SS RETAIL LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-16 — Company overview and issue details SS RETAIL LTD IPO (ABOUT THE COMPANY) SS RETAIL LTD – COMPANY BACKGROUND SS Retail Ltd was incorporated in the year 2016 as a multi-brand retailer of mobile phones, accessories, and other…
2026-09-16 — Company overview and issue details
SS RETAIL LTD IPO (ABOUT THE COMPANY)
SS RETAIL LTD – COMPANY BACKGROUND
SS Retail Ltd was incorporated in the year 2016 as a multi-brand retailer of mobile phones, accessories, and other electronic items. Their business is spread across the states of Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat. It operates a total of 503 stores spread across 215 cities; most of which are tier-2 and tier-3 cities. It operates through a mix of COCO (company owned, company operated) stores and franchise stores. It focuses on offering franchising to locally strong players. It is the third largest mobile retail chain in India. It has limited presence in the mainstream metros of India.
The promoters of SS Retail Ltd are Siddharth Shah, Deepa Shah, Harshal Parekh, and Bhavini Parekh. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for funding capex for fitouts for stores, funding incremental working capital needs and for general corporate purposes. The issue is being lead-managed by Anand Rathi Advisors and Emkay Global; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF SS RETAIL LTD
Here are the key highlights of the public issue of SS Retail Ltd.
The IPO is open from September 16th, 2026 to September 18th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹403 to ₹424 per share.
The IPO of SS Retail Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 85,08,298 shares (85.08 lakh shares), which at the upper price band of ₹424 per share, translates into a fresh issue size of ₹360.75 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 33,01,884 shares (33.02 lakh shares), which at the upper price band of ₹424 per share, translates into an OFS size of ₹140.00 crore.
Therefore, the overall IPO will comprise of the fresh issue and the offer for sale of 1,18,10,182 shares (118.10 lakh shares), which at the upper price band of ₹424 per share translates into an overall issue size of ₹500.75 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 75.74% pre-IPO to 64.85% post-IPO.
The IPO of SS Retail Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 15, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of SS Retail Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 16 September, 2026 |
| IPO Close Date | Friday, 18 September, 2026 |
| Basis of Allotment | Monday, 21 September, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 22 September, 2026 |
| Credit of Shares to Demat | Tuesday, 22 September, 2026 |
| Listing Date on NSE and BSE | Wednesday, 23 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | 3,17,460 shares | 2.59% of total IPO size |
| Anchor Allocation | 34,52,829 shares | 28.19% of total IPO size |
| QIB Shares Offered | 24,21,834 shares | 19.78% of total IPO size |
| NII (HNI) Shares Offered | 18,16,377 shares | 14.83% of total IPO size |
| Retail Shares Offered | 42,38,213 shares | 34.61% of total IPO size |
| Total Shares Offered | 1,22,46,713 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of SS Retail Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹ 14,840 |
| Retail (Max) | 13 | 455 | ₹ 1,92,920 |
| S-HNI (Min) | 14 | 490 | ₹ 2,07,760 |
| S-HNI (Max) | 67 | 2,345 | ₹ 9,94,280 |
| B-HNI (Min) | 68 | 2,380 | ₹ 10,09,120 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 35 shares)
FINANCIAL HIGHLIGHTS OF SS RETAIL LTD
The table captures the key financials of SS Retail Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 2,351.03 | 1,597.93 | 1,206.74 |
| Sales Growth (%) | 47.13% | 32.42% | |
| Profit after Tax (₹ in crore) | 59.28 | 39.67 | 26.61 |
| PAT Margins (%) | 2.52% | 2.48% | 2.20% |
| Total Equity (₹ in crore) | 225.45 | 156.18 | 101.52 |
| Total Assets (₹ in crore) | 575.42 | 389.44 | 278.25 |
| Return on Equity (%) | 26.30% | 25.40% | 26.21% |
| Return on Assets (%) | 10.30% | 10.19% | 9.56% |
| Asset Turnover Ratio (X) | 4.09 | 4.10 | 4.34 |
| Earnings per share (₹) | 9.11 | 6.13 | 4.10 |
| EBITDA (₹ in Crore) | 125.15 | 80.44 | 56.50 |
| EBITDA Margins (%) | 5.32% | 5.03% | 4.68% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have been steady in the region of 2.5%, while the EBITDA margins stands at around 5.3%. These kind of low levels of net margins are the norm in retail. However, the asset turnover appears to be quite high at over 4X, which could more due to an asset light model followed by the company for its retail operations.
VALUATION METRICS OF SS RETAIL LTD IPO
At the IPO price of ₹424 (upper band), the stock gets discounted at a P/E ratio of 46.5X, based on the latest FY26 EPS of ₹9.11. If one were to other similar companies in the peer group, it does appear to be on the higher end of the spectrum. One positive features is that the ROE of the company is meaningfully higher than that of competition.
Apart from the financial numbers, there are also some other areas where SS Retail Ltd has an edge. Its small-town focus means lower margins, but also means less mainstream competition for market share. The FOFO and COFO model account for 83% of the stores, which keeps costs in check. However, direct digital sales and quick commerce may be the risks. Investors can look at this as a long-term play on tier-2 geographical leadership.
2026-09-16 — Anchor allocation
SS RETAIL LTD IPO (ANCHOR ALLOCATION 28.19%)
BRIEF ON ANCHOR ALLOCATION OF SS RETAIL LTD
The anchor issue of SS Retail Ltd saw a strong response on 15th September 2026 with 28.19% of the IPO size absorbed by anchors. Out of 1,22,46,713 shares (122.47 lakh shares) on offer in the IPO; anchors picked up 34,52,829 shares (34.53 lakh shares) accounting for 28.19% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹424 per share. This includes the face value of ₹10 per share plus a share premium of ₹414 per share. The anchor bidding opened and closed on 15th September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of SS Retail Ltd
| Bid Date | September 15, 2026 |
|---|---|
| Shares Offered | 34,52,829 shares |
| Anchor Portion Size (₹ in crore) | ₹146.40 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 20, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 19, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN SS RETAIL LTD
On 15th September 2026, SS Retail Ltd allotted 34,52,829 shares to a total of 22 anchor investors. The allocation was done at the upper IPO price band of ₹424 per share which resulted in overall anchor allocation of ₹146.40 crore. The anchors have already absorbed 28.19% of the total issue size of ₹519.26 crore, after factoring in the employee discount offered in the IPO, of ₹25 per share.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹109.70 crores, or, 74.93% of the overall anchor allocation of shares, one trading day ahead of the IPO of SS Retail Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Magnum Ex-Top 100 Long Short Fund | 4,12,736 | 11.95% | ₹ 17.50 |
| 02 | ICICI Pru Active Momentum Fund | 3,53,780 | 10.25% | ₹ 15.00 |
| 03 | Kotak Mahindra Life Insurance | 2,35,865 | 6.83% | ₹ 10.00 |
| 04 | Axis Services Opportunities Fund | 2,34,080 | 6.78% | ₹ 9.92 |
| 05 | Bandhan Mid-Cap Fund | 2,34,080 | 6.78% | ₹ 9.92 |
| 06 | Mirae Asset Great Consumer Fund | 2,34,080 | 6.78% | ₹ 9.92 |
| 07 | Tata India Consumer Fund | 2,34,080 | 6.78% | ₹ 9.92 |
| 08 | Motilal Oswal Consumption Fund | 2,18,157 | 6.32% | ₹ 9.25 |
| 09 | 360-One Equity Opportunities Fund | 2,18,155 | 6.32% | ₹ 9.25 |
| 10 | Kotak Consumption Fund | 2,12,275 | 6.15% | ₹ 9.00 |
| Grand Total | 25,87,288 | 74.93% | ₹ 109.70 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 34,52,829 shares allocated to the anchors in the IPO, there was an allocation of 28,70,321 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 19 MF schemes of 11 asset management companies (AMC). Mutual funds accounted for 83.13% of the overall anchor allocation.
Out of the 34,52,829 shares allocated to the anchors in the IPO, there was an allocation of 2,35,865 shares made to 1 life insurance company regulated by IRDAI. The remaining anchor allocation was spread across NBFCs, SIFs, and alternate investment funds (AIFs).
NEXT STEPS IN SS RETAIL LTD IPO
Post the closure of the IPO subscription on 18th September 2026, the basis of allotment will be finalized on 21st September 2026 and the refunds will be initiated on 22nd September 2026. In addition, the demat credits are expected to also happen on 22nd September 2026 and the stock will list on 23rd September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd September 2026 under ISIN (INE1EQW01028).
2026-09-19 — Day-3 subscription update
SS Retail Ltd (Day-3 Final Subscription at 103.30 times)
SS RETAIL LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.20 pm on 18th September 2026, out of the 87.94 lakh shares on offer in the IPO (excluding anchor portion), SS Retail Ltd saw bids for 9,083.99 lakh shares. This implies an overall subscription of 103.30X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of SS Retail Ltd was as under:
| Employees (2.69X) | QIBs (203.61X) | HNI / NII (143.32X) | Retail (36.36X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 28.19% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 34,52,829 | 34,52,829 | 146.40 |
| Employee Quota | 2.69 | 3,17,460 | 8,53,230 | 36.18 |
| QIB Investors | 203.61 | 24,21,834 | 49,30,99,775 | 20,907.43 |
| HNIs / NIIs | 143.32 | 18,16,377 | 26,03,27,515 | 11,037.89 |
| Retail Investors | 36.36 | 42,38,213 | 15,41,18,475 | 6,534.62 |
| Total | 103.30 | 87,93,884 | 90,83,98,995 | 38,516.12 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of SS Retail Ltd was open up to September 18, 2026, and has closed for subscription as of the close of trading hours on September 18, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹38,662.52 crore.
NEXT STEPS IN THE SS RETAIL LTD IPO
Post the closure of the IPO subscription on 18th September 2026, the basis of allotment will be finalized on 21st September 2026 and the refunds will be initiated on 22nd September 2026. In addition, the demat credits are expected to also happen on 22nd September 2026 and the stock will list on 23rd September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd September 2026 under ISIN (INE1EQW01028).
2026-09-19 — Allotment guidance and next steps
SS Retail Ltd (How to check allotment status online)
ABOUT THE SS RETAIL LTD IPO
The IPO of SS Retail Ltd opened on September 16th, 2026 and closed on September 18th, 2026. The IPO comprised of a combination of fresh issue portion and an offer for sale (OFS) component of 1,22,46,713 shares (122.47 lakh shares) worth ₹519.26 crore at the upper band price of ₹424 per share. The allotment status will be finalized by EOD of September 21, 2026. Here is how to check allotment status for the IPO of SS Retail Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF SS RETAIL LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select SS Retail Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of SS Retail Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF SS RETAIL LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select SSRETAIL from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of SS Retail Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF SS RETAIL LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select SS Retail Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE SS RETAIL LTD IPO
Post the closure of the IPO subscription on 18th September 2026, the basis of allotment will be finalized on 21st September 2026 and the refunds will be initiated on 22nd September 2026. In addition, the demat credits are expected to also happen on 22nd September 2026 and the stock will list on 23rd September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd September 2026 under ISIN (INE1EQW01028).
Interested in applying for this IPO?
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