SS Retail shares make strong D-Street debut, list at 51% premium over IPO price

SS Retail shares made a blockbuster debut on Wednesday, listing at a premium of 50.73% on the BSE. The stock opened at Rs 639.10 apiece against the issue price of Rs 424. On the NSE, the stock listed at Rs 624, marking a premium of 47.17% over the IPO price.

The listing surpassed unlisted market expectations, which had suggested a debut gain of up to 35%. The stock was commanding a grey market premium of around 35% ahead of the listing.

The Rs 500 crore SS Retail IPO comprised a fresh issue of 85.08 lakh shares aggregating to Rs 360 crore and an offer for sale (OFS) of 33.02 lakh shares worth Rs 140 crore. The company had fixed the IPO price band at Rs 403–Rs 424 per share, with a lot size of 35 shares.


The IPO opened for subscription on September 16, 2026, and closed on September 18, receiving an overwhelming overall subscription of 103.30 times. The qualified institutional buyers (QIBs) portion was subscribed 203.61 times, while the non-institutional investors (NIIs) portion saw 143.32 times subscription. The retail portion was subscribed 36.36 times.

Anand Rathi Advisors Ltd and Emkay Global Financial Services Ltd are the book-running lead managers for the issue, while KFin Technologies Ltd is acting as the registrar.

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds of the Issue towards funding capital expenditure for fit-outs of new stores planned for FY2027 and FY2028, with an estimated allocation of Rs 12.45 crore.

The Company also intends to use Rs 241.35 crore towards part-funding its incremental working capital requirements, with the balance proceeds allocated towards General Corporate Purposes. The total estimated utilisation of the Net Proceeds is Rs 253.80 crore.

Financial Performance

SS Retail Ltd. recorded a 47% increase in total income, rising from Rs 1,600 crore in FY25 to Rs 2,353 crore in FY26, reflecting strong year-on-year growth. The company’s profit after tax (PAT) increased by 49%, from Rs 40 crore in FY25 to Rs 59 crore in FY26, indicating improved profitability during the year.

About SS Retail

Incorporated in June 2016, SS Retail Ltd. is a multi-brand retail chain offering mobile phones, accessories and consumer electronics across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. The Company primarily targets Tier II, Tier III and smaller cities. As of March 31, 2026, it operated 503 stores across 215 cities, covering approximately 2,41,365 sq. ft., under its brands SS Mobile, Mobile Exchange Wala and The Mobile Space. The network expanded to 536 stores covering 2,60,597 sq. ft. as of July 31, 2026.

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Its product portfolio includes smartphones, pre-owned phones, accessories, TVs, laptops and tablets, along with services such as protection plans, EMI facilities, anti-theft software and mobile recharge. The Company follows COCO, COFO and FOFO retail formats and leverages local franchisee partnerships for regional expansion. During FY2026, it acquired a 51.04% stake in Olineo Nexus India Pvt. Ltd., adding 34 stores to its network. As of March 31, 2026, SS Retail was the largest mobile phone retail chain in West India and Maharashtra and the third largest in India among its peers, as per the cited industry report. The Company had 689 permanent employees across various functions.

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