approach supports customer acquisition, while inventory ownership remains with the company.

03

Exposure to demand beyond the major cities

As of March 2026, the company had 90 stores in tier II cities and 260 in tier III and smaller cities. The industry projects FY26 to FY30 mobile-phone market growth of 10.1% in tier II and 9.2% in tier III cities, supported by first-time upgrades, financing access and wider 4G/5G adoption.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High concentration in Maharashtra

Maharashtra had 458 of 503 stores in March 2026, making up 89.09% of FY26 sales. Any negative change in demand or operating conditions in that region could significantly affect sales and profitability.

02

Dependency on demand for mobile phones

New handsets accounted for 86.1% of FY26 sales while secondhand mobiles accounted for an additional 7.2%. The very low sales contribution from other items suggests sales are linked to mobile phone purchase and replacement demand.

03

Contact Details

SS Retail

399, E, Basant Bahar Road, Ratikmal Complex, Shop 6-7, Kolhapur, Maharashtra, 416003

+919096191222
compliance@ssmobile.com
https://www.ssmobile.com/

SS Retail IPO - FAQs

SS Retail IPO is a Mainboard IPO. The issue is priced at 403-₹424. The minimum order quantity is 35 Shares. The IPO opens on 16 Sep, and closes on 18 Sep. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-09-15
  • Bidding Starts2026-09-16
  • Bidding Ends2026-09-18
  • Allotment Finalisation2026-09-21
  • Release of Funds2026-09-22
  • Demat Transfer2026-09-22
  • Listing2026-09-23
04

Pre-owned smartphone adds higher-margin growth

Mobile Exchange Wala revenue increased from ₹51.51 crore in FY24 to ₹169.35 crore in FY26, when the brand operated within 71 stores. The shop-in-shop format uses existing infrastructure with limited incremental operating costs.

05

Cross-selling and margins in accessories

Despite the fact that accessories constituted only 4.2% of the revenues in FY26, the category has a higher margin than mobile phones, according to the firm. Ancillary services and accessories provide chances for cross-selling without any costs in customer acquisition and faster turnaround time in inventories.

06

Operations aided by procurement systems

Procurement and sourcing are made easier through having relationships with brands and their authorised dealers or distributors. In-house systems enable tracking of sales and inventories in real time through the use of inventory management and ERP modules for demand forecasting and delivery to stores. The distribution system is made possible through warehouses and logistics services agreements using the hub-and-spoke approach.

Concentrated sourcing

The top ten suppliers represented 79.09% of FY26 purchases of traded goods, compared with 89.42% in FY25. Supply disruptions, reduced availability or less favourable purchase prices could affect product availability, customer relationships and margins.

04

Inventory funding and cash conversion

Consolidated inventory stood at ₹322.45 crore at March 2026, while inventory turnover fell from 9.11 to 8.83 times. Overstocking can increase financing costs and markdowns, while understocking can restrict sales.

05

Competitive pricing pressure

SS Retail competes with national electronics chains, regional and local retailers, exclusive brand outlets and e-commerce platforms. Discounting, broader product offerings and customer loyalty programmes are competitive pressures that could reduce footfall or margins.

06

Franchise dependence

COFO and FOFO stores contributed 74.1% of FY26 revenue, making growth dependent on franchisee selection, retention and performance. The company closed 27 stores in FY26 versus 12 in FY25. New locations may not achieve expected profitability, and integrating Olineo and other growth initiatives adds demands on management, systems and internal controls.

07

Unregistered property agreements

Of 424 leased properties operated, 381 agreements required registration and 82 remained unregistered. These unregistered agreements reflect property owners’ unwillingness to register them. Inadequate registration or stamping could restrict enforcement of contractual rights and expose the company to penalties.