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Patna: The initial public offering (IPO) of SS Retail Ltd. opened for subscription on September 16, 2026, and was subscribed 1.44 times on its first day of bidding. The Rs 500-crore issue has a price band of Rs 403 to Rs 424 per share and will close on September 18.
The offering comprises a fresh issue of shares worth up to Rs 360 crore and an offer for sale of shares worth up to Rs 140 crore by existing shareholders and promoters.
Ahead of the issue opening, SS Retail raised Rs 146.4 crore from anchor investors on September 15. The company allotted 34.52 lakh shares to 14 institutional investors at Rs 424 per share, the upper end of the price band.
Domestic mutual funds received 83.14 percent of the anchor allocation, with 28.70 lakh shares allotted across 19 schemes. The participating fund houses included SBI Mutual Fund, Kotak Mahindra Asset Management Company, ICICI Prudential Asset Management Company, Axis Mutual Fund, WhiteOak Capital, Motilal Oswal Asset Management Company, Invesco, and Aditya Birla Sun Life Asset Management Company.
Bengal Finance and Investment, backed by investor Ashish Kacholia, along with Kotak Mahindra Life Insurance and 360 ONE, also participated in the anchor book and collectively invested nearly Rs 25 crore.
At the upper end of the price band, SS Retail is valued at approximately Rs 3,154 crore. The lot size for the IPO is 35 shares, requiring retail investors to invest a minimum of Rs 14,840 per lot.
Day One Subscription
By the end of the first day of bidding, the issue received bids for shares against the total offered. The retail individual investor portion was subscribed 2.2 times, while the non-institutional investor category was subscribed 1.53 times. The qualified institutional buyer portion, excluding the anchor book, was subscribed 0.2 times.
The grey market premium for SS Retail shares stood at around Rs 80 per share on the second day of bidding, indicating an estimated listing gain of approximately 19 percent over the upper price band, according to market observers. The grey market premium is an unofficial indicator and does not guarantee actual listing performance.
On the first day of bidding, the grey market premium was quoted at approximately Rs 128 per share, implying a premium of around 30 percent. The premium declined as the issue progressed.
Use of Proceeds and Expansion Plans
SS Retail plans to utilize Rs 241.3 crore of the net fresh issue proceeds to meet incremental working capital requirements. An additional Rs 12.4 crore will be used to set up new stores during the current fiscal year and FY28. The remaining proceeds will be directed toward general corporate purposes.
The company intends to open 120 new stores in each of FY27 and FY28. Between April and July 2026, SS Retail had already opened 33 new stores. Of the planned expansion, the company intends to open 57 stores in FY27 and 58 stores in FY28, utilizing up to Rs 5.81 crore and Rs 6.64 crore respectively for fit-outs.
As of March 31, 2026, SS Retail operated 503 stores across India, including 458 stores in Maharashtra. The company has since expanded its network to 536 stores as of July 31, 2026.
Company Profile
SS Retail is a multi-brand retail chain for mobile phones, accessories, and other electronic items. The company operates across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat. It focuses on tier II, tier III, and smaller cities through a mix of company-owned and franchisee-operated store formats.
For the fiscal year ended March 2026, SS Retail reported revenue from operations of Rs 2,351.03 crore and a profit after tax of Rs 59.28 crore. In the previous fiscal year, revenue stood at Rs 1,597.93 crore with a profit after tax of Rs 39.86 crore.
Anand Rathi Advisors Limited and Emkay Global Financial Services Limited are the book running lead managers for the IPO. KFin Technologies Limited is the registrar to the issue.
The share allotment is expected to be finalized on September 21, 2026. Refunds will be initiated on September 22, and shares are scheduled to be credited to demat accounts on the same day. The tentative listing date on both the BSE and NSE is September 23, 2026.
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