SS Retail IPO

About the company

SS Retail IPO will open for subscription on 16 September 2026. The IPO will remain open till 18 September, followed by listing on Wednesday, 23 September. SS Retail is a Kolhapur-based multi-brand retailer of mobile phones, accessories and other electronic products. The company was incorporated in June 2016 and has successfully expanded its network from 236 stores across 109 cities in March 2024 to 503 stores across 215 cities by March 2026, representing a 45.9% store-count CAGR. March 2026, the network covered 241,365 sq. ft.; by 31 July 2026, this had expanded to 536 stores covering 260,597 sq. ft. Operations span Maharashtra, Goa, Karnataka, Madhya Pradesh and Gujarat, which was added recently in FY27. Maharashtra remained its principal market, accounting for 458 stores as of March 2026 and 89.09% of FY26 revenue, compared with 94.07% in FY24. The FY26 network also includes 34 Maharashtra stores acquired through the purchase of a 51.04% stake in Olineo Nexus India, which became a subsidiary on 27 January 2026. The company operates principally through SS Mobile, The Mobile Space and Mobile Exchange Wala. In March 2026, SS Mobile had 401 stores, including 71 with Mobile Exchange Wala counters; the Mobile Space had 68 stores, alongside Olineo's 34 outlets. Mobile Exchange Wala sells pre-owned smartphones through a shop-in-shop format within selected SS Mobile outlets, so these counters are included in the existing store count. FY26 consolidated revenue from operations was ₹2,351.03 crore: mobile phones contributed 86.1%, pre-owned smartphones 7.2%, accessories 4.2%, other electronic items 1.3%, and ancillary services 1.10%, before intercompany eliminations of 0.16%. Accessories include audio products, earphones, wearables and charging products; other electronics comprise televisions, laptops and tablets. Ancillary services include mobile protection plans, anti-theft software and recharges. Corporate sales comprise wholesale mobile-phone sales by SS Retail and B2B accessory sales through subsidiary Nexora Smart Tech, which commenced business in FY26. The firm operates on company-owned, company-operated (COCO), company-owned franchisee-operated (COFO), and franchisee-owned franchisee-operated (FOFO) models with 84, 316, and 103 stores, respectively, as at March 2026. The firm has 83.30% of stores in the COFO and FOFO models. The firm maintains inventory ownership in all three models. In terms of format mix, the firm has 49 large stores, 219 medium stores, and 235 small stores. The firm incurs store operating costs in the COFO model, whereas the FOFO franchisees incur them, and the firm makes a margin on the cost of inventory sold by the FOFO franchisees. The franchisee partners in the local market facilitate customer acquisition and local market understanding for the firm. The network focuses on smaller cities, where 90 stores operate in tier II cities and 260 in tier III and above as at March 2026. The firm procures products from brands, distributors, and authorised dealers through central inventory and an enterprise system. There are three warehouses and four logistics provider arrangements in the distribution and finance provider kiosk in the store to enable instalment payments for customers. SS Retail operates in organised mobile-phone and consumer-electronics retail, with a primary focus on mobile phones and accessories. India's mobile-phone and accessories market is estimated at ₹4.24 lakh crore in FY26 and projected to reach ₹6.16 lakh crore by FY30, a 9.8% CAGR. This market comprises new smartphones, feature phones and mobile accessories; it excludes pre-owned smartphones and smartwatches. Growth is expected to be driven by higher smartphone selling prices, premium upgrades and demand for improved features, including in tier II and smaller cities. Within mobile-phone retail, the organised offline modern-trade channel was valued at ₹92,500 crore in FY26 and is projected to reach ₹1.61 lakh crore by FY30, a 14.9% CAGR. Separately, India's pre-owned smartphone market is projected to grow from ₹88,000 crore in FY26 to ₹1.41 lakh crore by FY30, a 12.7% CAGR, supported by price-sensitive buyers, trade-in programmes and demand for affordable premium devices. SS Retail's chain of stores had 69.5% of its stores located in tier II and above the tier III cities in March 2026, and due to its local franchisees and in-store financial kiosks, assisted purchasing in these regions is facilitated by the firm. It has 71 Mobile Exchange Wala shop-in-shop counters, and thus, participation in the pre-owned segment, which generated 7.2% of its revenue in FY26. The firm intends to strengthen its geographic presence by expanding into Chhattisgarh, thus making the link between the expansion plan and the demand trend. Now, SS Retail Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹360 crore and an offer for sale of ₹140 crore only. The total issue size of the IPO is ₹500 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for SS Retail IPO?** If you are interested in this investment opportunity but unsure how to apply for an SS Retail IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the SS Retail IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘SS Retail IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   16 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   18 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   21 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   22 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   22 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   23 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.