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Fri, 30 Oct 2026
01:54:23 pm
Fri, 30 Oct 2026
01:54:23 pm
Rudransh Sangwan
Published at: September 15, 2026, 10:03 AM
Synopsis
SS Retail IPO GMP is ₹145 ahead of the September 16 opening. Check the price band, lot size, investment amount, IPO dates, listing details and valuation.
The SS Retail IPO is a ₹500 crore mainboard IPO opening on September 16, 2026. It includes a ₹360 crore fresh issue and a ₹140 crore Offer for Sale (OFS).
The SS Retail IPO price band is ₹403 to ₹424 per share. The lot size is 35 shares, requiring ₹14,840 for one retail lot. The shares are proposed to list on BSE and NSE on September 23, 2026.
The latest SS Retail IPO GMP is ₹145, updated on September 15, 2026, at 1:58 PM. At ₹424, the estimated listing price is ₹569, indicating a potential 34.20% gain.
GMP has risen from ₹30 on September 10 to ₹145 on September 15. GMP is unofficial and can change before listing.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|---|
| 15-09-2026 | ₹424.00 | ₹145 ▲ | ₹569 (34.20%) | ₹5,075 | 15-Sep-2026 13:58 |
| 14-09-2026 | ₹424.00 | ₹140 ▲ | ₹564 (33.02%) | ₹4,900 | 14-Sep-2026 23:37 |
| 13-09-2026 | ₹424.00 | ₹120 ▲ | ₹544 (28.30%) | ₹4,200 | 13-Sep-2026 23:30 |
| 12-09-2026 | ₹424.00 | ₹106 ▲ | ₹530 (25.00%) | ₹3,710 | 12-Sep-2026 23:36 |
| 11-09-2026 | ₹424.00 | ₹80 ▲ | ₹504 (18.87%) | ₹2,800 | 11-Sep-2026 23:29 |
| 10-09-2026 | ₹424.00 | ₹30 ▲ | ₹454 (7.08%) | ₹1,050 | 10-Sep-2026 23:28 |
| 09-09-2026 | ₹ | ₹0 ─ | ₹ (%) | 9-Sep-2026 12:30 |
Estimated Profit/Loss per lot. GMP × Market Lot.
Note: GMP is based on unofficial grey-market activity and is indicative only. It does not guarantee the actual listing price.
| IPO Detail | Information |
|---|---|
| IPO Dates | September 16 to September 18, 2026 |
| Price Band | ₹403 to ₹424 |
| Issue Price | ₹424 |
| Face Value | ₹10 per share |
| Lot Size | 35 Shares |
| Minimum Investment | ₹14,840 |
| Total Issue Size | ₹500 crore |
| Fresh Issue | ₹360 crore |
| Offer for Sale | ₹140 crore |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Listing | BSE, NSE |
| Tentative Listing Date | September 23, 2026 |
| Market Cap at Upper Price | ₹3,153.36 crore |
| Employee Discount | ₹25 |
The SS Retail IPO opens on September 16 and closes on September 18. Allotment is expected on September 21, followed by refunds and share credit on September 22.
| IPO Event | Date |
|---|---|
| IPO Open | September 16, 2026 |
| IPO Close | September 18, 2026 |
| Allotment | September 21, 2026 |
| Refund | September 22, 2026 |
| Credit of Shares | September 22, 2026 |
| Listing | September 23, 2026 |
The SS Retail IPO lot size is 35 shares. At ₹424 per share, one lot costs ₹14,840.
| Investor Type | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 35 | ₹14,840 |
| Retail Maximum | 13 | 455 | ₹1,92,920 |
| S-HNI Minimum | 14 | 490 | ₹2,07,760 |
| S-HNI Maximum | 67 | 2,345 | ₹9,94,280 |
| B-HNI Minimum | 68 | 2,380 | ₹10,09,120 |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Offer |
| Category | Investment Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5 Lakhs (EMP) + RII/NII limits | Yes |
SS Retail Ltd. was incorporated in June 2016. It sells mobile phones, accessories and other electronic products.
As of July 31, 2026, the company had 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat.
Its brands include SS Mobile, Mobile Exchange Wala and The Mobile Space. The company mainly targets Tier II, Tier III and smaller cities.
SS Retail operates through COCO, COFO and FOFO store formats. It also uses local franchisees to expand its retail network.
During FY26, the company acquired a 51.04% stake in Olineo Nexus India Private Limited, adding 34 stores.
SS Retail's total income rose to ₹2,352.85 crore in FY26 from ₹1,599.96 crore in FY25. PAT increased to ₹59.28 crore from ₹39.86 crore.
| Financial Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Assets | ₹278.25 Cr | ₹389.44 Cr | ₹575.42 Cr |
| Total Income | ₹1,208.04 Cr | ₹1,599.96 Cr | ₹2,352.85 Cr |
| Profit After Tax | ₹26.65 Cr | ₹39.86 Cr | ₹59.28 Cr |
| EBITDA | ₹56.50 Cr | ₹80.44 Cr | ₹125.15 Cr |
| Net Worth | ₹101.51 Cr | ₹141.37 Cr | ₹225.71 Cr |
| Reserves and Surplus | ₹88.52 Cr | ₹128.18 Cr | ₹159.59 Cr |
| Total Borrowing | ₹110.43 Cr | ₹125.36 Cr | ₹162.59 Cr |
Amount in ₹ crore.
At the upper price of ₹424, the indicated market capitalisation is ₹3,153.36 crore. The provided post-IPO P/E is 53.2x.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹9.00 | ₹7.97 |
| P/E | 47.11x | 53.2x |
| Market Cap at Offer Price | ₹2,792.61 Cr. | ₹3,153.36 Cr. |
The company reported FY26 ROE of 30.60% and ROCE of 29.30%. Debt-to-equity stood at 0.70.
| KPI | FY26 |
|---|---|
| ROE | 30.60% |
| ROCE | 29.30% |
| Debt/Equity | 0.70 |
| RoNW | 32.60% |
| PAT Margin | 2.52% |
| EBITDA Margin | 5.32% |
| NAV | 34.33 |
| Price to Book Value | 12.35 |
Promoters held 75.74% before the IPO, while public shareholders held 24.26%.
| Shareholder Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 75.74% | - |
| Public | 24.26% | - |
| Total | 100% | - |
Company Promoters: Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh and Bhavini Harshal Parekh.
The ₹140 crore OFS includes shares offered by promoters and Rakhi Narendra Firodia.
| Selling Shareholder | Category | Estimated Amount |
|---|---|---|
| Siddharth Gunvant Shah | Promoter | ₹45 Cr |
| Deepa Siddharth Shah | Promoter | ₹14 Cr |
| Harshal Kishor Parekh | Promoter | ₹8 Cr |
| Bhavini Harshal Parekh | Promoter | ₹3 Cr |
| Rakhi Narendra Firodia | Other | ₹70 Cr |
| Total | ₹140 Cr |
Estimated amount shown until the actual number of shares offered in OFS is entered.
SS Retail has a growing store network, strong regional presence and rising revenue and profit. Its focus on smaller cities also supports its expansion strategy.
The key concern is valuation. The post-IPO P/E is 53.2x, while the PAT margin is 2.52%. The ₹145 GMP indicates positive grey-market sentiment but does not guarantee listing gains.
Kfin Technologies Ltd. is the registrar of the SS Retail IPO.
Investors can use the registrar's service to check their SS Retail IPO allotment status after allotment.
The book-running lead managers are:
The SS Retail IPO is a ₹500 crore mainboard IPO with a ₹360 crore fresh issue and ₹140 crore OFS.
The latest SS Retail IPO GMP is ₹145, updated on September 15, 2026, at 1:58 PM.
Based on the current GMP, the estimated listing price is ₹569 per share.
The current GMP indicates an estimated listing gain of 34.20% over the upper IPO price.
The SS Retail IPO price band is ₹403 to ₹424 per share.
The SS Retail IPO lot size is 35 shares.
The minimum retail investment is ₹14,840 for one lot at the upper price band.
The SS Retail IPO will open on September 16, 2026.
The IPO will close on September 18, 2026.
SS Retail IPO allotment is expected on September 21, 2026.
SS Retail shares are scheduled to list on BSE and NSE on September 23, 2026.
SS Retail IPO includes both a ₹360 crore fresh issue and ₹140 crore OFS.
Kfin Technologies Ltd. is the registrar of the SS Retail IPO.
The total SS Retail IPO issue size is ₹500 crore.
The provided post-IPO P/E ratio is 53.2x.
SS Retail has an expanding store network and strong FY26 growth. Investors should also consider its valuation, low PAT margin and risks associated with the retail business before investing.
Disclaimer: SS Retail IPO GMP is based on unofficial grey-market activity and is indicative only. Estimated listing prices and gains are not guaranteed. Investors should independently evaluate the IPO's valuation, financial performance, business prospects and risks before making an investment decision.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
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